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Stock Market & Financial Investment News

News Breaks
June 13, 2014
16:42 EDTCCICrown Castle files Form 4 in connection with recent operation as REIT
Crown Castle International announced that its newly formed, wholly owned subsidiary, Crown Castle REIT, filed a proxy statement/prospectus on Form S-4 with the SEC in connection with Crown Castle's recent commencement of operations as a real estate investment trust. Crown Castle proposes to merge with and into CCR in connection with adopting certain charter provisions that implement REIT-related ownership limitations and transfer restrictions related to its capital stock, subject to approval by the holders of Crown Castle's common stock. Crown Castle expects to hold a special meeting of stockholders in the fourth quarter for the purpose of voting on the proposed merger. As previously disclosed, Crown Castle commenced operating as a REIT for U.S. federal income tax purposes effective January 1.
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February 16, 2015
12:26 EDTCCICrown Castle to explore potential sale of Australian subsidiary
Crown Castle International announced that it plans to explore the potential sale of its Australian subsidiary, CCAL. "In light of recent unsolicited offers we have received for our interest in CCAL, we have determined that fully exploring the options available to us will ensure the best long-term results for our shareholders," stated Ben Moreland, Crown Castle's President and CEO. "Similar to our US business, CCAL has developed into a leading wireless infrastructure provider in the attractive Australian market with a unique portfolio of assets and platform for future growth and expansion." CCAL is the largest independent tower operator in Australia. Crown Castle owns 77.6% of CCAL and has an intercompany loan of approximately A$306M due from CCAL as of December 31. CCAL is expected to contribute approximately 4% to 5% to the midpoint of Crown Castle's previously provided full year 2015 Outlook for Adjusted EBITDA of US$2.15B and AFFO of US$1.46B. Crown Castle's full year 2015 Outlook was previously provided on January 21 and assumed an exchange rate of 0.81 US dollars to 1.0 Australian dollar. There can be no assurance that the exploration of a potential sale will result in the consummation of any specific action. Crown Castle does not intend to discuss developments with respect to the exploration of a sale unless or until its Board of Directors reviews and approves a specific action or otherwise deems further disclosure is appropriate or required.

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