AURORA, ON, Aug. 22 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE: MIM) today announced that it has retained GMP Securities L.P. as
a financial advisor to MID management. GMP will work with MID management to
liaise with shareholders in an attempt to develop a consensus on how best to
Dennis Mills, MID's Vice-Chairman and Interim Chief Executive Officer,
stated, "I am confident that GMP will be very helpful to us as we continue our
discussions with shareholders on a potential reorganization and as we continue
to explore a range of alternatives with respect to our investment in Magna
Entertainment Corp. Our number one priority is working to find solutions that
are in the best interests of MID and acceptable to all stakeholders."
Neither the MID Special Committee of independent directors nor the MID
Board of Directors has made any decisions or recommendations with respect to
any reorganization proposal or any other transaction relating to MID or MEC.
There can be no assurance that any reorganization transaction, or any other
transaction relating to MID or MEC, will be completed.
MID is a real estate operating company focusing primarily on the
ownership, leasing, management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its subsidiaries
in North America and Europe. MID also acquires land that it intends to develop
for mixed-use and residential projects. MID holds a controlling interest in
Magna Entertainment Corp., North America's number one owner and operator of
horse racetracks, based on revenue, and one of the world's leading suppliers,
via simulcasting, of live horse racing content to the growing intertrack,
off-track and account wagering markets.
For further information:
For further information: about this press release, please contact Dennis
Mills, MID's Vice-Chairman and Interim Chief Executive Officer, at (905)