0001144204-14-015025.txt : 20140312 0001144204-14-015025.hdr.sgml : 20140312 20140312125129 ACCESSION NUMBER: 0001144204-14-015025 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20140312 DATE AS OF CHANGE: 20140312 GROUP MEMBERS: EUROEYES HOLDING AG SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LCA VISION INC CENTRAL INDEX KEY: 0001003130 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093] IRS NUMBER: 112882328 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48601 FILM NUMBER: 14686800 BUSINESS ADDRESS: STREET 1: 7840 MONTGOMERY RD CITY: CINCINNATI STATE: OH ZIP: 45236 BUSINESS PHONE: 5137929292 MAIL ADDRESS: STREET 1: 7840 MONTGOMERY ROAD CITY: CINCINNATI STATE: OH ZIP: 45236 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Joergensen Joern S CENTRAL INDEX KEY: 0001584274 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: ELBCHAUSSEE 454 CITY: HAMBURG STATE: 2M ZIP: 22587 SC 13D/A 1 v371399_sc13da.htm SCHEDULE 13D/A

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 

SCHEDULE 13D

(Amendment No. 3)*

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

 

LCA-VISION INC.
(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

 

501803308

(CUSIP Number)

 

Derek D. Bork

Thompson Hine LLP

3900 Key Center

127 Public Square

Cleveland, Ohio 44114

216-566-5500

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
March 12, 2014
(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box □.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

_______________

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 
 

CUSIP No. 501803308 13D Page 2 of 5 Pages

 


1

NAME OF REPORTING PERSON

 

Joern S. Joergensen

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨
(b) ¨
3

SEC USE ONLY

 

 
4

SOURCE OF FUNDS

 

PF

 
5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Denmark

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
  7

SOLE VOTING POWER

 

475,707

 

  8

SHARED VOTING POWER

 

0

 

  9

SOLE DISPOSITIVE POWER

 

475,707

 

 10

SHARED DISPOSITIVE POWER

 

0

 

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

 

475,707

 

 

 

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

2.47%

 
14

TYPE OF REPORTING PERSON

 

IN

 
         

 

 
 

CUSIP No. 501803308 13D Page 3 of 5 Pages

 


1

NAME OF REPORTING PERSON

 

EuroEyes Holding AG

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨
(b) ¨
3

SEC USE ONLY

 

 
4

SOURCE OF FUNDS

 

WC

 
5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Zurich, Switzerland

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
  7

SOLE VOTING POWER

 

918,077

 

  8

SHARED VOTING POWER

 

0

 

  9

SOLE DISPOSITIVE POWER

 

918,077

 

 10

SHARED DISPOSITIVE POWER

 

0

 

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

 

918,077

 

 

 

12

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.77%

 
14

TYPE OF REPORTING PERSON

 

OO

 
         

 

 
 

CUSIP No. 501803308 13D Page 4 of 5 Pages

 

This Amendment No. 3 to Statement of Beneficial Ownership on Schedule 13D (“Amendment No. 3”) amends the Statement of Beneficial Ownership on Schedule 13D filed by the Reporting Persons on August 12, 2013, as amended (the “Schedule 13D”), with respect to the Common Stock, par value $0.001 per share (the “Common Stock”), of LCA-Vision Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined in this Amendment No. 3 shall have the meanings set forth in the Schedule 13D. Except as amended and supplemented by this Amendment No. 3, the Schedule 13D remains unchanged.

 

Item 4. Purpose of Transaction.

 

On March 12, 2014, the Reporting Persons caused their counsel to send a letter to the Board of Directors of LCA-Vision Inc. protesting and objecting to the announced sale of the Company to PhotoMedex, Inc. and demanding that the Board terminate or significantly improve the transaction or, alternatively, waive or eliminate the termination fees and other deal protection devices in the merger agreement. A copy of the letter is filed as Exhibit 99.1 to this Amendment No. 3.

 

Item 7. Material to be Filed as Exhibits.

 

99.1Letter, dated March 12, 2014, sent by counsel for the Reporting Persons to the Board of Directors of LCA-Vision Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

CUSIP No. 501803308 13D Page 5 of 5 Pages

 

SIGNATURE

 

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete and correct.

 

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of this Statement on Schedule 13D with respect to the Common Stock of the Company.

 

Dated: March 12, 2014

 

 

JOERN S. JOERGENSEN

 

 

/s/ Joern S. Joergensen                              

 

 

EUROEYES HOLDING AG

 

 

Signature: /s/ Joern S. Joergensen           

Name: Joern S. Joergensen                       

Title: Director                                              

 

 

 

 

 

EX-99.1 2 v371399_ex99-1.htm EXHIBIT 99.1

 

 

March 12, 2014

 

Via E-Mail and FedEx

 

Board of Directors of LCA-Vision Inc.

c/o Mr. E. Anthony Woods, Chairman of the Board

7840 Montgomery Road

Cincinnati, Ohio 45236

 

Gentlemen:

 

This letter is being provided to you on behalf of EuroEyes Holding AG (“EuroEyes”) and Dr. Joern S. Joergensen, who together with family members of Dr. Joergensen beneficially own 1,590,668 shares of common stock of LCA-Vision Inc. (the “Company”), which represents approximately 8.26% of the Company’s outstanding shares.

 

EuroEyes Holding AG and Dr. Joergensen hereby protest and object to the abruptly announced sale of the Company to PhotoMedex, Inc. at what they believe is a wholly inadequate price and pursuant to what appears to be a seriously flawed sale process.

 

Without regard to the fact that the Company’s directors appear to have agreed to sell the Company without conducting any process or market check whatsoever, the directors failed to contact a significant shareholder and credible and truly synergistic buyer known to the directors to be interested in acquiring the Company—a potential buyer with which the Company’s board was purportedly in the process of engaging in strategic business discussions.

 

EuroEyes questions how the Company’s directors will be able to convince a court that they have satisfied their fiduciary duties in agreeing to sell the Company when failing to include in their sale process a potential buyer who was simultaneously informing the Company’s management, in a series of mutually arranged meetings, how they believe they could make the Company worth significantly more than $5.37 per share through the expansion of the Company’s service offerings to include intraocular procedures.

 

EuroEyes questions the depth of the Company’s directors’ analysis regarding whether a superior transaction could be obtained when they did not include in the sale process an interested buyer that operates in the same market, with likely greater synergistic opportunities in acquiring the Company than a “developer and marketer of skin health products.”

 

Purporting to include EuroEyes in the Company’s brief “go shop” process is inadequate to remedy the above deficiencies, as EuroEyes does not believe this process is sufficient in length to allow a prospective buyer to review a potential acquisition and assemble a superior offer. An acquisition of the Company is also now impeded by termination fees of up to $4.2 million and other deal protection devices in the merger agreement.

 

 
 

 

Apart from what appears to be a seriously deficient sale process, EuroEyes believes the board’s agreed price of $5.37 is on its face wholly inadequate. As recently as February 28, 2012, the Company’s stock price reached $9.24 per share. This stock price was reached at the time the Company posted modest first quarter earnings. For the first quarter of 2014, EuroEyes believes the Company has led the market to expect a return to at least modest profitability, including through comments by your CEO in the Company’s February 18 earnings release. As the Company now appears to be turning profitable after multiple quarters of losses or little to no earnings, the Company’s directors appear to have determined to give short-shrift to shareholders by agreeing to a sale price that reflects a premium only to depressed market prices. The Company is just turning profitable, but the directors are depriving shareholders of the ability to benefit from the turn-around.

 

Consumer confidence in the United States has been increasing and economic conditions are believed to be improving, and this should benefit the market for Lasik procedures in 2014 and beyond. As your CEO, quite surprisingly, stated when discussing the transaction, “There has been improvement in consumer confidence over time, (and there’s) pent up demand. We’re prepared to drive growth and manage growth as it comes.”

 

In addition, the Company’s profitability should increase as it incorporates intraocular procedures into its service offerings during 2014 and beyond, as it has been telling representatives of EuroEyes—and now the investing public—that it is earnestly considering and planning to expeditiously implement. Your CEO’s positive statements in this regard in the Company’s February 18 earnings release should be noted: “We continue to increase the number of cataract and other intraocular procedures, and remain positive about the long-term prospects that this service brings to the company.” EuroEyes has presented to the Company’s management the methods by which it believes the Company can expand its service offerings in these areas and thereby improve the Company’s profitability. Instead of capitalizing on these ideas for the benefit of the Company’s shareholders, the Company’s directors have agreed to sell-out before any benefits can be realized.

 

At the same time that your CEO is touting improved customer demand, a successful right-sizing of the Company’s cost-structure, increased market share, a return to profitability, and a positive outlook for new service offerings, the directors have decided to deny shareholders the ability to benefit from these developments.

 

EuroEyes and Dr. Joergensen, as significant shareholders of the Company, demand that the Company’s directors terminate or significantly improve this transaction or, alternatively, waive or eliminate the excessive termination fees and other deal protection devices in the merger agreement, which stand in the way of the Company’s shareholders receiving the true value for their shares through a superior transaction.

 

Sincerely,

 

/s/ Derek D. Bork

 

Derek D. Bork

 

cc:Dr. Joern S. Joergensen, EuroEyes Holding AG
Brian J. Lamb, Thompson Hine LLP