TPG-Axon, beneficial owner of seven percent of the outstanding shares of SandRidge Energy, Inc. (NYSE: SD) (“SandRidge” or the “Company”), today reminded all SandRidge stockholders to be heard and submit their signed and dated
consent cards before the March 15, 2013 deadline for submitting consents, to help bring about the changes needed to put an end to an era of value destruction at the Company.
TPG-Axon encourages stockholders to vote their consent card immediately in support of its proposals to amend SandRidge’s bylaws and replace the Company’s entire Board of Directors with its slate of highly qualified director nominees who have a comprehensive plan in place to restore and build value at the Company.
“Mr. Ward and the current Board have failed to address the ongoing strategic and operational deficiencies at the Company or the serious governance and related party transaction issues we have raised. We believe stockholders share our frustration and outrage with this behavior and encourage them to heed the advice of the two leading independent proxy advisor firms and support our proposals to replace the current Directors with our highly qualified nominees,” said TPG-Axon.
TPG-Axon continued: “Stockholders of record join the movement of fellow large and small stockholders alike and act
to replace the entire Board of Directors by voting the
Separately, TPG-Axon submitted proposals for stockholder approval at the Company’s upcoming Annual Meeting, including nominating three Board candidates to replace the incumbents up for reelection, eliminating the classified Board structure, and removing all incumbent directors.
The notification, which is unrelated to the ongoing consent solicitation, was made in order to meet the Company’s proposal submission deadline under its existing corporate bylaws. Under the current consent solicitation, consents are due by March 15, 2013. Under the rules of SandRidge’s regular proxy process, Director Nominee submissions are due by March 1, 2013, before the outcome of the March 15
vote is known.
“As matter of prudence and procedure to preserve all of our options, we felt it important to submit proposals for the stockholder Annual Meeting as required under the Company’s by-laws. Let our notification today be a clear message to the Board and our fellow shareholders that we remain vigilant in our efforts to right this ship and we will pursue every avenue available to effect the necessary changes needed at SandRidge. The time has come for an independent Board that is focused on delivering value to all stockholders,” concluded TPG-Axon.