Scully Royalty Ltd. Opposes MILFAM Board Nominations and Plans Appeal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: PRnewswire
- Board Nomination Controversy: Scully Royalty opposes the nomination of five directors by MILFAM, asserting that they failed to comply with the nomination timeline set forth in the company's Articles, which could impact corporate governance.
- Legal Proceedings Update: The Grand Court of the Cayman Islands has ruled that MILFAM's notice of nomination was valid, and Scully Royalty plans to appeal this decision, demonstrating the company's strong commitment to protecting its governance rights.
- Disclosure Omissions: Scully Royalty highlights significant omissions in the MILFAM circular, particularly regarding the relationships between nominees and MILFAM, which could mislead shareholders and affect decision-making transparency.
- Shareholder Voting Advice: The company urges shareholders to carefully review MILFAM's proxy materials and encourages support for management nominees, aiming to safeguard the company's interests and operational stability.
SRL
$7.1+Infinity%1D
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About SRL
Scully Royalty Ltd, formerly MFC Bancorp Ltd, is a company principally revenue from its royalty interest in iron ore mine. The Company operates its business through three segments. The Royalty segment mainly holds the royalty interest on iron ore shipped from the mine. The Industrial segment mainly operates projects in resources and services assets, such as hydro-electric power plant, globally. The Merchant Banking segment mainly engages in the provision of financial services and consultancy services for corporations and institutions. The Company’s all other segment mainly involves in committing its own capital to investment business.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
