http://smh.com.au/articles/2002/07/22/1026898971585.html Brothel group targets sharemarket listing July 22 2002 One of Australia's best known brothels, Melbourne's The Daily Planet Ltd, today announced it was going public, hoping to raise $12 million from private investors and eventually list on the Australian Stock Exchange (ASX). As sharemarkets around the world sag, Daily Planet director Andrew Harris was confident that if one thing could stand up it was the sex industry. "Because the old saying that sex sells is so true, because the adult industry is so massively popular and profitable, we believe the opportunities are unlimited," Mr Harris told reporters. "The profits in this industry are so high. "This place (The Daily Planet 'gentlemen's club') makes profits of up around 60 per cent. Most of the adult industry makes 60 per cent profit which means you can pay huge dividends to investors." Mr Harris said the directors of The Daily Planet wanted to expand to Sydney, build up to become a broader adult products company and then move into overseas markets in about two years. "We are absolutely determined to make ourselves the biggest adult company in the world," he said. The Daily Planet wanted to embrace adult products, table-top dancing clubs, "conservative cabarets with strippers", and large-scale restaurants with "a tinge" of adult entertainment. "Anything to do with entertaining anyone over 18 years is what we're going to go for," Mr Harris said. Mr Harris said The Daily Planet aimed to be "a fun share", contrasting with the current gloom among other stocks. The Daily Planet intends to initially issue 12,000 shares worth $1,000 each to show that it is a viable trading entity. The company was forecasting a secure fully franked return of 5.90 per cent a year, averaged over the next 10 years. Mr Harris said the capital would be used to pay off $2.7 million in debt from the refurbishment of The Daily Planet premises in Elsternwick, to create a $1 million trust to secure the dividend, and for expansion. The company would seek to raise around $50 million to list on the ASX. "I was asked who is likely to invest and, ironically, retirees will probably invest because where else can you put your money, bank guaranteed, and get a five per cent fully franked dividend," Mr Harris said.