Scully Royalty shares rise 20.09% after-hours as MILFAM seeks board overhaul with five director nominations.

Scully Royalty surged 20.09% in after-hours trading following a late Wednesday SEC filing by MILFAM, a family investment firm seeking to overhaul the company’s board. MILFAM, holding a 13.2% stake in SRL as its third-largest shareholder, plans to nominate five directors for election at SRL’s December 27 annual meeting. The move signals a potential shift in corporate governance and strategic direction, which typically spurs investor speculation and short-term price momentum. The filing aligns with the stock’s sharp after-hours rally, as shareholders may interpret the board contest as a catalyst for operational changes or asset revaluation. While an earlier intraday surge to a 52-week high was also noted, the after-hours move is directly tied to MILFAM’s formal board intervention.