Hedge fund TPG-Axon Capital moved ahead with its effort to oust the board of U.S. oil and gas company SandRidge Energy Inc, saying it would file consent solicitation documents with U.S. regulators on Monday.TPG-Axon, which owns 6.7 percent of SandRidge, said in its third letter to the company's board, dated Dec. 24, that it is giving shareholders a chance to "terminate your reign of value destruction". It first revealed its plan last month.TPG-Axon also said it had filed a lawsuit contesting the validity of Dec. 19 as the initial consent date for its proposals, as set by SandRidge in a securities filing on Dec. 21. SandRidge said then that it had received written consents related to the fund's proposals on Dec. 19, so that would be the date from which shareholders would have 60 days to vote.But TPG-Axon said on Monday that was impossible, since it had not yet even requested the consent solicitation documents. The fund said the action was an attempt by management to shorten the time shareholders have to vote.
SandRidge Energy, Inc. (SandRidge) is an independent oil and natural gas company. Shares of SD fell by 0.16% or $-0.01/share to $6.25. In the past year, the shares have traded as low as $4.81 and as high as $9.00. On average, 15570700 shares of SD exchange hands on a given day and today's volume is recorded at 2815036.
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