Business
SCULLY ROYALTY PROVIDES MEETING UPDATE
Scully Royalty Ltd. (the "Company") (NYSE: SRL) provided an update today with respect to its annual general meeting (the "Meeting") scheduled for December 27, 2025, and responds to material misrepresentations contained in the dissident proxy circular (the "MILFAM Circular") issued by MILFAM LLC ("MILFAM") purporting to nominate five individuals to the Company's board of directors.
About this update from Scully Royalty Ltd.
[{"type":"text","content":"NEW YORK, Dec. 22, 2025 /PRNewswire/ -- Scully Royalty Ltd. (the "Company") (NYSE: SRL) provided an update today with respect to its annual general meeting (the "Meeting") scheduled for December 27, 2025, and responds to material misrepresentations contained in the dissident proxy circular (the "MILFAM Circular") issued by MILFAM LLC ("MILFAM") purporting to nominate five individuals to the Company's board of directors.","length":472,"tagName":"p"},{"type":"text","content":"The Company believes that MILFAM failed to comply with the requirements for director nominations prescribed by the Company's Memorandum and Articles of Association (the "Articles"), including the required timeline for submission of nominations. As previously announced, MILFAM made application to the Grand Court of the Cayman Islands seeking a declaration that its notice was valid. On December 19, 2025, the Grand Court issued an order declaring that the notice of nomination was validly delivered within the time period set out in, and in compliance with, the requirements as to timing contained in Article 20.2 of the Articles. The Company believes the decision is incorrect at law and intends to appeal it to the Cayman Islands Court of Appeal for a hearing to be heard as soon as possible.","length":809,"tagName":"p"},{"type":"text","content":"The MILFAM Circular Omits Critical Information for Shareholders and is Materially Misleading","length":92,"tagName":"p"},{"type":"text","content":"Notwithstanding the Company's firm belief that MILFAM's directors' nominations have violated the Company's advance notice policy, the Company has repeatedly notified MILFAM of certain omissions in the MILFAM Circular which are, individually and taken together, significant and material in order for the Company's shareholders to make an informed vote.","length":371,"tagName":"p"},{"type":"text","content":"The MILFAM circular, among other deficiencies, discloses that the MILFAM nominees are "independent" and that they would "fairly represent the interests of all Shareholders of the Company". However, MILFAM has purposefully withheld and obfuscated important relationships and positions between certain of its nominees and the MILFAM group. These omissions obscure the fact that a major...