TPG-Axon, beneficial owners of 6.5% of the outstanding shares of SandRidge
Energy, Inc. SD, sent a second letter today to SandRidge's Board of
Directors.
In the letter, TPG-Axon reiterated its desire to run a process to restructure
or sell the Company, responds to SandRidge's third quarter earnings
announcement and provides greater detail on the market's loss of confidence in
management based on their poor strategy and structural challenges including
staggering overhead costs.
TPG-Axon also notified SandRidge SD of its intent to conduct a consent
solicitation of shareholders to amend the bylaws of SandRidge to:
* de-stagger the board of directors;
* provide that directors be removed with or without cause; and,
* remove and replace the current board of directors.
“We would emphasize and re-iterate that the time has come for change, and for
a focus on delivering shareholder value,” said Dinakar Singh, founder and CEO
of TPG-Axon. “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 is separately sending a formal request that SandRidge set a record
date for this consent solicitation, and a demand to exercise TPG-Axon's rights
as shareholders to inspect the shareholder list.
TPG-Axon has retained Mackenzie Partners Inc. to act on its behalf in the
solicitation process.
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