SandRidge Energy’s board of directors has decided to suspend payment on shares of its 8.5 percent Convertible Perpetual Preferred Stock, according to a Friday release.
The company is suspending payment of $4.25 per share semi-annual dividend on those shares. According to the release, SandRidge has more than 2.6 million shares of 8.5 percent Convertible Perpetual Preferred Stock outstanding.
SandRidge will continue to re-evaluate its dividend payment policy, according to the release.
In September 2015, the preferred stock dividend payments were suspended on shares of the Company’s 7 percent Convertible Perpetual Preferred Stock.
According to the release the suspension, “reflects the company’s continued focus on preservation of liquidity, prudent capital allocation and support of long-term enterprise values.”