Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, February 19, 2013

SandRidge CEO's family amasses big land stake near company-fund, (NASDAQ: PLCE)

One of SandRidge Energy Inc's largest shareholders, pushing to remove its chief executive, alleged on Tuesday that a company controlled by the CEO's children has amassed around 475,000 acres near SandRidge's operations. Hedge fund TPG-Axon, which has launched a campaign to remove all of SandRidge's board and replace CEO Tom Ward, claimed WCT Resources, an oil and gas company formed from trusts benefiting Ward's three adult children and run by his eldest son, Trent, is the fifth largest company doing business in the Mississippian shale formation that spans parts of Oklahoma and Kansas.Oil and gas company SandRidge owns the most acreage in the Mississippian.TPG-Axon alleges that land owned by WCT Resources in the Mississippian will benefit from SandRidge's efforts to build infrastructure in the region, adding that a smaller company like WCT Resources was not likely able to shoulder such a cost-intensive process.TPG-Axon owns 6.7 percent of SandRidge's outstanding shares. The hedge fund has been campaigning for changes at the company since November.

The Children's Place Retail Stores, Inc. operates as a specialty retailer of apparel and accessories for children. Shares of PLCE fell by 0.16% or $-0.08/share to $50.83. In the past year, the shares have traded as low as $42.21 and as high as $62.24. On average, 453121 shares of PLCE exchange hands on a given day and today's volume is recorded at 67600.