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SandRidge Energy, 8.50% Convertible Perpetual Preferred Stock
Ticker Symbol: SDRPQ* CUSIP: 80007P406 Exchange: OTOTC
* NOTE: This security is no longer trading as of 10/04/2016
Security's Distribution is Suspended!
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QUANTUMONLINE.COM SECURITY DESCRIPTION: SandRidge Energy, 8.50% 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 8.50% ($8.50) per annum paid in cash or common stock are paid quarterly on 2/15 & 8/15 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by the preferred are eligible prior to 1/1/2011 for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders. The preferred shares are convertible any time at the holder's option into 12.4805 common shares of SandRidge Energy Inc. (NYSE: SD), an initial conversion price of $8.0125 per common share. On or after 2/20/2014, 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. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SD)
Notes: January 8, 2016 -- SandRidge Energy, Inc (OTC PINK: SDOC) today announced that its Board of Directors has decided to suspend payment of the $4.25 per share semi-annual dividend on shares of its 8.5% Convertible Perpetual Preferred Stock.
The dividend suspension follows the prior suspension of dividend payments on shares of the Company’s 7.0% Convertible Perpetual Preferred Stock announced on September 28, 2015 and reflects the Company’s continued focus on preservation of liquidity, prudent capital allocation and support of long-term enterprise value. The Company has 2,650,000 shares of 8.5% Convertible Perpetual Preferred Stock outstanding and will continue to re-evaluate the dividend payment policy on a semi-annual basis
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IPO - 1/21/2009 - 2.25 Million Shares @ $100.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: SDRXP Changed: 5/17/2016
Market Value $6.5 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102 |
| Main Phone Number |
405-429-5500 |
| Fax Number |
405-429-5977 |
| Investor Contact
Kevin R. White
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405-429-5515
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Toll Free Phone Number |
Unknown |
| CEO - Tom L. Ward |
CFO - James D. Bennett |
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