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

Tuesday, February 19, 2013

SandRidge says proxy firm backs current board against TPG-Axon, (NYSE: SD)

SandRidge Energy Inc said a proxy advisory firm has recommended shareholders reject a campaign by hedge fund TPG-Axon Capital to sack the oil and gas company's board. TPG-Axon, one of SandRidge's largest shareholders, wants to replace the board and oust Chief Executive Tom Ward, citing weak management and the company's poor stock performance.Proxy advisory firm Egan-Jones Proxy Services said TPG-Axon had not provided specific plans or valid reasons to change SandRidge's direction, Sandridge said in a statement.Another proxy advisory firm, ISS, said on Friday that a majority of SandRidge directors should be replaced due to governance problems at the company.

SandRidge Energy, Inc. (SandRidge) is an independent oil and natural gas company. Shares of SD traded higher by 1.19% or $0.07/share to $5.97. In the past year, the shares have traded as low as $4.81 and as high as $8.98. On average, 12153700 shares of SD exchange hands on a given day and today's volume is recorded at 551945.