World's oldest profession puts shares on market.

World's oldest profession puts shares on market

23.07.2002
By GREG ANSLEY Australia correspondent
CANBERRA - A Melbourne brothel named after Superman's newspaper yesterday hit the big time, becoming what is believed to be the first brothel in the world to go public with a A$12 million ($13.7 million) share issue aimed at fun-loving investors with A$500,000 to spare.

The brothel - which prefers to refer to itself as a gentleman's club or bordello - is also reapplying for listing on the Australian Stock Exchange after failing in a similar bid several years ago.

This time, the exchange has told Daily Planet Ltd it will have no moral or legal objections to the bid.

The brothel, on the fringes of the central business district, has already won a Victorian tourism award, runs a successful car racing team and last year offered - unsuccessfully - to sponsor the Fitzroy Australian Rules football club.

It has 18 luxury suites, with two or four-person showers, eight-seat spas and beds the company says are "large enough to accommodate a small group".

The company operates as a landlord for up to 150 self-employed prostitutes (average age 25) working rostered eight-hour shifts three to four times a week.

The man behind the Daily Planet is John Trimble, a nephew of the late crime czar Robert Trimbole.

He replaced one of the owners of a failing Melbourne massage parlour in 1975, introduced sound business business practices - such as paying tax - and eventually bought the business for A$20,000.

Trimble, a former salesman and motorcycle instructor, has steadily built the business through a series of expansions and refurbishments.

Fellow Daily Planet director Andrew Harris is a former soldier, counter-terrorism and unarmed combat instructor, fixed-wing and helicopter pilot, systems analysts and engineer, and hereford stud breeder. He was also a property developer whose projects included the A$12 million National Crime Authority offices in Melbourne.

The third director is Christian Brothers-educated solicitor Shane Maguire.

The three are taking Daily Planet public with a share offering restricted to investors with net assets of at least A$2.5 million and gross income of at least A$250,000 for the past two financial years, or who have A$500,000 or more to invest.