Reuters: Hot Stocks: UPDATE 1-SandRidge investor seeks board revamp, possible sale

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UPDATE 1-SandRidge investor seeks board revamp, possible sale Nov 30th 2012, 16:28 Fri Nov 30, 2012 11:28am EST Nov 30 (Reuters) - A large investor in SandRidge Energy Inc is soliciting support from other shareholders to replace the company's board of directors, citing poor management of the U.S. oil and gas company. Hedge fund TPG-Axon, which said it owns 6.5 percent of SandRidge shares, also repeated its call for the company to consider an outright sale. A sale is "the most realistic path to restoring the shareholder value that has been destroyed," the hedge fund said in a letter to SandRidge's board on Friday. Earlier this month, TPG-Axon sent a letter to SandRidge that urged Chief Executive Tom Ward to step down and called on the board to consider a sale. Mount Kellett Capital Management, which owns about 4.5 percent of the company, has also urged the ouster of Ward. TPG-Axon will also seek support from other shareholders to destagger the terms of SandRidge's board of directors, it said. Shares of SandRidge rose 5 cents to $5.72 in Friday morning trading. (Reporting by Anna Driver and Ernest Scheyder; Editing by Gerald E. McCormick and Jeffrey Benkoe)

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