AURORA, ON, Nov. 25, 2011 /PRNewswire/ - MI Developments
Inc. ("MID") (TSX: MIM / NYSE: MIM) announced today
acceptance by the Toronto Stock Exchange (the "TSX") of MID's
Notice of intention to Make a Normal Course Issuer Bid
("NCIB"). Pursuant to the NCIB, MID proposes to purchase
through the facilities of the TSX, the New York Stock Exchange (the
"NYSE") and any alternative trading system in Canada, from time to time over the next 12
months, if MID's common shares are trading at a price that MID
believes is materially below intrinsic value, up to an aggregate of
3,998,589 common shares, being 10% of its public float as of the
date hereof. As of November
24, 2011, MID had 46,871,356 common shares issued and
outstanding. Purchases may commence through the TSX on
November 29, 2011 and through the
NYSE or any automated trading system in Canada on November 30,
2011 and will conclude on the earlier of the date on which
purchases under the bid have been completed and November 28, 2012. Because daily purchases
under the NCIB will be limited to 25% of the average daily trading
volume for the most recently completed six months, subject to the
block purchase exception permitted by the rules of the TSX, as of
the date hereof, such daily purchases will be limited to 22,281
common shares, subject to the block purchase exception.
The Board of Directors of MID believes that the proposed
purchases are in the best interests of MID and are a desirable use
of corporate funds. All common shares purchased by MID will
be cancelled.
About MID
MID is a Canadian-based real estate company engaged primarily in
the acquisition, development, construction, leasing, management and
ownership of a predominantly industrial rental portfolio of
properties in North America and
Europe leased primarily to
operating subsidiaries of Magna.
SOURCE MI Developments Inc.