Scully Royalty Ltd. ‘reserves all rights’ against MILFAM and proposed nominees

Scully Royalty Ltd. (SRL) affirmed that, further to its news release on December 24, the company’s board of directors postponed the annual general meeting of shareholders to allow a hearing before the Cayman Islands Court of Appeal as soon as reasonably practicable regarding the validity of the prior notice of direction nominations of MILFAM LLC. “The Company is aware of MILFAM’s press release stating that it intended to unilaterally proceed with the Meeting, and thereafter that its nominees would be the directors of the Company. The Company has informed MILFAM of the invalidity of its unilateral actions and that it reserves all rights against MILFAM and its proposed nominees and joint actors. The Company advises that the postponed Meeting has not yet occurred and that the current board of directors remains in place. The Company urges all shareholders to only rely on official communications from the Company, including regarding the postponement and official re-scheduling time and date of the Meeting,” Scully stated.