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Dominion Lending Centres Clearlease Reports Shareholders of MI Developments Inc. (TSX:MIM.A) have overwhelmingly approved a proposal to eliminate the company’s dual class share structure


Vancouver, B.C., Canada (March 30, 2011) – Clearlease.com reports Shareholders of MI Developments Inc. (TSX:MIM.A) have overwhelmingly approved a proposal to eliminate the company’s dual class share structure that gave the Stronach family control of the real estate operating company.

MI announced Tuesday that the reorganization arrangement was approved by more than 98 per cent of votes cast by holders of MID’s class A subordinate voting shares and class B shares.

MI said 86.3 per cent of the votes cast by minority holders of its class A subordinate voting shares and almost 99.9 per cent of the votes cast by minority holders of its class B shares were also in favour of the transaction.

Voting was conducted Tuesday at the company’s annual general and special meeting of shareholders.

Implementation of the arrangement is still subject to approval by the Ontario Superior Court of Justice following a fairness hearing scheduled for March 31 and certain other conditions, the company said in a release.

Magna founder Frank Stronach and other top shareholders of MI Developments agreed in late January to support a plan that would transfer MI’s horse racing tracks and associated real estate and gaming business to the Stronach family along with $20 million.

In return, the family agreed to give up control of MI through their multiple-vote class B shares.

Stronach will also retain some rights to some of MI’s land, including right of first refusal for Magna’s head office in Aurora, Ont..

The deal, expected to close by the end of June, is another step in Stronach’s decision to relinquish control of the Magna International (TSX:MG) global auto parts company that he founded.

MI Developments was spun off from Magna International, which Stronach also controlled through his multiple-vote shares until last year when its dual-class structure was eliminated.

MID is engaged primarily in the development, ownership and management of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its automotive operating units in North America and Europe.

Additionally it owns the thoroughbred racing tracks Santa Anita Park, Golden Gate Fields, Gulfstream Park, including an interest in The Village at Gulfstream Park, and an interest in joint ventures in The Maryland Jockey Club. It is also a supplier via simulcasting of live horseracing content to the inter-track, off-track and account wagering markets.

DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html

About DLC Clearlease

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss

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Vancouver, B.C., Canada (March 30, 2011) – reports Shareholders of MI Developments Inc. (TSX:MIM.A) have overwhelmingly approved a proposal to eliminate the company’s dual class share structure that gave the Stronach family control of the real estate operating company.

MI announced Tuesday that the reorganization arrangement was approved by more than 98 per cent of votes cast by holders of MID’s class A subordinate voting shares and class B shares.

MI said 86.3 per cent of the votes cast by minority holders of its class A subordinate voting shares and almost 99.9 per cent of the votes cast by minority holders of its class B shares were also in favour of the transaction.

Voting was conducted Tuesday at the company’s annual general and special meeting of shareholders.

Implementation of the arrangement is still subject to approval by the Ontario Superior Court of Justice following a fairness hearing scheduled for March 31 and certain other conditions, the company said in a release.

Magna founder Frank Stronach and other top shareholders of MI Developments agreed in late January to support a plan that would transfer MI’s horse racing tracks and associated real estate and gaming business to the Stronach family along with $20 million.

In return, the family agreed to give up control of MI through their multiple-vote class B shares.

Stronach will also retain some rights to some of MI’s land, including right of first refusal for Magna’s head office in Aurora, Ont..

The deal, expected to close by the end of June, is another step in Stronach’s decision to relinquish control of the Magna International (TSX:MG) global auto parts company that he founded.

MI Developments was spun off from Magna International, which Stronach also controlled through his multiple-vote shares until last year when its dual-class structure was eliminated.

MID is engaged primarily in the development, ownership and management of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its automotive operating units in North America and Europe.

Additionally it owns the thoroughbred racing tracks Santa Anita Park, Golden Gate Fields, Gulfstream Park, including an interest in The Village at Gulfstream Park, and an interest in joint ventures in The Maryland Jockey Club. It is also a supplier via simulcasting of live horseracing content to the inter-track, off-track and account wagering markets.

DLC Clearlease currently has the following employment opportunities available:

About DLC Clearlease

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail:
Website:
News:

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Vancouver, B.C., Canada (March 30, 2011) – Clearlease.com reports Shareholders of MI Developments Inc. (TSX:MIM.A) have overwhelmingly approved a proposal to eliminate the company’s dual class share structure that gave the Stronach family control of the real estate operating company.

MI announced Tuesday that the reorganization arrangement was approved by more than 98 per cent of votes cast by holders of MID’s class A subordinate voting shares and class B shares.

MI said 86.3 per cent of the votes cast by minority holders of its class A subordinate voting shares and almost 99.9 per cent of the votes cast by minority holders of its class B shares were also in favour of the transaction.

Voting was conducted Tuesday at the company’s annual general and special meeting of shareholders.

Implementation of the arrangement is still subject to approval by the Ontario Superior Court of Justice following a fairness hearing scheduled for March 31 and certain other conditions, the company said in a release.

Magna founder Frank Stronach and other top shareholders of MI Developments agreed in late January to support a plan that would transfer MI’s horse racing tracks and associated real estate and gaming business to the Stronach family along with $20 million.

In return, the family agreed to give up control of MI through their multiple-vote class B shares.

Stronach will also retain some rights to some of MI’s land, including right of first refusal for Magna’s head office in Aurora, Ont..

The deal, expected to close by the end of June, is another step in Stronach’s decision to relinquish control of the Magna International (TSX:MG) global auto parts company that he founded.

MI Developments was spun off from Magna International, which Stronach also controlled through his multiple-vote shares until last year when its dual-class structure was eliminated.

MID is engaged primarily in the development, ownership and management of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its automotive operating units in North America and Europe.

Additionally it owns the thoroughbred racing tracks Santa Anita Park, Golden Gate Fields, Gulfstream Park, including an interest in The Village at Gulfstream Park, and an interest in joint ventures in The Maryland Jockey Club. It is also a supplier via simulcasting of live horseracing content to the inter-track, off-track and account wagering markets.

DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html

About DLC Clearlease

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss

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