Activist Eyes TLC Vision

Shareholder Stephen N. Joffe has announced that he will propose a selection of members for the board election of TLC Vision, a company that provides laser eye treatments. His nominees for the positions, in addition to himself, include Michael Henderson and Cathy Willis.

But Kevin Ellich, a RBC Capital Markets analyst has told FW: " This is the third letter he's written, and I think the board has basically said thanks but no thanks." Joffe declared in a statement that "TLC shareholders have witnessed almost two-thirds of the company's value disappear in the past year" and that "they deserve better," according to a report by Thomson Financial. He says a change in directors will improve the future performance of the company.

Joffe's filing for 5-percent voting position in TLC Vision came in February, when he announced actions for a turn around for the company's performance. Recent decisions by the TLC Vision board have led to a 60-percent decline in the company's share price in the past year. Joffe is the founder and past chief executive of LCA-Vision Inc.., parent company of LasikPlus, TLC Vision's largest competitor. He has no current relationship with LCA-Vision.