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[Tech]

Europeans get big Adultshop issue over line

By Neale Prior



A CRUCIAL rights issue by Perth-based sex products retailer Adultshop.com has been carried over the line by European backers.

Australian-based shareholders gave only 23 per cent support to the $21.8 million cash raising, with the Europeans weighing in with 77 per cent.

The European support came after last minute fattening of the underwriting package last week in the wake of sustained falls in technology stocks globally.

Since the $1-a-share issue was announced in March, Adultshop.com`s share price has fallen from $1.32 to 71¢ yesterday, after the tech stock correction and new Federal laws restricting access to telephone sex.

Adultshop.com managing director Malcolm Day confirmed yesterday that calls to its phone sex service had dropped by between 70 per cent and 80 per cent since rules were introduced requiring users to be registered with phone companies and have a PIN number.

Mr Day said the telephone services were responsible for between $2 million and $2.5 million of the $4 million profit in Adultshop`s telephone and sex shop subsidiary Barbarellas last financial year.

He said Adultshop.com had previously employed 55 people at its Roe Street phone sex call centre. After the new rules came into the effect in April the numbers ranged between 20 and 30.

There was still some business from non-sexual chat services and sex chat customers who provided credit card details. The telephone dating service was not affected.

The fall in the company`s phone business would have an effect on short-term profits but not on long-term growth, which was based around developing Adultshop.com as an international player in adult products on the Internet.

The rights issue will provide net proceeds to Adultshop.com of about $20.4 million to attempt to crack the European and American adult products markets.

The European underwriters, who are linked to investors Hans-Rudi Moser and Thomas Roogla, originally agreed to back the issue for a 4.5 per cent fee plus a management fee of $25,000.

But after the tech stock falls of early April, Adultshop.com directors added a bonus 10 million options convertible at $1 by January 31, 2004 to the package and increased the fee to 6.25 per cent.

After further negotiations last week, the Europeans were given a further 40 million options convertible at $1.

Mr Day said yesterday the Europeans could have withdrawn at any time because of the falls in the Nasdaq index and wanted some reward for continuing to support the rights issue in the face of the $1 issue price being above Adultshop.com`s market price. Part of the rights issue proceeds will be used to fund the acquisition, announced on May 18, of the San Francisco Internet sex products retailer Game Link.

Adultshop.com will give .6 million cash, 4.5 million Adultshop.com shares and 10 million, June 2004 options exercisable at $1.75 for Game Link. Each rights issue share has a free option attached convertible at $1.75.

Adultshop.com has developed an Internet site under its name but plans to continue to operate Game Link as a separate site. It will seek to attract American and European consumers through so-called affiliate Internet sites that will provide links to Adultshop.com sites.

Mr Day said the affiliates would be paid 25 per cent of gross sales they sent to Adultshop.com, a viable figure because of the big margins in adult products.

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[make_me_rich]

Naja,
wenn die nicht bald anfangen richtig Geld im Ausland zu verdienen........

[Nordwind]

Wahnsinn, Du hast recht dieser Artikel ist Zuendstoff. Hier werden Optinen und Aktien ausgegeben, das es nur so Kracht 40 Millionen Optionen uber 10 Millionen Aktien. Wieviele Aktien sind im Umlauf: 200.000.000? dann waren 50 Mio 25%. Hier wird eine eventuelle Dividende total verwaessert! Ich bin mir nicht sicher aber das Ganze wird immer mehr zur Seifenblase. Oder hab ich hier was falsch verstanden?

Ich habe an der Kapitalerhoehung teilgenommen mir wurden aber keine zusaetzlichen Optionen angeboten. Vielleicht weil ich zu dumm war und sowieso bezahlt habe was die gefordert haben obwohl der Marktpreis niedriger war als das bezogenen Recht? Die Underwriter waren da viel shlauer 40 Millionen Optionen sonst gibts kein Geld zusatzlich 4.5% Commission und cash. Ich glaub hier wurde ich richtig verarscht. Ok, ich weiss hier gibt es viele die mir genau das vergoennen! Aber ich glaube hier wurden rund 5 Mio Aktien also viele viele Kleinaktionaere mitverarscht.