Vision Eye Institute : Jangho Takeover Bid - Update on Special Dividend Request

ASX announcement re special dividend (FINAL)

25 August 2015
ASX Limited
Company Announcements Office
Level 4, South Tower Rialto
525 Collins Street
MELBOURNE VIC 3000

ANNOUNCEMENT RE: JA NG HO'S TAKEOVER B ID HEAD OFFICE

Level 5, 390 St Kilda Rd

Melbourne VIC 3004

Tel: [phone]

Fax: [phone]

www.visioneyeinstitute.com.au [e-mail] Vision Eye Institute Ltd

ABN 21 098 890 816

The Board of Vision Eye Institute Limited (Vision) has considered whether a special dividend could be paid in conjunction with the takeover offer announced on 13 August 2015 by Jangho Group Co., Ltd (Jangho).
After seeking advice from Vision's legal and tax advisors, the Board has determined that payment of a special dividend is not feasible. Apart from requiring Jangho's consent, the payment would require an ATO tax ruling to ensure the desired tax outcome was achieved (a process which would take 6-8 weeks) and not all shareholders could capture the full tax benefits attached to franking credits (which depends on the shareholders' tax position and tax residency and whether they satisfy the 45 day rule and, for shareholders who make a capital loss on the disposal of their shares, that loss could not be applied to reduce the assessable special dividend).
All Vision directors continue to recommend that Vision shareholders accept Jangho's offer and intend to do so for
their own shares, in the absence of a superior proposal.
For further information contact: For media enquiries contact:
Shane Tanner
Chairman, Vision Eye Institute Limited
[phone]
0411 107 099 [e-mail]
Nigel Kassulke
Cannings
[phone]
0407 904 874 [e-mail]