TPG-Axon, beneficial owner of seven percent of the outstanding shares of SandRidge Energy, Inc. (NYSE: SD) (the “Company”), today issued an open letter to SandRidge stockholders urging them to vote the GREEN consent card in favor of its proposals to amend the Company’s bylaws and replace SandRidge’s entire Board of Directors with its slate of highly qualified director nominees.
In the letter TPG-Axon commented: “Strategic blunders, extraordinary spending and poor governance have caused SandRidge stock to decline almost 80 percent since the 2007 IPO. This destruction of value is not an accident – it has been a result of the choices made, and actions taken, by Tom Ward and the current Board of Directors.”
TPG-Axon requested that stockholders of record return their signed and dated GREEN consent cards before March 15, 2013, the deadline for submitting consents.
TPG-Axon highlighted that ISS, a respected independent and impartial proxy advisory firm, recommends SandRidge stockholders replace a majority of the Board, stating:
- “The apparent failures of stewardship on this board are legion.”
- “The company’s abrupt, piecemeal approach to corporate strategy and concomitant lack of capital discipline have increasingly limited the company’s financial flexibility, and engendered a deep distrust in the market.”
- “…there is little reason to believe the [incumbent] outside directors who are specially charged with looking out for the interests of unaffiliated shareholders are best equipped to effect the necessary change at SandRidge.”