Magna Entertainment investor asks company to increase board size

New York, July 2 - Magna Entertainment Corp. investor David Knott asked the company to add an additional seat to the board and to name a director who would "increase the board's independence and reflect the interests of the issuer's U.S. stockholders."

Knott owns 3,394,014 shares or 6.9% of the total, according to an SC 13D/A filing with the Securities and Exchange Commission.

No further communications have occurred, the investor noted, although he added that he may be in touch with the company again on this issue.

Knott sold 34,036 shares on June 5 for $3.34 each.

Magna Entertainment is an Aurora, Ont., owner and operator of horse racetracks.

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