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 asset classes.