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.

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////////////

Phone the company and ask them

Afternoon all,thoughts on today .

Just read back through all the RNS notes and other bumf that has been posted to me from PTG and have finally worked out what is going on.

Here are the salient points.

1) The company is in a poor financial position. To rescue itself it has decided to concentrate on the air industry sector. To this end, it has opted to buy the remaining 70% of EUJet that it does not already own. By doing this, it has more control on which airports EUJet will operate from (i.e. it will make sure that all flights are from KIA - thereby generating an income stream). Expected synergies should also help to reduce operating costs. Hence the firm placing and open offer to raise 30m to fund this purchase and retain a little for working capital.

2) However, the company still needs further funding just to maintain trading, which it hopes to achieve by the disposal of certain assets (e.g. Garden Festival Site, etc). It hopes to raise some 15.5m in the short term. But as it says in the RNS dated 16 Dec 2004:

"The Enlarged Group is dependent upon the disposal of certain properties
realising net proceeds of approximately 15.5 million within the next 12 months.
The Group has a total working capital requirement of some 41.8 million (of
which 28.4 million will be financed from the net proceeds of the Issue and the
remainder of 13.4 million will be financed from part of the net proceeds of the
property disposals). If the disposals were not to occur and the Issue were
completed the Enlarged Group is expected to experience a working capital
shortfall by the middle of September 2005."

3) If the company does not fully complete the placing and open offer then its own bank is going to pull the plug. Again, from the RNS 16th Dec:

"Investors should be aware that if the Proposals are not approved at the EGM the
Bank of Scotland has confirmed that it would immediately withdraw its short term
facilities, and the Company would not then be able to meet its liabilities as
they fell due. In these circumstances no other sources of finance would be
available to the Company and the Directors would have no alternative but to
apply immediately for administration or to commence an insolvent liquidation of
the Company. Existing secured creditors of the Group would then be expected to
appoint receivers in respect of those properties subject to their security."

4) The sub-division of existing shares into new and deferred shares is not expected to have any effect on the current share price. Here is what they say:

"It is proposed that every issued Existing Share of 15p will be sub-divided into
one Existing Ordinary Share of 1p and one Deferred Share of 14p and every authorised but unissued Existing Share of 15p will be subdivided into fifteen Ordinary Shares of 1p. In the absence of any other factors affecting the Company's share price, the sub-division is therefore not expected to result in a change between the market price of the Existing Shares and the Existing Ordinary Shares. The Deferred Shares will in effect be worthless. No share certificates in respect of the Deferred Shares will be issued."

But I would challenge this statement. Lets look at the basic maths.

Number of existing shares in issue = 155,871,958. These will be sub-divided into equal numbers of new existing ordinary shares (155,871,958) and new deferred shares (155,871,958 - which have no value).

Number of existing authorised but un-issued shares = 44,128,042. These will be sub-divided into new existing ordinary shares on a 1 for 15 basis. Therefore these will contribute 15 x 44,128,042 = 661,920,630 new existing shares.

Therefore the total number of new existing shares will be 661,920,630 + 155,871,958 compared to the original number of just 155,871,958. Thus each new existing share has only 19% of the value of the old existing share.

The dilution is further worsened when the new shares from the firm placing and open offer are added into the sums!!!!!


So here is the quandry. If we don't take up our offer to purchase the new shares then there is a good probability that the company will go into administration. By purchasing these shares, we prevent administration (for now), but our investment may not show any fruition for a long long time.


PS the short term loan repayable in February is to extend the runway and resurface the carpark at KIA.

Sorry if this is long and rambling, but it may help someone decide what to do.

What prices do the new shares get issued at. I expect at far higher prices than todays so will probably never get issued.

jeffmack - the new shares are issued pari passu with the existing ones. They cost 10p each and have a nominal paper value of 1p. There market price will depend on whether people want to buy them or not (as per).

As a shareholder, 500,000 at the old rate, god knows how little this
represents now, petty cash and not much of that.
Anyone know what is realy going on with this stock with talk of liquidation
and more capital required, gloom and doom aplenty it seems.

Are the big shareholders going to take up the options anyone know?

Regards,

Nairb.http://Planestation

Good old Oly

Planestation Group PLC
10 January 2005

PlaneStation Group PLC ('the Company')

Petition

The Company announces that after the close of business on Friday, 7 January 2005
it was served with a petition in connection with the Firm Placing and the Open
Offer announced on 16 December 2004 together with an application for an
injunction to be heard at 10.30 a.m. today. The petition and application were
served by Mr Oliver Iny, a former chief executive of the Company. The injunctive
relief sought by Mr Iny would, if granted, result in the EGM, convened for 12
January 2005, being delayed.


The Company considers the petition and the application to be without merit and
will be defending the application for injunctive relief. A further announcement
will be made following the court hearing.


10 January 2005

latest release "application denied" but whether thats the end of it we will have to wait and see...Iny seems to have taken a long time to make first attempt at recovery, all to late for him I think

this is such a white elephant?????????????????????????????????????????????????

can anyone please tell me how many shares you can exchange for a warrent and at what price?

KIA has just increased its parking charges from 5 to 7.50 per day and from 20 per week to 30 per week. Still stating cheapest major airport parking charges in the UK.

Some kind chappie on another site has reminded me that December 04 provisional passenger statistics are out. Kent International shows 32,131 passengers, considering this was a 30 day month (no flights on Christmas Day), that's good in my estimation.

We have the situation where the (April? 04), CONSOLIDATION has been for nothing - the current sp being almost indistinguisable from what it was earlier - this company is a disgrace. We've been "diluted" and what should have been put to the vote (the buying-into EUjet)- was done without our backing, by the Suits....the company is now worth less than it was. Eeek!
So any of you that though it was a good idea, at the time, please say so here..........

hangon
I may be incorrect here, but the chance to vote must surely have been available at the EGM on 12 Jan 05, when approval for the exercise of the option was passed.

technically you're right As I understand it, but often the situation is forced on shareholders who are not party to the discussions - much expense has been incurred that to drop it "now" would waste what's already committed. It's never a level field.

Furthermore Directors use their shares and Block Votes to push through their policy - even though they really should be working on behalf of shareholders. To do that effectively, without bias, their shares should be ignored and only those present should be empowered to vote.
I've been to egm's where the board has stated that if the shareholders present don't agreee (to vote yes) then they will call a special vote (by post) which will be costly and that swayed those present to accept whatever point the Directors wanted.

So in practice it seems the directors only let you vote if you vote the way they want.
That's not really acceptable. I also object to the time-and-place for agm.
For those reasons I have declined their recent Rights Offer. If they listened to shareholders their business might be a lot healthier. This share has been very much higher some years ago, prior to the consolidation which effectively disguises the terminal falls.

Fly EUjet to watch the show.http://www.kentonline.co.uk/news/default.asp?article_id=19108

Whats going on here then....