SandRidge Energy Dips 1% Amid Board Nominee Quarrel with TPG-Axon
TPG-Axon, owner of 7% of the outstanding shares of SandRidge Energy, Inc. ( SD ), today said that Glass, Lewis & Co., an independent proxy voting and corporate governance advisory firm, has recommended SD stockholders vote the GREEN consent card in support of TPG-Axon's proposals.
This is in response to a letter issued to shareholders yesterday, in which SD urged stockholders to support the company's "highly qualified board" and reject TPG-Axon's nominees.
Glass Lewis recommends an amendment to SD's bylaws to destagger the board, that six incumbent directors be removed, including SD CEO Tom Ward, and that independent director nominees Stephen Beasley, Edward Moneypenny, Dinakar Singh, Alan Weber, Dan Westbrook and Peter Rothschild be elected to the board.
"We strongly believe the incumbent directors' lack of strategic oversight and financial discipline, combined with their poor governance practices has caused the market to lose faith in the company, causing massive leakage of value for stockholders. Because of this we believe it is imperative that stockholders follow Glass Lewis and ISS's, two of the largest proxy advisory firms, recommendations and vote the GREEN consent card in favor of our proposals to facilitate meaningful change," TPG-Axon stated in today's press release.
SD is down 1.1% to $5.78 in a 52-week range of $4.81 - $8.98.