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SandRidge vote under way, company says

SandRidge Energy Inc. shareholders will decide over the next two months if they want a leadership change at the Oklahoma City oil company.
by Jay F. Marks Published: December 22, 2012
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The future of SandRidge Energy Inc. is in the hands of its shareholders.

SandRidge shareholders must decide if they want the company to continue under the stewardship of CEO Tom Ward and his team or turn it over to new management, as sought by investment firm TPG-Axon Capital.

TPG-Axon has launched a consent solicitation, seeking support from other SandRidge shareholders to force a leadership change at the Oklahoma City-based oil company.

The vote is open until Feb. 17, a company spokesman said Friday after SandRidge filed a proxy report with the U.S. Securities and Exchange Commission.

TPG-Axon, which owns about 6.2 percent of SandRidge's outstanding stock, contends the market has lost faith in the company's management team, as evidenced by the steep decline of its stock value since its initial public offering in 2007.

CEO Dinakar Singh has written two letters to SandRidge's board and another to the company's shareholders since Nov. 8.

He maintains shareholders should amend SandRidge's bylaws to make it easier to replace the current board.

“We would emphasize and reiterate that the time has come for change, and for a focus on delivering shareholder value,” Singh wrote on Nov. 30. “We continue to believe that SandRidge stock is dramatically undervalued, and that a sensible restructuring or sale of the company could provide dramatic upside for shareholders.”

TPG-Axon, which has built an informational site at shareholdersforsandridge.com to educate shareholders, needs more than 51 percent of the vote to enact its changes.

Anyone who owned SandRidge stock on Dec. 13, the record date set by the company, is eligible to vote.

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.
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