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TPG-Axon Sends Third Letter to SandRidge Energy’s Board of Directors



  TPG-Axon Sends Third Letter to SandRidge Energy’s Board of Directors

 - Notifies Board of Lawsuit to Contest Validity of Declared Initial Consent
                                    Date -

    - Highlights Board’s Efforts to Confuse Consent Solicitation Process -

  - Demands Board Disclose Knowledge of Tom Ward’s Unethical and Outrageous
                              ‘Front-Running’ -

Business Wire

NEW YORK -- December 24, 2012

TPG-Axon, owner of 6.7% of the outstanding shares of SandRidge Energy, Inc.
(NYSE: SD) (the “Company”), today sent a third letter to SandRidge’s Board of
Directors.

In the latest letter, TPG-Axon notes that it has filed a lawsuit in Delaware
Chancery Court contesting the validity of the declared Initial Consent Date
noted in SandRidge’s 8-K, dated December 21, 2012, relating to TPG-Axon’s
proposals to amend the Company’s bylaws and remove and replace members of the
current Board of Directors.

TPG-Axon also stated that it plans to file consent solicitation documents with
the U.S. Securities and Exchange Commission (the “SEC”) today. TPG-Axon is
seeking to replace SandRidge’s entire Board of Directors with a slate of
directors that are highly qualified, of high integrity, and driven by
shareholder interest. After TPG-Axon’s consent solicitation is mailed to
SandRidge shareholders in early January, SandRidge shareholders of record as
of December 13, 2012 will have up to 60 days to submit their written consent
for TPG-Axon’s proposals.

“Sadly, we are not surprised that Tom Ward and the Board of Directors have
resorted to shameful tricks to try and confuse shareholders and shorten the
period of time in which they have to vote,” said Dinakar Singh, founder and
chief executive officer of TPG-Axon Capital. “The actions Tom and the Board
have taken over the past several weeks reek of desperation and clearly
illustrate their complete disregard for shareholder interests and
transparency. Instead of limiting shareholders’ ability to have their say, the
Board should be focused on exploring all strategic alternatives to maximize
value.”

The letter also outlines actions taken by Tom Ward which TPG-Axon believes
directly violate his fiduciary responsibility to shareholders. Specifically,
TPG-Axon has asked SandRidge’s Board to either disclose its knowledge of, or
investigate instances where, Mr. Ward and his son, Trent Ward, through WCT
Resources (an investment vehicle established by Mr. Ward for the benefit of
his children) acted in advance of the Company to acquire mineral rights from
third parties, and then leased those rights to SandRidge just weeks and months
later for a profit.

The full text of the letter is attached.

For information on TPG-Axon’s proposals and on the process for voting shares
in favor of those proposals, go to www.shareholdersforsandridge.com.

About TPG-Axon Capital

TPG-Axon Capital is a leading global investment firm. Through offices in New
York, London, Hong Kong and Tokyo, TPG-Axon invests across global markets and
asset classes.

TPG-AXON MANAGEMENT LP, TPG-AXON PARTNERS GP, L.P., TPG-AXON GP, LLC, TPG-AXON
PARTNERS, LP, TPG-AXON INTERNATIONAL, L.P., TPG-AXON INTERNATIONAL GP, LLC,
DINAKAR SINGH LLC AND DINAKAR SINGH (COLLECTIVELY, “TPG-AXON”) INTEND TO FILE
WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A DEFINITIVE CONSENT
STATEMENT AND ACCOMPANYING CONSENT CARD TO BE USED TO SOLICIT WRITTEN CONSENTS
FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. IN CONNECTION WITH TPG-AXON'S
INTENT TO TAKE CORPORATE ACTION BY WRITTEN CONSENT. ALL STOCKHOLDERS OF
SANDRIDGE ENERGY, INC. ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT
AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF WRITTEN CONSENTS BY
TPG-AXON, STEPHEN C. BEASLEY, EDWARD W. MONEYPENNY, FREDRIC G. REYNOLDS, PETER
H. ROTHSCHILD, ALAN J. WEBER AND DAN A. WESTBROOK (COLLECTIVELY, THE
"PARTICIPANTS") FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC., WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING
ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE
DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT WILL BE FURNISHED TO
SOME OR ALL OF THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. AND WILL, ALONG WITH
OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT
HTTP://WWW.SEC.GOV. IN ADDITION, TPG-AXON WILL PROVIDE COPIES OF THE
DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD (WHEN AVAILABLE)
WITHOUT CHARGE UPON REQUEST.

INFORMATION ABOUT THE CURRENT PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT
OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE PRELIMINARY
CONSENT STATEMENT ON SCHEDULE 14A TO BE FILED BY TPG-AXON WITH THE SEC ON
DECEMBER 24, 2012. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE
SOURCES INDICATED ABOVE.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20121224005140/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50516602&lang=en

Contact:

Anton Nicholas, 203-682-8245
Anton.Nicholas@icrinc.com
Phil Denning, 203-682-8246
Phil.Denning@icrinc.com
Jason Chudoba, 646-277-1249
Jason.Chudoba@icrinc.com
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