AdultShop out of the Loop

NORTHBRIDGE’S Ltd will spin-off 3G mobile phone content developing subsidiary, Loop Creative Pty Ltd, four months after acquiring it through an issue of 20 million ordinary and 80 million performance shares in August. Adultshop will issue 20 million shares at 20 cents each under a prospectus to raise $4 million, while issuing 20 million shares to its own shareholders. The company will also issue five million shares to Loop board staff and another five million at 20 cents through a placement. An AdultShop announcement last week said the directors of both companies believed the interests of shareholders would be best served by a separation of the two entities. The company posted a $384,000 loss in September, following the relocation of the group’s Canberra warehouse and operations in the final week of the financial year. Sunday liquor trading starts WESTERN Australia’s much anticipated new liquor laws have started coming into effect, with all metropolitan liquor stores allowed to open on Sundays from this week. Metropolitan liquor stores will be permitted to trade between 10am and 10pm on Sundays, ending the monopoly on trading at this time held by hotels. The state government has also revamped the regulation of the sector, replacing the current “legalistic” Liquor Licensing Court with a new Liquor Commission. The new commission will be chaired by former Home Building Society chief Jim Freemantle, who headed the state government’s review of the Liquor Licensing Act. His inaugural commissioners will be Helen Cogan, Deidre Willmott, Diana Warnock and Edward Watling. Each has a five-year appointment. “The chair and all members have been appointed for a five-year period, during which time they will be responsible for guiding the future of liquor licensing in the state,” the premier, Alan Carpenter, said.

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