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TPG-Axon says controls 6.2 percent stake in SandRidge
November 13, 2012 / 10:06 PM / 5 years ago

TPG-Axon says controls 6.2 percent stake in SandRidge

NEW YORK, Nov 13 (Reuters) - Hedge fund TPG-Axon, which is agitating for changes at SandRidge Energy Inc, said on Tuesday that it controls a 6.2 percent stake in the oil and gas company.

TPG-Axon said it owns 23 million shares -- about 4.7 percent of SandRidge’s outstanding shares -- and controls another 7.5 million through derivative transactions.

Last week, the fund called for SandRidge to consider selling itself and for Chief Executive Tom Ward to step down, saying management’s strategy has been “incoherent, unpredictable and volatile.” At that point, it said it owned more than 4.5 percent of SandRidge.

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