1. MILFAM's nominees elected to SRL's Board at Annual Meeting. 2. Company nominees failed to receive majority votes and were not re-elected. 3. Meeting held outside due to locked venue; significant transparency issues arise. 4. New directors plan to focus on shareholder interests and operational efficiency.
FAQ
Why Bullish?
The election of a new board supported by a major shareholder typically indicates a strategic shift and potential improvements in corporate governance, which can attract investment and enhance shareholder value. Historical examples include companies like Yahoo! that advanced with favorable board elections leading to increased stock prices.
How important is it?
The changes in board leadership directly affect SRL's governance and strategic direction, impacting investor sentiment and stock performance. The engagement of a significant shareholder like MILFAM suggests a strong vested interest in improving the company's future.
Why Long Term?
The long-term focus on operational and capital efficiency by newly elected directors suggests impactful changes for SRL's future performance. Companies often see gradual improvements in investor confidence and operational execution post-board changes.
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Stuart, Florida , Dec. 29, 2025 (GLOBE NEWSWIRE) -- MILFAM LLC ("MILFAM"), a large shareholder of Scully Royalty Ltd. (NYSE:SRL) (the "Company"), has announced that all of its nominees for the Board of Directors (the "Board") of the Company were elected at the Annual General Meeting of Shareholders of the Company (the "Annual Meeting") on December 27, 2025. MILFAM's nominees of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers each received a majority of the votes cast at the Annual Meeting. The Company's nominees failed to receive such a majority and therefore were not re-elected.
MILFAM previously announced on December 26, 2025, its intention to attend the Annual Meeting as scheduled and proceed with the election of directors notwithstanding the Company's purported and invalid attempt to postpone such meeting. When MILFAM representatives arrived at the appointed place and time for the Annual Meeting, no Company representatives were present and the doors to the allocated meeting room were locked. As such, the meeting was held at the venue but just outside the allocated meeting room with clear signage.
At the Annual Meeting there was a quorum present in person or proxy of members of the Company holding at least 20% of the common shares of the Company. A vote was held on the election of directors whereby MILFAM's nominees to the Board were so elected. The newly elected directors are pursuing a transition plan for the Company.
MILFAM looks forward to the newly elected directors leading the next chapter of the Company focused on fair representation of the interests of all shareholders and a renewed focus towards operational and capital efficiency.
Investor Contact:
Sodali & Co
430 Park Avenue, 14th Floor
New York, NY 10022
Call Toll-Free in North America: (800) 662-5200
Outside of North America Call Collect: (203) 658-9400
Email: MILFAM@info.sodali.com
MILFAM LLC is a single-family office managing the collective assets of the descendants of Lloyd I. Miller Jr.
