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SandRidge shareholder submits three proposals

SandRidge shareholder TPG-Axon has submitted proposals for the Oklahoma City energy company's upcoming shareholder meeting. The proposals would ask the directors to require all directors to stand for re-election each year and to replace the three directors up for re-election this year.
by Adam Wilmoth Published: March 5, 2013
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SandRidge Energy Inc. dissident shareholder TPG-Axon Capital has submitted three shareholder proposals for the Oklahoma City energy company's annual meeting this summer.

Filed on the March 1 deadline, the first proposal asks shareholders to replace the three SandRidge directors up for re-election with a new slate selected by TPG-Axon, which owns 7 percent of SandRidge's stock.

The other two proposals would make all SandRidge directors stand for re-election each year, and would vote out all incumbent directors.

The proposals are separate from the ongoing proxy fight between SandRidge and TPG-Axon, which has asked shareholders to vote out all SandRidge directors — including CEO Tom Ward.

Votes are due by March 15 for the ongoing consent solicitation.

“As matter of prudence and procedure to preserve all of our options, we felt it important to submit proposals for the stockholder annual meeting as required under the company's bylaws,” TPG-Axon said in a statement.

“Let our notification today be a clear message to the board and our fellow shareholders that we remain vigilant in our efforts to right this ship and we will pursue every avenue available to effect the necessary changes needed at SandRidge. The time has come for an independent board that is focused on delivering value to all stockholders.”

SandRidge did not respond to a request for comment Monday.

The date of the 2013 annual meeting has not yet been set.

The three incumbent directors whose terms expire this year and would face re-election if they chose to continue are Jim Brewer, William Gilliland and Jeffrey Serota.

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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