Corporate GovernanceJul 8, 2026, 03:16 PM
Scully Royalty Board Unchanged; Court Rules Against MILFAM Group
AI Summary
Scully Royalty Ltd. announced that the Grand Court of the Cayman Islands ruled against MILFAM Group, confirming the company's Board of Directors and management remain unchanged. The court declared MILFAM's purported resolutions invalid and legally ineffective, noting MILFAM failed to disclose material relationships of its board nominees. As a result of MILFAM's actions, the company's 2025 Annual Report on Form 20-F was delayed, leading to a NYSE trading suspension and the resignation of its auditor. Scully Royalty is now working to file the Form 20-F and cure the NYSE delinquency.
Key Highlights
- Cayman Islands Grand Court ruled against MILFAM Group, confirming Scully Royalty's Board and management remain unchanged.
- The Grand Court ruled that resolutions purportedly adopted by the MILFAM Group are invalid and legally ineffective.
- MILFAM Group failed to disclose material matters regarding its relationship with certain board nominees.
- Unauthorized news releases and SEC filings by MILFAM Group from January 12 and February 12, 2026, should be disregarded.
- The company's Annual Report on Form 20-F for 2025 was delayed due to MILFAM's actions.
- NYSE suspended trading in Scully Royalty's common shares on May 12, 2026, due to filing delinquency.
- The company's independent auditor, AOGB CPA Limited, resigned on March 11, 2026.
- Scully Royalty is working to engage a new auditor and file Form 20-F to cure the NYSE delinquency and resume trading.
Price Impact
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