SandRidge shareholder presents allegations against CEO Tom Ward
Hedge fund TPG-Axon Capital filed a presentation detailing some of its front-running allegations against SandRidge Energy Inc. CEO
The 32-page filing includes six examples of one of the Ward entities leasing mineral rights and “flipping” them to SandRidge, while documenting 15 instances when the entities acquired acreage adjacent to SandRidge's holdings. None of the “adjacent acquisitions” were disclosed in SEC filings, according to the hedge fund's presentation.
TPG-Axon called on SandRidge's board to investigate the nature of the interaction between the company and the entities controlled by the Ward family.
Another SandRidge shareholder, Mount Kellett Capital Management, lodged a similar request last week. The investment firm also asked the board to suspend Ward until the inquiry is completed.
TPG-Axon has launched a consent solicitation, urging other SandRidge shareholders to oust Ward and the rest of SandRidge's current board.
SandRidge's stock closed Wednesday at $7.24 a share, up 6 cents.