02 August,2011 09:30 AM IST | | ANI
Kingpin of Australia's adult toy industry Malcolm Day has begun raising money for what he claims will be the 'world's biggest brothel', a three-storey 42-room mega-sex-complex opposite Sydney University on the city's Parramatta Road.
"The new complex will create the largest short-stay bordello globally. On completion, earnings are projected to double to 40 million dollars of revenue and 12 million dollars of EBITDA," according to a stockbroker presentation obtained by BusinessDay.
The top floor of the new wing will include seven suites with pool tables "and two sets of beds for parties and group bookings". The presentation also includes this line, citing the investment highlights: "Fully incensed and legal premises, with all regulatory approvals obtained - 10 year operating history."
Day is out marketing a five million dollar convertible note via his listed company Delecta Ltd, which used to be called Adultshop, the Age reports.
His plan is to run a one-for-eight share consolidation, acquire the brothel company Stiletto, which currently operates profitably out of 82 Parramatta Road, from Eddie Hayson, and conduct a share buy-back.
