Share “SandRidge investor accuses company of...”

SandRidge investor accuses company of dodging reform attempt

Investment firm TPG-Axon Capital is feuding with SandRidge Energy Inc. about the start date for a vote on its push to replace the company's leadership.
by Jay F. Marks Published: December 25, 2012
Advertisement

Singh also accused Ward of benefiting from his personal dealings with the company.

SandRidge did not respond to a request for comment by Monday afternoon.

TPG-Axon, which owns 6.7 percent of SandRidge's stock, is pushing to revamp the company's leadership to maximize its value.

Singh said the 5 percent drop in SandRidge's stock last week after the announcement of the company's $2.3 billion sale of much of its Permian Basin holdings is proof the market has lost faith in SandRidge's executives.

“We believe it is because investors fear that any cash the company receives will be taken or squandered by Mr. Ward,” he wrote Monday in a letter to SandRidge's board.

TPG-Axon needs support from more than 51 percent of its fellow shareholders to enact the desired changes at the company.

Another institutional investor, equity firm Mount Kellett Capital Management LP, has urged SandRidge to replace Ward. It contends the company's stock is vastly undervalued.

SandRidge was down 1 cent in trading Monday, closing at $6.25.

Mount Kellett, which owns about 4.5 percent of the company's stock, has said SandRidge should be worth $20 a share.

by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
+ show more


Trending Now


AROUND THE WEB

  1. 1
    The Winner of The National Dog Show Is ...
  2. 2
    OPEC Policy Ensures U.S. Shale Crash, Russian Tycoon Says
  3. 3
    Pharrell Williams in Ebony interview: Why aren't we talking about Michael Brown's 'bullyish'...
  4. 4
    Crime author PD James dies at age 94
  5. 5
    Supreme Court faces a new frontier: Threats on Facebook
+ show more