LCA-Vision garners support of third proxy advisory firm

By Lisa Kerner

Charlotte, N.C., March 11 - Proxy Governance, Inc. recommended that LCA-Vision Inc. shareholders vote to keep the company's current management and board of directors in place and reject all proposals made by a dissident shareholder group, LCA-Vision announced on Wednesday.

Two other proxy advisory firms, RiskMetrics Group/ISS and Glass, Lewis & Co. made the same recommendations, according to an LCA-Vision news release.

As previously reported, LCA-Vision founder and former chief executive officer Dr. Stephen Joffe formed the LCA-Vision Full Value Committee, along with the company's former chief operating officer, Craig Joffe, and former executive vice president of finance, Alan Buckey.

The group, with an 11% stake in LCA-Vision, began a consent solicitation to replace the Cincinnati-based laser vision correction services company's board with Stephen Joffe, Jason T. Mogel, Robert Probst, Edward J. VonderBrink and Robert H. Weisman.

"The latest report, from Proxy Governance, gives our management team and board high marks for our aggressive response to the precipitous decline in consumer discretionary spending that has impacted our business, as well as others in our industry, by implementing numerous initiatives that position LCA-Vision and our LasikPlus Vision Centers for growth and a prosperous future, while prudently managing our appreciable cash," LCA-Vision CEO Steven Straus said in the release.

LCA-Vision has retained Georgeson Inc. as its consent revocation solicitation agent.

The shareholder group's consent solicitation ends April 9.

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