Court Approves Reorganization Proposal to Eliminate MI Developments' Dual Class Share Structure

MI Developments Inc. MIM announced today that the Ontario Superior Court of Justice has issued a final order approving the previously announced reorganization proposal to eliminate MID's dual class share structure. The decision of the Court followed a hearing held today. The Court found that the Arrangement is fair and reasonable. The Arrangement will close on the last day of the calendar month in which a tax ruling from the Canada Revenue Agency in respect of the transaction is received. The receipt of the tax ruling is not a condition to closing and if it is not received by June 30, 2011, the Arrangement will close on June 30, 2011. The conditions to the closing of the Arrangement, including there being no material adverse change and the accuracy of certain representations and warranties made by MID, are described in MID's Management Information Circular dated February 22, 2011.