Egan-Jones Recommends SandRidge Stockholders Support Current Board
SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) announced that one of the nation's leading independent proxy advisory firms, Egan-Jones Proxy Services ("Egan-Jones"), recommends that SandRidge stockholders support the Company's current Board in connection with TPG-Axon's consent solicitation. Egan-Jones supplies proxy voting advisory services to institutions and other professional investors.
The Company stated, "We are pleased with Egan-Jones' recommendation. Our highly qualified and independent board has taken decisive steps over the last few years to transition SandRidge to an oil focused producer with a leading position in the Mississippian play. We firmly believe that the current Board has the right combination of skills, experience and expertise to oversee the continued execution of our strategic plan and deliver long-term value for our stockholders.
"In contrast to the SandRidge Board, TPG-Axon's nominees are not familiar with the Company's operations, and we do not believe they have the necessary qualifications to serve on the SandRidge Board. We continue to encourage SandRidge stockholders to protect the value of their investment and sign, date and return the white consent revocation card."
In making its recommendation, Egan-Jones notes the following:
"We believe that voting to revoke consents to the TPG-Axon's consent solicitation is merited and is in the best interest of the Company and its shareholders. In arriving at the conclusion, we have considered the following factors:
o Our belief that the dissidents have provided no specific plans and no substantive new ideas or valid reasons to change the Company's strategic direction that will enhance the Company's stockholder value. o We are not convinced that election of the dissidents' slate to the board of directors would work to the benefit of shareholders. o Our belief that the Company has made strides in addressing financial difficulties, primarily by taking a number of initiatives to improve liquidity and the overall financial strength of the Company. In particular, the announced sale of the mature Permian assets for $2.6 billion will generate cash proceeds of over $1.4 billion in excess of the Company's net investment, dramatically reducing the net debt balances and give the resources needed to fund growth in the Mississippian."
SandRidge urges stockholders to disregard any mailings sent by the TPG-Axon Group and sign, date and return SandRidge's WHITE consent revocation card. If stockholders have any questions or need assistance, please contact the firm assisting SandRidge in the solicitation of consent revocations, INNISFREE M&A INCORPORATED. Stockholders can call toll-free (877) 717-3929 and banks and brokers can call collect (212) 750-5833.
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