A top SandRidge Energy Inc investor who is clamoring for the removal of the company's chief executive, Tom Ward, made new allegations that entities controlled by Ward and his family took part in inappropriate transactions. Hedge fund TPG-Axon, which owns 6.7 percent of SandRidge's outstanding shares, released a presentation on Wednesday describing land deals made by WCT Resources and other entities controlled by Ward family members.TPG-Axon charged that WCT - an Oklahoma company owned by trusts benefiting Ward's three adult children and run by his son Trent - and other entities acquired land in areas where SandRidge would soon purchase acreage.The hedge fund said in the presentation that the dealings "cause us enormous concern, and lead us to question whether company management and resources are focused exclusively on building shareholder value, or instead have also been used for the benefit of others."TPG-Axon, which is headed up by a former co-head of Goldman Sachs Group Inc's proprietary trading desk, Dinakar Singh, has been calling for change at SandRidge since late last year. The hedge fund has launched an effort to oust the company's board.
The Children's Place Retail Stores, Inc. operates as a specialty retailer of apparel and accessories for children. Shares of PLCE fell by 0.26% or $-0.13/share to $49.43. In the past year, the shares have traded as low as $42.21 and as high as $62.24. On average, 510738 shares of PLCE exchange hands on a given day and today's volume is recorded at 246819.
SandRidge Energy, Inc. (SandRidge) is an independent oil and natural gas company. Shares of SD traded higher by 0.84% or $0.06/share to $7.24. In the past year, the shares have traded as low as $4.81 and as high as $8.98. On average, 14959600 shares of SD exchange hands on a given day and today's volume is recorded at 11885806.
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