CHARLOTTE, N.C., Feb. 16, 2015 /PRNewswire/ -- Campus Crest
Communities, Inc. (NYSE: CCG) (the "Company" or "Campus Crest"), an
owner and manager of high-quality student housing properties, today
announced that its Board of Directors authorized the Company to
explore a broad range of strategic, operational and financial
alternatives to further enhance shareholder value. Additionally,
the Board of Directors appointed Aaron
Halfacre, CCG's Chief Investment Officer, to the role of
President. In his new role, Mr. Halfacre will continue to oversee
day-to-day management of the Company's strategic repositioning and
aid the Board in the evaluation of potential strategic
alternatives.
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The Company has recently received multiple inquiries from a
number of qualified parties that expressed interest in
discussing a potential transaction with Campus Crest. Moelis
& Company LLC ("Moelis") and Kilpatrick
Townsend & Stockton LLP ("Kilpatrick"), the Company's
financial and legal advisors, respectively, are assisting Campus
Crest in a comprehensive and thorough analysis of all potential
alternatives. The advisors have been working with Campus Crest
since the start of the Company's strategic repositioning in
2014.
The Company noted that there can be no assurance that the
exploration process will result in the Company pursuing a
particular transaction or completing any such transaction. The
Company has not set a definitive timetable for completion of the
process and does not intend to disclose further developments until
its Board of Directors approves a specific action or otherwise
concludes the review of the strategic alternatives.
"After receiving several unsolicited inquiries by
highly-qualified institutions, the Board of Directors instructed
Moelis and Kilpatrick to formally undertake the exploration of a
variety of strategic alternatives proposed by inbound interested
parties," stated Richard Kahlbaugh,
Non-Executive Chairman. "The process, which is already underway,
aligns with the Company's strategic repositioning and goal of
maximizing shareholder value."
Richard Kahlbaugh, continued,
"The Board is pleased to announce the appointment of Aaron Halfacre as the Company's President. As
evidenced by his leadership in the successful closing of the Copper
Beech transaction and his overseeing of all day-to-day operations,
the Board is pleased to formally recognize Aaron's role in
advancing shareholder interests. We are confident in his abilities
to lead the entire Campus Crest team as we continue to execute upon
our commitment for positive change. We expect to have additional
announcements in the near to intermediate term as we conclude our
dialogue with potential Board members and continue to evaluate
several senior executives to join the management team."
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.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts" or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company's Quarterly Reports
on Form 10-Q.
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SOURCE Campus Crest Communities, Inc.