On December 11, 2023, Neil S. Subin announced that he has decided to take an activist investment position in respect of his investment and have nominated 4 director nominees for election at the upcoming Annual General Meeting of Shareholders of Scully Royalty Ltd to be held on December 29, 2023. Neil S. Subin added that other than submitting its director nominees, he has not come to any conclusions about his objectives for the Company, its board or management, or otherwise with respect to his involvement with the Company.