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MALCOLM Day’s Adultshop.com is moving into the Sydney brothel market via a complex acquisition and change of structure.
The company, which put up an official for sale sign up in February after seeing off a takeover move from Sexyland, announced this morning the acquisition of Blackfeather Limited’s bordello business Stiletto for about $20 million in stock.
Also on Adultshop.com’s agenda is a one-for-eight stock consolidation of its registry to reduce the number of shares to about 77 million and a placement to sophisticated investors to raise $10m.Adultshop.com also plans a buyback of all shares at 21 cents apiece — excluding the 95 million shares to be issued to Blackfeather and the 47.6 million share from the placement — following approval of the strategy, allowing suffering shareholders an exit from the struggling stock.

See the full article from “The Australian”