Anyone who watched the ABC's STATELINE program a few weeks ago would be aware of the dirty tricks being played by a certain hotel group to shut down clubs in King St so that they can redevelop the area around their hotel.
It is good to know that PPN has not been approached to sell the freehold property located at 46 King Street, nor has it been in discussion with any party about a sale. However that won't stop Mr big business hiring "rent-a-spy" agents to dig dirt on the King St clubs for his own financial advantage.
Following on from the STATELINE story, it should come as no surprise to PPN shareholders that:
".......... VCAT has received an application under the Liquor Control Reform Act 1998 that the liquor licence held by Planet Platinum Ltd for the premises known as Showgirls Bar20 be cancelled or suspended. VCAT is yet to advise a date for a directions hearing on the matter."
The drinks in Bar 20 are not cheap! You would have to be mega rich to get drunk there! There is no trouble with drunks within the doors of BAR 20 but lord knows what the "rent-a-spys" will come up with.
The drunken yobbos cruising King St are not Bar20 customers and couldn't afford to drink there anyway. There are far cheaper places to buy your drinks in the city. PPN cannot be blamed for the State Government's failure to provide adequate police to control the yobbo drunks cruising for trouble in King St.
The Age article h/u by Marika Dobbin, dated February 11, 2010 says:
" ........ The Rialto Joint Venture has bought all but two sites on the strip between Collins Street and Flinders Lane and lured two of Melbourne's most famous chefs to open restaurants in the precinct......."
"...... Mr Grollo said the venture had previously engaged agents to look at buying the Inflation site and nearby Bar 20 but it was not a priority. He said they would still consider buying if they came on to the market .... "
After reading some of the VCAT transcripts on liquor licence cases, I have total confidence that VCAT will work out what this matter is REALLY all about.
PPN Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
