SCULLY ROYALTY CORRECTS RECORD REGARDING POSTPONED ANNUAL GENERAL MEETING

Scully Royalty (NYSE: SRL) corrected the record on Dec 29, 2025, confirming its board postponed the annual general meeting to allow a Cayman Islands Court of Appeal hearing regarding the validity of prior notice of direction nominations by MILFAM LLC.

Rhea-AI Summary

Scully Royalty (NYSE: SRL) corrected the record on Dec 29, 2025, confirming its board postponed the annual general meeting to allow a Cayman Islands Court of Appeal hearing regarding the validity of prior notice of direction nominations by MILFAM LLC.

The company said MILFAM issued a press release claiming it would unilaterally proceed with the meeting and install its nominees; Scully Royalty stated those unilateral actions are invalid, said it reserves all rights, and confirmed the postponed meeting has not occurred and the current board remains in place.

The company urged shareholders to rely only on official company communications for the postponement and any re-scheduled meeting date or time.

Positive

• Meeting postponed to permit Cayman Islands Court of Appeal hearing
• Current board of directors remains in place pending the hearing
• Company instructed shareholders to rely on official communications

Negative

• Proxy dispute with MILFAM LLC over director nominations creates legal uncertainty
• Potential shareholder meeting delay until court resolves nomination validity

Argus Dec 29 session

+2.75% close to close Open Argus

Details

News Market Reaction – SRL

On Dec 29, the day this news came out, SRL closed 2.75% above the previous close.

Data tracked by StockTitan Argus for the Dec 29 session.

Key Figures

Current price: $7.10 Daily move: 4.57% 52-week range: $5.13–$9.99 +5 more

Current price

$7.10

Pre-news price for SRL on publication day

Daily move

4.57%

24h price change prior to this news

52-week range

$5.13–$9.99

SRL 52-week low and high before this article

Shares outstanding

15,226,351 shares

Common shares outstanding as of Nov 24, 2025 (Schedule 13D/A)

Neil S. Subin stake

1,985,952 shares (13.0%)

Beneficial ownership reported in Schedule 13D/A

MILFAM LLC stake

1,957,597 shares (12.9%)

Beneficial ownership reported in Schedule 13D/A

2024 cash compensation

$2.1 million

Cash compensation to directors and officers (2024 proxy materials)

Non-exec director fees

$0.4 million

Fees to non-executive directors in 2024

Historical Context

3 past events · Latest: Dec 22

3 events

1. Dec 22

   AGM timing update

   24h Move

   -2.8%

   Company provided an additional update regarding timing of the annual general meeting.

2. Dec 12

   AGM dissident update

   24h Move

   -2.4%

   Company addressed dissident proxy effort and treatment of MILFAM’s director nominees.

3. Sep 09

   Mineral resource update

   24h Move

   -0.6%

   Separate ASX:SRL entity reported a major increase in scandium resource estimates.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

schedule 13d/a, beneficial ownership, proxy statement

3 terms

schedule 13d/a regulatory

""[SCHEDULE 13D/A] Scully Royalty Ltd. SEC Filing""

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

beneficial ownership financial

"Subin reports beneficial ownership of 1,985,952 common shares, representing 13.0%"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

View in glossary

proxy statement regulatory

"only the management nominees listed in its proxy statement dated November 28, 2025"

A proxy statement is a document companies send to shareholders ahead of a meeting that lays out the items up for a vote—like who will sit on the board, executive pay, and major corporate decisions—and provides background so shareholders can decide how to cast their votes or appoint someone to vote for them. Think of it as an agenda plus a ballot and briefing notes, important because the outcomes can change control, strategy, and value.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Dec. 29, 2025 /PRNewswire/ -- Scully Royalty Ltd. (the "Company") (NYSE: SRL) affirmed today that, further to its news release on December 24, 2025, the Company's board of directors postponed the annual general meeting (the "Meeting") of shareholders to allow a hearing before the Cayman Islands Court of Appeal as soon as reasonably practicable regarding the validity of the prior notice of direction nominations of MILFAM LLC ("MILFAM").

The Company is aware of MILFAM's press release stating that it intended to unilaterally proceed with the Meeting, and thereafter that its nominees would be the directors of the Company. The Company has informed MILFAM of the invalidity of its unilateral actions and that it reserves all rights against MILFAM and its proposed nominees and joint actors. The Company advises that the postponed Meeting has not yet occurred and that the current board of directors remains in place. The Company urges all shareholders to only rely on official communications from the Company, including regarding the postponement and official re-scheduling time and date of the Meeting.

View original content:https://www.prnewswire.com/news-releases/scully-royalty-corrects-record-regarding-postponed-annual-general-meeting-302650284.html

SOURCE Scully Royalty Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Scully Royalty (SRL) postpone the Dec 2025 annual general meeting?

The board postponed the meeting to allow a Cayman Islands Court of Appeal hearing on the validity of prior notice of direction nominations by MILFAM LLC.

Does the Scully Royalty board remain in place after the postponed SRL meeting?

Yes. The company confirmed the postponed meeting has not occurred and the current board of directors remains in place.

What did MILFAM LLC announce about the SRL annual meeting on Dec 2025?

MILFAM issued a press release saying it intended to unilaterally proceed with the meeting and that its nominees would be directors; Scully Royalty disputes those actions as invalid.

Will Scully Royalty (SRL) hold the postponed meeting before the Cayman Islands Court of Appeal rules?

The company said it postponed the meeting to allow the appeal hearing and advised shareholders the postponed meeting has not yet occurred.

How should SRL shareholders get official information about the rescheduled meeting?

Shareholders were urged to rely only on official communications from the company for the postponement and any re-scheduled meeting date and time.