Vision Eye Seriously in Play

July was an action packed month for sleepy Vision Eye Institute (VEI). ASX-listed Pulse Healthcare launched an unlikely looking all scrip offer for Vision at the start of the month. Nominally the offer values Vision at $0.88 a share, but it's all payable in Pulse scrip. Optimistically priced Pulse scrip doesn't look particularly attractive in exchange for our cheap looking Vision shares. Bigger news arrived on Friday. Primary Healthcare - Vision's largest shareholder - announced it had sold its 20% stake in Vision to Chinese company Jangho Group. The price was $0.94, a significant premium to the then market price. And Jangho is a $3bn company listed on the Shanghai stock exchange. I doubt they are looking for a passive 20% shareholding. They probably want the lot, and are presumably prepared to pay at least $0.94 for it. Lot's of questions remain - most significantly why Primary would sell if there is a takeover off coming - but it's safe to say August is going to be another interesting month for Vision shareholders. Forager funds own VEI.

Steve Johnson
Founder & Chief Investment Officer

Steve began Forager Funds in 2009, and now manages approximately $350m across two funds. Offering a listed Australian Shares Fund (FOR) and an unlisted International Shares Fund, Steve focuses on long-term investing in undervalued companies.

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