LCA-Vision: Shareholder group's bid to replace board gets only 6% of votes

By Angela McDaniels

Tacoma, Wash., March 30 - LCA-Vision Inc. said that other than its own votes, the dissident shareholder group led by founder and former chief executive officer Stephen Joffe received votes totaling 6% of the company's outstanding shares.

The group was seeking to remove the company's board members. Its consent solicitation was slated to end on April 9 before being cancelled March 26.

The 6% figure was as of March 26, according to a company news release.

The group has also withdrawn its slate of director nominees, which included Joffe, and has disbanded.

"We are now able to focus 100% of our attention on our business, working closely with our medical advisory board, optometric advisory board, surgeons, optometrists and all LCA-Vision/LasikPlus staff members to manage through challenging economic times and prepare for future success," Steven Straus, LCA-Vision chief executive officer, said in the release.

The dissident shareholder group, which called itself the LCA-Vision Full Value Committee, was made up of Stephen Joffe, former chief operating officer Craig Joffe and former executive vice president of finance Alan Buckey.

In a Thursday schedule 13D/A filing with the Securities and Exchange Commission, the group said that, "despite having received significant support from the stockholders" of the company, it was no longer seeking support to remove the board, elect its own slate or repeal any provision of the company's bylaws.

As previously reported, LCA-Vision said three proxy advisory firms - RiskMetrics Group/ISS, Glass, Lewis & Co. and Proxy Governance, Inc. - supported keeping the Cincinnati-based laser vision correction services company's current board of directors and recommended that stockholders reject the dissident group's consent solicitation.

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