BUZZ-Scully Royalty ends higher after MILFAM seeks board overhaul
Scully Royalty's shares rose 20% after MILFAM, a major shareholder, announced plans to overhaul the board by nominating five directors at the upcoming annual meeting. MILFAM holds a 13.2% stake in SRL and is engaging with other shareholders to support its proposal. SRL's stock is down 27.3% year-to-date.
Shares of iron ore royalty company Scully Royalty (SRL.N) closed up 20% at $6.73 Family investment firm MILFAM late Wednesday unveiled plans to seek a board overhaul at SRL MILFAM plans to nominate five directors to SRL’s board at December 27 annual general meeting, according to the SEC filing
It is nominating Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers for election to SRL board
Also engaging in preliminary discussions with other shareholders of SRL regarding its proposal to remove existing board members
MILFAM holds 13.2% stake in SRL, making it the third-biggest shareholder, according to data compiled by LSEG
As of last close, SRL down 27.3% YTD
