TPG-Axon Urges SandRidge Energy Stockholders to Vote before the Deadline to
Replace SandRidge’s Entire Board of Directors
- Comments on SandRidge Board’s Belated Approval of Its Slate of Independent
Director Nominees -
NEW YORK -- March 12, 2013
TPG-Axon, beneficial owner of 7.3 percent of the outstanding shares of
SandRidge Energy, Inc. (NYSE: SD) (the “Company”), today urged SandRidge
Energy Stockholders to act immediately and return the GREEN consent card in
favor of its proposals and director slate in order to meet the March 15, 2013
deadline for submitting the consent.
In addition, TPG-Axon noted that the Company filed an 8K this morning, March,
12, 2013, announcing that the Board has, at long last, approved the
independent slate of director nominees.
TPG-Axon stated, “It is frankly embarrassing and unfortunate that it took the
Board two months, a lawsuit and a stern ruling by Judge Strine that they may
have breached their fiduciary duty, to finally do the right thing for
shareholders. This is yet another poor use of shareholder money, a stark
example of how the Board has attempted to entrench themselves, and a reason
why immediate change is necessary.”
TPG-Axon continued,“The time for change is now. Shareholders should vote
their GREEN consent cards immediately before it is too late, and send a
message to the Board that they have a duty of loyalty to shareholders.”
TPG-Axon also notes that Tom Ward and the current Board of Directors have
failed to adequately address the ongoing strategic and operational
deficiencies as well as the serious governance and related party transaction
issues that have plagued the Company under their tenure. Furthermore, TPG-Axon
cautions stockholders to consider the consequences of the current Board’s plan
to spend an amount equal to almost 80 percent of the Company’s entire
remaining market capitalization on compensation, overhead, financing costs,
and capital expenditures over the next year.
TPG-Axon reiterates its belief that SandRidge is at a critical point and
encourages stockholders to come together and vote the GREEN consent card today
in favor of its experienced independent director slated to put an end to an
era of value destruction at the Company.
For information on TPG-Axon’s proposals and on the process for voting shares
in favor of those proposals, go to www.shareholdersforsandridge.com or contact
MacKenzie Partners, Inc. at (212) 929-5500.
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
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”) HAS FILED 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. BECAUSE THEY
CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE
PARTICIPANTS. THE DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT
HAVE BEEN FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF SANDRIDGE ENERGY,
INC. AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, 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
WITHOUT CHARGE UPON REQUEST.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE CONSENT
STATEMENT ON SCHEDULE 14A FILED BY TPG-AXON WITH THE SEC ON JANUARY 18, 2013.
THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
MacKenzie Partners, Inc.
Dan Burch or Larry Dennedy, 212-929-5500
Anton Nicholas, Phil Denning, Jason Chudoba
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