Mount Kellet Capital Management LP has been quiet since urging the board of directors at SandRidge Energy Inc. to replace Tom Ward as CEO, but the investment firm still wants changes at the Oklahoma City oil company.
Mount Kellett, which owns about 4.5 percent of SandRidge's outstanding stock, sent a letter to the board Nov. 15 calling for a new CEO and the addition of independent directors to help unlock the company's true value. The investment firm contends SandRidge is worth about three times more than its current stock price.
“Mount Kellett has been a long-term, patient shareholder in SandRidge,” a spokesman told The Oklahoman on Thursday. “We continue to believe that the company's assets are tremendously valuable and undervalued by the market today.
“We believe that changes in management are essential in order for the company to realize its potential for the benefit of all stockholders.”
Another institutional investor, TPG-Axon Capital, has expressed similar concerns about SandRidge. It has launched a consent solicitation to force a leadership change.
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