Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2013substantial holder notice● Neutral
TPG-Axon Management LP, TPG-Axon Partners GP, L.P, TPG-Axon GP, LLC, TPG-Axon Partners, LP, TPG-Axon International, L.P, TPG-Axon International GP, LLC, Dinakar Singh LLC, Dinakar Singh, Stephen C. Beasley reported a SANDRIDGE ENERGY INC shareholding of 36,216,000 shares (7.30% of votes) in a periodic institutional filing.
TPG-Axon Management LP, TPG-Axon Partners GP, L.P, TPG-Axon GP, LLC, TPG-Axon Partners, LP, TPG-Axon International, L.P, TPG-Axon International GP, LLC, Dinakar Singh LLC, Dinakar Singh, Stephen C. Beasley reported a SANDRIDGE ENERGY INC shareholding of 36,216,000 shares (7.30% of votes) in a periodic institutional filing.
SandRidge filed the transcript of its March 1, 2013 fourth quarter earnings call. Management said Mississippian production reached 35,900 BOE per day, well costs fell to $3.1 million, and it was evaluating monetizing its saltwater disposal system.
SandRidge reported fourth quarter 2012 oil and gas revenue of $500 million, up 52% from a year earlier, and a net loss to common stockholders of $302 million. Full-year 2012 net income to common stockholders was $86 million.
SandRidge closed the sale of its Permian Basin properties to Sheridan Holding Company II for $2.6 billion in cash. It also began redeeming its 9.875% notes due 2016 and 8% notes due 2018, with a redemption date of March 28, 2013.
SandRidge sent stockholders a letter urging them to reject TPG-Axon's nominees by returning the white consent revocation card. It highlighted its Mississippian position and the Permian sale, and disputed TPG-Axon's claims.
SandRidge said proxy adviser Egan-Jones recommended stockholders back the current board and revoke consents in TPG-Axon's consent solicitation. The company urged stockholders to return its white consent revocation card.
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr reported a SANDRIDGE ENERGY INC shareholding of 17,129,203 shares (3.40% of votes) in a periodic institutional filing.
SandRidge said its board reviewed the debt consequences of a possible change of control if TPG-Axon replaced the board. It concluded noteholders were unlikely to accept a repurchase offer and that a credit facility default would not matter, as nothing was drawn.