SandRidge Energy Inc. on Friday unveiled a new website to help it fight an ongoing challenge from one of its largest shareholders.
The site — SupportSandRidge.com — contains information about SandRidge's directors, letters to shareholders and instructions for voting against an effort to oust the company's directors.
“We created SupportSandRidge.com as a dedicated site for stockholders to easily find information related to SandRidge's response to TPG-Axon's consent solicitation,” said Greg Dewey, SandRidge's vice president of communications.
Shareholder TPG-Axon has blamed SandRidge management for an 80 percent stock price drop since its initial public offering in 2007. TPG-Axon has asked shareholders to vote out SandRidge's directors and replace them with a slate of its own choosing.
TPG-Axon last month launched the website ShareholdersForSandRidge.com to garner support for its efforts.
“The destruction of stockholder value has been caused by poor and erratic strategic decisions, reckless spending, and a culture of cronyism and waste that has drained value from the company,” the shareholder said last month.
Another institutional investor, equity firm Mount Kellett Capital Management LP, has urged SandRidge to replace CEO Tom Ward. It contends the company's stock is vastly undervalued.
SandRidge has called TPG-Axon an “opportunistic, short-term investor,” and has asked shareholders to reject its efforts to oust the directors and CEO.
Voting began this week and will be open until March 15.
SandRidge stock closed at $7.02 Friday, up 3 cents on the day.