SCULLY ROYALTY PROVIDES UPDATE ON ANNUAL GENERAL MEETING

Rhea-AI Summary

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News Market Reaction

-2.36%

1 alert

-2.36% News Effect

On the day this news was published, SRL declined 2.36%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

AGM date: December 27, 2025 Dissident nominees: 5 individuals Dissident circular filing date: December 8, 2025 +1 more

4 metrics

AGM date December 27, 2025 Scheduled date of annual general meeting

Dissident nominees 5 individuals Number of candidates MILFAM sought to nominate

Dissident circular filing date December 8, 2025 Date MILFAM filed purported dissident proxy circular

Management proxy date November 28, 2025 Date of Company’s proxy statement with management nominees

Market Reality Check

Price: $9.05 Vol: Volume 8,650 is at 0.78x ...

normal vol

$9.05 Last Close

Volume Volume 8,650 is at 0.78x the 20-day average of 11,070, indicating subdued trading. normal

Technical Price $6.36 is trading slightly below the 200-day MA at $6.45 and 36.34% below the 52-week high.

Peers on Argus

SRL was up 0.32% while close peers showed mixed moves, including DOMH -8.44%, HG...

SRL was up 0.32% while close peers showed mixed moves, including DOMH -8.44%, HGBL -1.23%, SIEB -2.58%, FLD +0.32%, and NCTY +2.79%, suggesting stock-specific dynamics around this governance news.

Historical Context

1 past event · Latest: Sep 09 (Positive)

1 events

Date	Event	Sentiment	Move	Catalyst
Sep 09	Resource update	Positive	-0.6%	Update doubled contained scandium metal in key resource estimate.

Recent Company History

Over the last six months, the only referenced event for SRL in this dataset is a September 9, 2025 resource update tied to an Australian rare earths project, which saw a modest -0.57% price reaction despite quantitatively strong resource growth. Compared with that operationally focused item, today’s announcement centers on proxy and board control issues around the December 27, 2025 annual general meeting, highlighting a shift from asset development themes to shareholder governance and control matters.

Market Pulse Summary

This announcement centered on Scully Royalty’s response to MILFAM’s dissident proxy circular and cla...

Analysis

This announcement centered on Scully Royalty’s response to MILFAM’s dissident proxy circular and clarified that only management’s nominees on the WHITE proxy are valid for the December 27, 2025 annual general meeting. It also noted ongoing court proceedings in the Cayman Islands over the validity of MILFAM’s notice. Investors may watch how these governance and legal issues evolve and how shareholder voting outcomes shape board composition and future corporate direction.

Key Terms

proxy circular, advance notice provisions, gold proxy, proxy statement

4 terms

proxy circular financial

"following the filing by MILFAM LLC ("MILFAM") of a purported dissident proxy circular"

A proxy circular is a detailed packet sent to shareholders before a company vote that explains the issues to be decided, who is asking for your vote, the board’s recommendation, voting instructions and relevant background information. It matters to investors because it’s the primary source of facts and arguments needed to make informed voting decisions on matters like board elections, mergers or executive pay—think of it as the agenda and briefing notes for a critical company meeting.

advance notice provisions regulatory

"failed to comply with the requirements for director nominations prescribed by the Company's advance notice provisions"

Advance notice provisions are rules in a company’s bylaws that require shareholders or potential board candidates to give written notice — by a set deadline — before proposing agenda items or nominating directors for a shareholder meeting. Like an RSVP and agenda deadline for a meeting, they help the company plan and prevent last-minute surprises; for investors, they shape the timing and feasibility of shareholder campaigns and influence how quickly governance changes can occur.

gold proxy financial

"MILFAM's dissident circular, and accompanying gold proxy, are invalid"

A gold proxy is an investment that offers exposure to the price or performance of gold without owning the metal itself, such as shares of mining companies, royalty firms, or exchange-traded funds tied to gold. It matters to investors because it can move with the metal’s price but also brings extra factors — like company costs, production risk, or management decisions — so it may amplify or mute gold’s moves; think of it as riding in a car that follows the same route as gold but has its own engine and driver.

proxy statement financial

"management nominees set forth in the Company's 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.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 12, 2025 /PRNewswire/ -- Scully Royalty Ltd. (the "Company") (NYSE: SRL) provided today an update with respect to its annual general meeting (the "Meeting") currently scheduled for December 27, 2025, following the filing by MILFAM LLC ("MILFAM") of a purported dissident proxy circular on December 8, 2025 to nominate five individuals to the Company's board of directors.

The dissident circular followed MILFAM's notice to the Company that it intended to nominate its own slate of directors at the Meeting.  Because MILFAM failed to comply with the requirements for director nominations prescribed by the Company's advance notice provisions, including the required notice timeline, which are binding on all shareholders of the Company, the Company advised MILFAM that its director nominations were invalid and would not be considered at the Meeting.  Despite this, MILFAM chose to unilaterally file its dissident circular seeking to unnecessarily disrupt the Meeting and create confusion for shareholders, and has since filed an application before the Cayman Island Grand Court seeking a declaration that its notice was valid, which the Company is contesting.

MILFAM's dissident circular, and accompanying gold proxy, are invalid, and accordingly, any votes cast for the election of MILFAM's director nominee candidates will not be effective. The only individuals who are eligible to be nominated for election to the Company's board of directors at the Meeting are the management nominees set forth in the Company's proxy statement dated November 28, 2025, a copy of which has been filed under the Company's profile at www.sec.gov.  The Company encourages shareholders to read the Company's proxy statement and vote FOR the management nominees set forth in the WHITE proxy.  A shareholder who has already voted on the gold proxy is still entitled to vote and submit the management WHITE proxy.

View original content:https://www.prnewswire.com/news-releases/scully-royalty-provides-update-on-annual-general-meeting-302640558.html

SOURCE Scully Royalty Ltd.