Form 13D Filed by Glenhill Advisors, Issuer TLC Corporation, Filed 2007-03-16

0001202291-07-000071.txt : 20070316 0001202291-07-000071.hdr.sgml : 20070316 20070316134111 ACCESSION NUMBER: 0001202291-07-000071 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20070316 DATE AS OF CHANGE: 20070316 GROUP MEMBERS: GLENHILL CAPITAL LP GROUP MEMBERS: GLENHILL CAPITAL MANAGEMENT, LLC GROUP MEMBERS: GLENN J. KREVLIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TLC VISION CORP CENTRAL INDEX KEY: 0001010610 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093] IRS NUMBER: 980151150 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-53321 FILM NUMBER: 07699235 BUSINESS ADDRESS: STREET 1: 5280 SOLAR DRIVE STREET 2: SUITE 100 CITY: MISSISSAUGA ONTARIO STATE: A6 ZIP: 00000 BUSINESS PHONE: 636-534-2300 MAIL ADDRESS: STREET 1: 16305 SWINGLEY RIDGE ROAD STREET 2: SUITE 300 CITY: CHESTERFIELD STATE: MO ZIP: 63017 FORMER COMPANY: FORMER CONFORMED NAME: TLC LASER CENTER INC DATE OF NAME CHANGE: 19960314 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GLENHILL ADVISORS LLC CENTRAL INDEX KEY: 0001137521 IRS NUMBER: 134153005 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 598 MADISON AVE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 646-432-0600 MAIL ADDRESS: STREET 1: 598 MADISON AVE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: KREVLIN ADVISORS LLC DATE OF NAME CHANGE: 20010402 SC 13D 1 form13d.htm FORM 13D FILED BY GLENHILL ADVISORS, ISSUER TLC CORPORATION, FILED 2007-03-16 Form 13D Filed by Glenhill Advisors, Issuer TLC Corporation, Filed 2007-03-16

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. __)*

TLC Vision Corporation

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(Name of Issuer)

Common Stock

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(Title of Class of Securities)

872549100

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(CUSIP Number)

Glenhill Advisors, LLC

598 Madison Avenue

12th Floor

New York, New York 10022

Tel. (646) 432-0600

With a copy to:

Stephen P. Wink, Esq.

Cahill/Wink LLP

5 Penn Plaza

23^rd Floor

New York, NY 10001

(646) 378-2105

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(Name, Address and Telephone Number of Person Authorized to

Receive Notices and Communications)

March 16, 2007

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(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [X]

Page 1 of 9 pages

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CUSIP No. 872549100
------------------------------------------------
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1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)

Glenhill Advisors, LLC
13-4153005
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2 Check the Appropriate Box if a Member of a Group (See Instructions)

(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds (See Instructions)
WC
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizen or Place of Organization

Delaware
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Number of 7 Sole Voting Power 9,614,100
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Shares

Beneficially 8 Shared Voting Power 0
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Owned by

Each 9 Sole Dispositive Power 9,614,100
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Reporting

Person With: 10 Shared Dispositive Power 0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person

9,614,100
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
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13 Percent of Class Represented by Amount in Row (11)

13.9%
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14 Type of Reporting Person (See Instructions)

HC
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Page 2 of 9 pages

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CUSIP No. 872549100
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1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)

Glenn J. Krevlin
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2 Check the Appropriate Box if a Member of a Group (See Instructions)

(a) [ ]
(b) [X]
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3 SEC Use Only
------------------------------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions)
WC
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizen or Place of Organization

United States
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Number of 7 Sole Voting Power 9,614,100
--------------------------------------------------------------------------------------------------------------
Shares

Beneficially 8 Shared Voting Power 0
--------------------------------------------------------------------------------------------------------------
Owned by

Each 9 Sole Dispositive Power 9,614,100
--------------------------------------------------------------------------------------------------------------
Reporting

Person With: 10 Shared Dispositive Power 0
------------------------------------------------------------------------------------------------------------------------------

11 Aggregate Amount Beneficially Owned by Each Reporting Person

9,614,100
------------------------------------------------------------------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------------------------------------------------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)

13.9%
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14 Type of Reporting Person (See Instructions)

IN, HC
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Page 3 of 9 pages

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CUSIP No. 872549100
------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)

Glenhill Capital Management, LLC
13-4146739
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2 Check the Appropriate Box if a Member of a Group (See Instructions)

(a) [ ]
(b) [X]
------------------------------------------------------------------------------------------------------------------------------
3 SEC Use Only
------------------------------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions)
WC
------------------------------------------------------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
------------------------------------------------------------------------------------------------------------------------------
6 Citizen or Place of Organization

Delaware
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Number of 7 Sole Voting Power 0
--------------------------------------------------------------------------------------------------------------
Shares

Beneficially 8 Shared Voting Power 9,614,100
--------------------------------------------------------------------------------------------------------------
Owned by

Each 9 Sole Dispositive Power 0
--------------------------------------------------------------------------------------------------------------
Reporting

Person With: 10 Shared Dispositive Power 9,614,100
------------------------------------------------------------------------------------------------------------------------------

11 Aggregate Amount Beneficially Owned by Each Reporting Person

9,614,100
------------------------------------------------------------------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------------------------------------------------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)

13.9%
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14 Type of Reporting Person (See Instructions)

IA, HC
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Page 4 of 9 pages

------------------------------------------------
CUSIP No. 872549100
------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1 Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)

Glenhill Capital LP
13-4149785
------------------------------------------------------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)

(a) [ ]
(b) [X]
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3 SEC Use Only
------------------------------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions)
WC
------------------------------------------------------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
------------------------------------------------------------------------------------------------------------------------------
6 Citizen or Place of Organization

Delaware
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Number of 7 Sole Voting Power 0
--------------------------------------------------------------------------------------------------------------
Shares

Beneficially 8 Shared Voting Power 5,688,388
--------------------------------------------------------------------------------------------------------------
Owned by

Each 9 Sole Dispositive Power 0
--------------------------------------------------------------------------------------------------------------
Reporting

Person With: 10 Shared Dispositive Power 5,688,388
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11 Aggregate Amount Beneficially Owned by Each Reporting Person

5,688,388
------------------------------------------------------------------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------------------------------------------------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)

8.2%
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14 Type of Reporting Person (See Instructions)

PN
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Page 5 of 9 pages

Item 1 Security and Issuer

The class of equity to which this statement relates is the Common Stock, without par value (the “Common Stock”), of TLC Vision Corporation (the “Company”), which has its principal executive offices at:

5280 Solar Drive, Suite 300

Mississauga, Ontario

Canada L4W 5M8

Item 2 Identity and Background

The names of the persons filing this statement are Glenhill Advisors, LLC, a Delaware limited liability company, Glenn J. Krevlin, a citizen of the United States, Glenhill Capital Management, LLC, a Delaware limited liability Company, and Glenhill Capital LP, a Delaware limited partnership (each, a “Reporting Person”).

Glenhill Advisors, LLC and Glenhill Capital Management, LLC are engaged in the business of investment management, and Glenhill Capital LP is engaged in the investment and trading of a variety of securities and financial instruments. Glenn J. Krevlin is the managing member and control person of Glenhill Advisors, LLC. Glenhill Advisors, LLC is the managing member of Glenhill Capital Management, LLC. Glenhill Capital Management, LLC is the general partner and investment advisor of Glenhill Capital LP, a security holder of the Company, managing member of Glenhill Concentrated Long Master Fund, LLC, a security holder of the company, and sole shareholder of Glenhill Capital Overseas GP, Ltd. Glenhill Capital Overseas GP, Ltd. is general partner of Glenhill Capital Overseas Master Fund, LP, a security holder of the Company.

The address of the principal business and principal office of each of the Reporting Persons and the other entities mentioned in the previous paragraph is 598 Madison Avenue, 12th Floor, New York, New York 10022.

During the last five years, none of the Reporting Persons nor the other entities mentioned in this Item 2 have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3 Source and Amount of Funds or Other Consideration

The Reporting Persons acquired the 9,614,100 shares of Common Stock to which this Statement relates with investment capital held by the entities listed below as follows:

(a) Glenhill Capital LP acquired 6,206,643 shares of Common Stock on the open market between March 14, 2006 and December 15, 2006 for a total consideration of $30,256,151. On January 1, 2007, Glenhill Capital LP transferred 518,255 shares of Common Stock to Glenhill Capital Overseas Master Fund, LP, resulting in net holdings by Glenhill Capital LP of 5,688,388 shares of Common Stock.

(b) Glenhill Capital Overseas Master Fund, LP acquired 2,657,457 shares of Common Stock on the open market between March 14, 2006 and December 15, 2006 for a total consideration of $12,954,665. On January 1, 2007, Glenhill Capital LP transferred 518,255 shares of Common Stock to Glenhill Capital Overseas Master Fund, LP, resulting in net holdings by Glenhill Capital Overseas Master Fund, LP of 3,175,712 shares of Common Stock.

(c) Glenhill Concentrated Long Master Fund LLC acquired 750,000 shares of Common Stock on the open market between November 30, 2006 and December 14, 2006 for a total consideration of $3,338,401.

The above amounts of total consideration include any commissions incurred in making of the investments. The source of these funds was the investment capital of the Reporting Persons, which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business.

Page 6 of 9 pages

Item 4 Purpose of Transaction

All of the shares of Common Stock reported herein were acquired for investment purposes, and were originally acquired without the purpose or effect of changing or influencing control of the Company. The Reporting Persons review on a continuing basis the investment in the Company. Based on such review and depending on the price and availability of the Company's securities, the Reporting Persons may acquire, or cause to be acquired, additional securities of the Company, in the open market or otherwise, dispose of, or cause to be disposed of, securities of the Company, in the open market or otherwise, at any time, or formulate other purposes, plans or proposals regarding the Company or any of its securities, to the extent deemed advisable in light of general investment policies of the Reporting Persons, the Company's business, financial condition and operating results, general market and industry conditions or other factors.

As part of the ongoing evaluation of this investment and investment alternatives, the Reporting Persons and their affiliates may consider any or all of the following: (a) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (d) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board of directors; (e) any material change in the present capitalization or dividend policy of the Company; (f) any other material change in the Company's business or corporate structure; (g) changes in the Company's charter or bylaws or other actions which may impede the acquisition of control of the Company by any person; (h) causing a class of securities of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action similar to any of those enumerated above.

In addition, from time to time, the Reporting Persons and their affiliates may hold discussions with the Company regarding the matters described in subparagraphs (a) through (j) above.

On March 16, 2007, Glenn Krevlin sent a letter to the Chairman of the Board of Directors of the Company expressing, among other things, concern regarding the performance of the Company. A copy of such letter is attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 5 Interest in Securities of the Issuer

(a) As of the close of business on March 15, 2007, Glenn J. Krevlin, Glenhill Advisors, LLC, and Glenhill Capital Management, LLC were the beneficial owners of 9,614,100 shares of Common Stock, which constitute in the aggregate 13.9% of the outstanding shares of Common Stock of the Company based on 69,019,000 shares of Common Stock outstanding pursuant to the Form 10-Q for the quarterly period ending September 30, 2006 filed by the Company.

As of the close of business on March 15, 2007, Glenhill Capital LP was the beneficial owner of 5,688,388 shares of Common Stock, which constitute in the aggregate 8.2% of the outstanding shares of Common Stock of the Company based on 69,019,000 shares of Common Stock outstanding pursuant to the Form 10-Q for the quarterly period ending September 30, 2006 filed by the Company.

As of the close of business on March 15, 2007, Glenhill Capital Overseas Master Fund, LP and Glenhill Concentrated Long Master Fund, LLC were the beneficial owners of 3,175,712 and 750,000 shares of Common Stock, respectively, which, individually, constitute less than 5% of the outstanding shares of Common Stock of the Company based on 69,019,000 shares of Common Stock outstanding pursuant to the Form 10-Q for the quarterly period ending September 30, 2006 filed by the Company.

(b) Each of Glenn J. Krevlin and Glenhill Advisors, LLC has the sole power to vote, direct the voting of, dispose of and direct the disposition of the Common Stock owned by it as described in Item 5(a) above.

Each of Glenhill Capital Management, LLC and Glenhill Capital LP has shared power to vote, direct the vote of, dispose of and direct the disposition of the Common Stock owned by it as described in Item 5(a) above. Such power is shared with Glenhill Advisors, LLC and Glenn J. Krevlin.

(d) The Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock owned by them.

(e) Not Applicable

Page 7 of 9 pages

Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

None

Item 7 Material to be Filed as Exhibits

99.1 Joint filing Agreement

99.2 Letter dated March 16, 2007 from Glenn Krevlin to the Chairman of the Board of Directors of the Company.

Page 8 of 9 pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DATE: March 16, 2007

GLENHILL ADVISORS, LLC

By: /s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

Title: Managing Member

/s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

GLENHILL CAPITAL MANAGEMENT, LLC

By: GLENHILL ADVISORS, LLC

Managing Member

By: /s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

Title: Managing Member

GLENHILL CAPITAL, LP

By: GLENHILL CAPITAL MANAGEMENT, LLC

General Partner

By: GLENHILL ADVISORS, LLC

Managing Member

By: /s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

Title: Managing Member

Page 9 of 9 pages

EX-99.1 2 ex991.htm EX-99.1 JOINT FILING AGREEMENT EX-99.1 Joint Filing Agreement

Exhibit 99.1

Joint Filing Agreement

The undersigned hereby agree that the Statement on Schedule 13D filed herewith (and any amendments thereto), relating to the common stock, no par value, of TLC Vision Corporation, is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, on behalf of each such person.

March 16, 2007

GLENHILL ADVISORS, LLC

By: /s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

Title: Managing Member

/s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

GLENHILL CAPITAL MANAGEMENT, LLC

By: GLENHILL ADVISORS, LLC

& #160; Managing Member

By: /s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

Title: Managing Member

60; GLENHILL CAPITAL, LP

By: GLENHILL CAPITAL MANAGEMENT, LLC

General Partner

By: GLENHILL ADVISORS, LLC

Managing Member

By: /s/ GLENN J. KREVLIN

Name: Glenn J. Krevlin

Title: Managing Member

EX-99.2 3 ex992.htm EX-99.2 LETTER EX-99.2 Letter

Exhibit 99.2

[Glenhill Capital Letterhead]

March 16, 2007

Elias Vamvakas

Chairman of the Board of Directors

TLC Vision Corporation

5280 Solar Drive, Suite 300

Mississauga, Ontario L4W 5M8

Canada

Dear Mr. Vamvakas:

As you are aware, Glenhill Advisors, LLC and certain of its affiliates beneficially own, in the aggregate, approximately 13.9% of the outstanding common stock of TLC Vision Corporation.

As we do with each of our portfolio companies, we are carefully monitoring the business, operations and financial performance of TLC Vision. We are concerned that TLC Vision is currently underperforming in a variety of respects and that if it continues on its current course, TLC Vision’s business and financial prospects may be significantly negatively impacted, and the availability of any viable strategic alternatives may be significantly limited, as a result.

Therefore, we intend to continue to review carefully our investment in TLC Vision and in the near term may seek to engage in discussions with TLC Vision’s management and Board of Directors with respect to TLC Vision’s business, operations, financial condition and prospects, and the potential to increase shareholder value through improved operations and strategies, which may include potential strategic alternatives. Although we have no intention at this time to take any particular action, in the course of monitoring our investment we are exploring all of our options, including with respect to corporate governance and management and Board composition. In connection with the foregoing, we may also seek to engage in discussions with other stockholders of TLC Vision and other relevant parties concerning the business, operations, strategy and future plans of TLC Vision.

Sincerely,

/s/ Glenn J. Krevlin

Glenn J. Krevlin