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Sandridge Energy, 7.00% Convertible Perpetual Preferred Stock (SDRXQ)

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Last Post: 5/16/2016 4:27:57 PM - Followers: 1 - Board type: Free - Posts Today: 0
Sandridge Energy, 7.00% Convertible Perpetual Preferred Stock

Ticker Symbol: SDRXN     CUSIP: 80007P877     Exchange: OTOTC


BUSINESS: Sandridge Energy, 7.00% Convertible Perpetual Preferred Stock, liquidation preference $100 per share, not redeemable at the issuer's option at any time, and with no stated maturity. Cumulative distributions of 7.00% per annum ($7.00 per annum or $3.50 per quarter) will be paid semiannually on 5/15 & 11/15 to holders of record on the record date that will be 5/1 & 11/1 respectively (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed listed on the NYSE, the AMEX or the Nasdaq exchanges and the company has provided notice that they intend to redeem the preferred shares as a result of the change of control, the holder will have the right to convert the preferred shares into common shares (see the prospectus for details). The preferred shares are convertible any time at the holder's option into 12.879 (calulated) common shares of SandRidge Energy Inc. (NYSE: SD), an initial conversion price of $7.7645 per common share. On or after 11/20/2015, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company.

IPO - 11/10/2010 - 3.00 Million Shares @ $100.00/share.    

HOME PAGE:     http://www.sandridgeenergy.com/
                      
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#6   SDRXN changed to SDRXQ, bankruptcy: Renee 05/16/16 04:27:57 PM
#5   Oil boom fueled by junk debt faces US$19 56Chevy 03/11/16 02:39:32 AM
#4   Marker: Sandridge Energy, In (SDRXN) 56Chevy 03/08/16 11:27:57 AM
#3   Sandridge Energy, In (SDRXN) 56Chevy 07/07/15 01:15:16 PM
#2   Saudi Arabia Turns Down Chinese Requests For More 56Chevy 05/21/15 04:08:18 PM
#1   Marker: Sandridge Energy, In (SDRXN) 56Chevy 05/20/15 04:48:56 PM
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