NEW YORK, Feb. 23, 2015 /PRNewswire/ -- Clinton Group,
Inc. ("Clinton" or "CGI"), a stockholder of Campus Crest
Communities, Inc. ("Campus Crest", "CCG" or the "Company")
(NYSE:CCG), and Campus Evolution Villages, LLC ("Campus Evolution
Villages" or "CEV" and together with CGI, the "Clinton/Campus
Evolution Group"), a leading private owner and operator of student
housing assets, intends to file its preliminary proxy statement and
materials about Campus Evolution Group today with the SEC.
"We operate student housing properties in similar markets as the
Company and are confident the Company can perform to shareholder's
expectations under our operating leadership," said Evan Denner, Chief Investment Officer of Campus
Evolution Villages. "We plan on elaborating on our strategic
and operating plan for the Company in an upcoming presentation to
shareholders. We have a number of questions on the existing
management approach, and hope that we're given an opportunity to
engage with the Company during the Q&A session of the upcoming
earnings call."
"We are puzzled that the Board has elected to bulk sell
undeveloped parcels of land and promote executive leadership
internally while there is an ongoing process to sell the Company,"
said Andrew Stark, Chief Executive
Officer of Campus Evolution Villages. "In addition, I would
expect that the existing Board would not pursue a stand-alone PIPE
transaction, or a similar transaction, at this time since it would
be dilutive to shareholders at the current depressed share price
and further entrenching to a management team and Board whom we
believe possess limited student housing and REIT expertise."
"We are gratified that there is supposed inbound interest in
Campus Crest, and the recently announced process to explore
strategic alternatives is responsive, although curious in timing,
to our initial inclinations expressed late last year," said
Joseph A. De Perio, Senior Portfolio
Manager at Clinton Group. "While selling the Company is a good plan
B, we believe that our plan is the best plan A and superior to the
status quo. Our nominees intend on completing the strategic
alternatives process after the annual meeting and will serve as
fiduciaries to all shareholders without the prejudices that, in our
view, have crippled the existing Board since the IPO."
About Clinton Group, Inc.
Clinton Group, Inc. is a diversified asset management firm that
is a Registered Investment Advisor. The firm has been investing in
global markets since its inception in 1991 with expertise that
spans a wide range of investment styles and asset classes.
About Campus Evolution Villages, LLC
Campus Evolution Villages is a singularly focused student
housing management company; a thought leader and change agent
setting a new standard in student living that goes beyond merely
heads in beds. Its senior management team has more than 25 years of
experience in serving the student demographic. Campus Evolution
Villages' specialized focus and customer-centric approach gives it
a unique perspective on the particular needs and challenges of
managing student housing. Campus Evolution Villages owns and/or
manages approximately 10,000 beds today at 20 universities from
San Diego, California to
Clemson, South Carolina.
CEV and its principals have a proven track-record in student
housing, commercial and residential real estate finance and
development, and in growing successful operating real estate
platforms, which gives it a unique insight into the nuances of
student housing. The principals of CEV are seasoned leaders with
turn-around and growth experience at both the corporate and asset
level and also with significant exposure to the capital markets,
including public company and shareholder know-how. CEV has
wide-ranging student housing management experience and strong
relationships with owners, universities and other institutions.
Top-down leadership and brand building, with culture immersion and
training, has separated CEV from its peers; CEV understands that
student housing is a management-intensive operating business
requiring a cohesive team at all touch-points focused on the
experiential nature of student housing.
CLINTON RELATIONAL OPPORTUNITY MASTER FUND, L.P., CLINTON
RELATIONAL OPPORTUNITY, LLC, CLINTON GROUP, INC. AND GEORGE E. HALL (COLLECTIVELY, "CLINTON"),
SCOTT R. ARNOLD, RANDALL H. BROWN, WILLIAM A. FINELLI AND RAYMOND
MIKULICH (THE "NOMINEES") AND CAMPUS EVOLUTION VILLAGES, LLC, EVAN
DENNER AND ANDREW STARK (TOGETHER WITH CLINTON AND THE NOMINEES,
THE "PARTICIPANTS") INTEND TO FILE WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE "SEC") A DEFINITIVE PROXY STATEMENT AND
ACCOMPANYING FORM OF PROXY CARD TO BE USED IN CONNECTION WITH THE
PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF
CAMPUS CREST COMMUNITIES, INC. (THE "COMPANY") FOR USE AT THE
COMPANY'S 2015 ANNUAL MEETING OF STOCKHOLDERS (THE "PROXY
SOLICITATION"). ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ
THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE
PROXY SOLICITATION, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION
RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE DEFINITIVE PROXY
STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME
OR ALL OF THE COMPANY'S STOCKHOLDERS AND WILL BE, ALONG WITH OTHER
RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT
HTTP://WWW.SEC.GOV/.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR
DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS WILL BE CONTAINED
IN EXHIBIT 2 TO THE SCHEDULE 14A TO BE FILED BY CLINTON WITH THE
SEC ON FEBRUARY 23, 2015. THIS
DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCE INDICATED
ABOVE.
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SOURCE Clinton Group, Inc.