Time now for all us Wiggins watchers to move with the times and start using Planestation, the new company identity. The name Wiggins Group plc has now disappeared from the database at Companies House and Planestation is now listed on the LSE website.

So fellow travellers, forget Wiggins, the name of the game is now PLANESTATION. Lets hope it goes like an express train.

Socs,is it another jam tomorrow stock,it looks that way to me . Lots of news of late all bad,,thats unfortunate for the long term holders,,so chin up & out with the trifle ..

DD

Im not sure at the moment there is that much promise of any jam tomorrow either. BAsically, it is a company that has some valuable property assets but that has had a confused strategy for a while (more confused since they bought a share in EUJet). They havent succeeded in realising the value of these assets over the last few years and this has resulted in several calls to the market for more funding. This problem has been exacerbated by the loss of the freight business at Manston and the purchase of 30% in EUJet which currently is eating working capital up. With no more progress on the sale of LFG and the refusal of planning at Fairlop the latest cash call was the last straw for the share price.

If I was looking to buy back in I would look at the asset value that could be realised and offset the cash burn against this to try to ascertain a potential value. Since taking over, May has not outlined a clear strategy rather announced it as it happens ie the EUJet deal. In the short term they need to get a good level of freight going through and realise at least one property asset. Without this, they will either require yet more funding or go bust - the problem being the strategy that management are employing is still not clear.

Dave
It's definitely a jam tomorrow stock. The big question is, when is tomorrow? There is a lot going on and I have not yet thought out the full import of the RNS.

All

Not quite sure whether there has been a posting regarding this issue ,but apparently the City has secured PTG/Eu jet future for at least 2 years by investing 30 million. This apparently was published in a broad sheet last week.
Surely this is or should be major encouragement to all future investors that the city has faith in PTG
G12

There was an RNS Thursday, but with shares issued at 10p that bound to peg the price for a while

Planestation Group PLC
16 December 2004


Not for release, publication, or distribution in or into the United States of
America, South Africa, Canada, Australia or Japan



PLANESTATION GROUP PLC
('the Company' or 'PlaneStation')



Proposed Exercise of Option to acquire EUjet Ops Limited, Firm Placing of
250,000,000 New Ordinary Shares by Evolution Securities Limited and Placing and
Open Offer of 50,199,918 New Ordinary Shares at 10p per share


Overview:



Raising 30 million for working capital to finance the Group and EUjet
in its bedding-in stage and safeguard the value of the Group's other core assets

PlaneStation to acquire remaining shares it does not already own in
low cost airline EUjet

Following the launch of EUjet at KIA, from 1 September to 30 November
it flew 73,500 passengers

Synergistic benefits of combining the operations of KIA and EUjet

Further property sales are expected to raise net proceeds of
approximately 15.5m over next 12 months

this company is a donkey going no where????????????????????????????????????????????????? held this company far to long :[

Somebody just dumped 4.2 million shares, own up, was it you?

Offer price just gone up to 11p.

1 by christmas

LOL

what`s that Jeff, for the whole company ???

Interesting........"the company is proposing to sub-divide every
PLANESTATION GROUP ORD 15P share into 1 PLANESTATION GROUP ORD 1P share"....is this true? If so almost back to square one, well almost!!!

what ?? that`ll take them from 5p at consolidation to 0.75p ???

Happy New Year to all Planestation investors - tongue in cheek somewhat given the news of the sub-divide! but hey 'things can only get better '!!! Who do we thank for looking after our investments so well?

Look on the bright side, it is still breathing.......! My investment in SFI just vanished when it went private and you can't even write it off as a loss!

jj50 many thanks for that encouraging thought are you going to take up the offer or will I be the only one?...still thinking at the moment....

Edmond Jackson: Despite the risk of volatile oil prices I rate Dana an attractive share

Galahad Gold's remuneration committee did not get the package right when giving its outgoing chairman all those share options

I won't be subscribing to PlaneStation's hefty share offer. There are no projections to substantiate the business plan, among other queries

tipton, no I won't be subscribing. I think Edmond Jackson's comment is more relevant though as he has been a long term holder and originally an enthusiast, for PTG so if he is not partaking, it is a pretty bad sign.

All - further to the comments regarding the sub-division of the shares, the action proposed is not the same as the 15 to 1 consolidation that took place last September. The proposal is that each 15p share be divided into one 1p ordinary share and one 14p deferred share.

However, what is not clear from any of the news posted by PTG is what is going to happen to the deferred shares. From what I can make out (and I really do hope that I've got this wrong big time), all of the deferred shares can be bought back by the company or sold on to an individual appointed by the company for the grand sum of just 1p !!!!!

As to whether to subscribe to the placing at 10p, I still haven't decided. I've been stung so many times by similar placings from other companies - buy at the 'discount' price just to see the sp fall below that price days after the offer closes.

And what on earth is the short term loan repayable in Feb 2005 all about?

I'll keep holding these until I can bail out, but I need to see at least 45p on the sp just to recover my investment. Damn it!

HI/STARFROG///As I understand it/// THEdeferrsd shares will NOT be tradeable///IE WORTHLESS///// TO ANYONE////////////