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Proxy firm endorses SandRidge Energy leadership

Advisory firm Egan-Jones Proxy Services has recommended SandRidge Energy Inc. shareholders stick with the company's current management in an ongoing proxy fight with hedge fund TPG-Axon Capital.
BY JAY F. MARKS jmarks@opubco.com Modified: February 19, 2013 at 8:02 pm •  Published: February 19, 2013
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Egan-Jones said SandRidge is making strides in addressing its financial problems, mostly by improving its liquidity.

“In particular, the announced sale of the mature Permian assets for $2.6 billion will generate cash proceeds of over $1.4 billion in excess of the company's net investment, dramatically reducing the net debt balances and give the resources needed to fund growth in the Mississippian,” according to the firm's analysis.

Last week, advisory firm Institutional Shareholder Services recommended replacing five of SandRidge's seven board members with TPG-Axon's nominees.

Institutional Shareholder Services suggested leaving Ward in place until the newly organized board could select a new chief executive.