CHARLOTTE, N.C., Dec. 5, 2014 /PRNewswire/ -- Campus Crest
Communities, Inc. (the "Company") (NYSE: CCG), today confirmed
receipt of notice from Clinton Group, Inc. ("Clinton") that it intends to nominate four
candidates to stand for election to the Company's Board of
Directors at the Company's 2015 Annual Meeting. As of November 11, 2014, Clinton reported owning approximately 0.8% of
the Company's outstanding shares. The Company will review
Clinton's notice to ensure that it
complies with the Company's bylaws and applicable law. The
Company's Board of Directors and the Board's Nominating and
Corporate Governance Committee will consider the nominations in due
course.
As the Company previously communicated on its November 4, 2014, earnings conference call with
analysts and investors, as well as in its direct discussions with
Clinton principals, the Company is
in the process of thoughtfully enhancing its corporate governance
as part of its ongoing strategic repositioning. As part of this
initiative, the Company has engaged Korn
Ferry to conduct an executive search to identify highly
qualified, REIT-experienced independent directors for nomination
for election to the Company's Board of Directors at the Company's
2015 Annual Meeting. As communicated to Clinton prior to their December 4, 2014, press release, all five of
Clinton's initial suggested
candidates, including a candidate who subsequently withdrew his
name from consideration, have been submitted by the Company to
Korn Ferry for inclusion in the
ongoing search process. The Company anticipates completing the
search process prior to its next earnings release.
"We appreciate input from all of our investors as we seek to
maximize shareholder value through our strategic repositioning,"
stated Executive Chairman and Interim CEO Richard Kahlbaugh. "The Board believes that
fresh ideas and relevant experience are critical during this time
of transition. We look forward to nominating exceptional candidates
for consideration by our shareholders."
"The Company has made great strides to improve shareholder value
over the past several months by resolving the Copper Beech
transaction, exiting the construction and development business,
effectuating shareholder-desired executive management changes and
beginning meaningful operational improvement and cost saving
initiatives," stated Chief Investment Officer Aaron Halfacre. "Along with our active efforts
to strengthen the balance sheet and deliver NOI growth, enhancing
corporate governance is an important next step and we look forward
to providing more detail on these topics in the coming months."
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 86
student housing properties with over 46,000 beds across
North America. Additional
information can be found on the Company's website at
http://www.campuscrest.com.
Additional Information and Where to Find It
The Company, its directors and certain executive officers are
participants in the solicitation of proxies from shareholders in
connection with the Company's 2015 Annual Meeting of Shareholders
(the "Annual Meeting"). The Company plans to file a proxy statement
(the "2015 Proxy Statement") with the Securities and Exchange
Commission (the "SEC") in connection with the solicitation of
proxies for the Annual Meeting. Information regarding the names of
the Company's directors and executive officers and their respective
interests in the Company by security holdings or otherwise is set
forth in the Company's proxy statement for its 2014 annual meeting
of shareholders, filed with the SEC on March
12, 2014. Additional information can be found in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2013, filed with the SEC
on March 3, 2014 and its Quarterly
Reports on Form 10-Q for the first three quarters of the 2014
fiscal year filed on May 12, 2014,
August 11, 2014, and November 10, 2014, respectively. To the extent
holdings of the Company's securities have changed since the amounts
printed in the proxy statement for the 2014 annual meeting of
shareholders, such changes have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 filed with the SEC. These documents
are available free of charge at the SEC's website at www.sec.gov.
Additional information regarding such participants, including their
direct or indirect interests, by security holdings or otherwise,
will be included in the 2015 Proxy Statement and other relevant
documents to be filed with the SEC in connection with the Annual
Meeting.
Promptly after filing its definitive 2015 Proxy Statement with
the SEC, the Company will mail the definitive 2015 Proxy Statement
and a WHITE proxy card to each shareholder entitled to vote at the
Annual Meeting. SHAREHOLDERS ARE URGED TO READ THE 2015 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Shareholders may obtain, free of charge, copies of the
definitive 2015 Proxy Statement and any other documents filed by
the Company with the SEC in connection with the Annual Meeting at
the SEC's website (http://www.sec.gov), at the Investors section of
the Company's website (http://www.campuscrest.com) or by writing to
Investor Relations, Campus Crest Communities, Inc., 2100 Rexford
Road, Suite 414, Charlotte, NC
28211.
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SOURCE Campus Crest Communities, Inc.