One of the largest shareholders of SandRidge Energy Inc. on Wednesday formally called for shareholders to oust the Oklahoma City energy company's directors, and submitted its list of proposed directors.
TPG-Axon is seeking to amend the company's bylaws and replace the current directors with a new slate of its choosing.
SandRidge declined to comment Wednesday.
SandRidge last week said it set the consent date as Dec. 21 and that votes on the TPG-Axon proposal must be cast within 60 days. TPG-Axon on Monday filed suit in a Delaware Chancery Court challenging the date, saying that the 60-day period should begin after the U.S. Securities and Exchange Commission approves the paperwork it filed Wednesday.
TPG-Axon is asking shareholders to approve three proposals.
The first would make all directors eligible for re-election annually instead of using staggered, three-year terms. The proposal also would allow directors to be ousted by a majority shareholder vote, with or without cause. The second proposals would remove all seven current directors. The third proposal would replace the directors.
TPG-Axon CEO Dinakar Singh said its proposed new directors each have oil and gas experience, a financial and accounting background and a reputation of understanding corporate governance and knowing how a board should be run.
TPG-Axon has said SandRidge is undervalued, noting that its stock price has dropped 80 percent from its IPO level in 2007.