MI Developments Inc. today announced that its shareholders have approved the previously announced reorganization proposal to eliminate MID's dual class share structure (the 'Arrangement').
The Arrangement was approved 98.08% of the votes cast by holders of MID's Class 'A' Subordinate Voting Shares and Class 'B' Shares, voting together, and 99.91% of the votes cast by holders of Class 'B' Shares, voting separately as a class, at the annual general and special meeting of shareholders held today.
The Arrangement was also approved by 86.33% of the votes cast by minority holders of MID's Class 'A' Subordinate Voting Shares and 99.65% of the votes cast by minority holders of MID's Class 'B' Shares, in each case, voting separately as a class.
Implementation of the Arrangement remains subject to approval by the Ontario Superior Court of Justice at a fairness hearing which is scheduled to be held on March 31, 2011 and certain other conditions by June 30, 2011.
The Arrangement also remains subject to the risk factors set forth in MID's Management Information Circular dated February 22, 2011.