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.

Golfclub, with the proposed Boarder Inspection Post(BIP)which hopefully will be up and running later this year; we are hopefully also to see the Processing Plant that has gained Planning Permission from Thanet Council being constructed.

Do you think that Planestation will be a run(a)way success?

once things settle down things will take off again!

Golfclub - if you feel impelled to post something try a joke rather than attempting an oxymoron!

hello folks i am new to this board and a novice in the market, but i have held 50k+ shares and live quite close to manston, although i have to hold my hands up and admit complete ignorance on the processing plant app. i will look into this and let you know of any developements,however i have come on here with my maiden post(no i am male, look at name) because i feel i feel that what i do know may be of interest,firstly i intend holding as i do see a good future for the ptg project recently a contract was signed for direct flights to florida and currently negotiations are going on, for other passenger services to european destinations as you know there is a lot of industrial space round the perimeter which they own, is beginning to get tenants at the risk of boring you the council who in the past seemed to be dragging their feet,seem tobe showing posative interest in the project since the cliffe idea was dropped. overal i feel anyone who can hold will reap the benefits

Thanks for that old sea dog, look foreward to some more updates as you are local and on the spot so to speak.

Welcome aboard Old Sea Dog, I too look fwd to seeing your updates. I'm holding on to my 20k shares bought 6 months ago at 3p, (last of the big spenders!). I also think they will do well and it could be sooner than we think !?
Good luck :-)

campbell03

More a figure of speech than an oxymoron!!Did you get out the wrong side of the bed this morning because i think there is only one Moron here and its not me or
Socrates



Do you think that Planestation will be a run(a)way success? (Socrates 11 of 17)

Kindest Regards G12 :)))

Folks Check RNS


G12

Golfclub, thanks for that.

Welcome aboard OldSeadog...do you realise that most of us are "Crabfats"? Nevermind..all welcome here.

RW are you still watching AMT PTL FIB and TFC?? Rest of my portfolio is rocketing...just need PTG to get into 1st gear now.....

my definition of a moron is someone who spends half their life trying to hole in one and the other half in the clubhouse with a pint of lager explaining to anyone who's interested how close they come to succeeding, i would be interested in golfglubs defenition, i have also studied rns and see no reason to change my opinions,how other people interpret it, is their business.
my only reason for my post, was to give facts on a reasonable question not to give tips, i need a lot more knowledge of the market before i do that

Hmmm,

People seem to have misunderstood.

An oxymoron is approximately something that contradicts itself.

It has nothing to do with a moron.


BTW msg 13 wasn't an oxymoron anyway.

This was what Golfclub12 said

"Golfclub12 - 13 Jan'04 - 07:38 - 13 of 22
once things settle down things will take off again!"

i have just logged on and i must be reading it wrong that pts planestation is at 17.50 is this correct?????????????????????????????????????????/

Yes, you are wrong. Planestation is PTG.

If i have affended any one i am sorry from the bottom of my arse.

Have a good day all.
::))))))))

I have emailed

support@moneyam.com

& asked them to fix the day chart & the news list in the PTG quote page but nothing happened.

Perhaps if they get a few more emails they will take notice.

So come on guys, vote to fix it by emailing support@moneyam.com

Property developer Wiggins has for years been at the ‘colourful’ end of the sector. A dedicated fan club backed the company year after year. Their loyalty proved expensive as the shares crashed and Wiggins was forced to restate five years of accounts. T had included anticipated profits on a disposal far too soon. The accounting authorities demanded that the reported profits should have a closer resemblance to cashflows.

This was only a start to Wiggin’s woes. Chief executive Oliver Iny’s big idea was the PlaneStation: a network of low-cost airports for cargo and cheap passenger flights. Typically, these are former air bases sold cheaply by governments as part of the peace dividend.

The insight behind PlaneStation (PTG) still looks very promising. Runways are very expensive – Manchester spent 175 million. Even the locations can be promising thanks to steadily improving rail and road links.

In August 1999 Wiggins Bought RAF Manston in Kent. The price was low, but there were unexpected problems. The RAF used to park their planes on grass around the runway. Wiggins needed a concrete apron strong enough to handle Boeing 747’s. It was only after purchase that it emerged the RAF had mined the airfield during the war, but nobody could remember exactly where. Searching for these devices delayed development by a year, the company says.

Meantime, it ran into unexpected planning delays with Festival Gardens site in Liverpool and at Fairlop Waters in Essex.

These delays were particularly disastrous because Wiggins had relied on mezzanine finance to see it through. This initially cost 9% but, after penalties, the rate soared to 48%.

The shares were suspended for much of last year as the company battled to reshape its finances.

Last month it unveiled a 46 million fundraising consisting 39.8 million of new ordinary shares at 4 per share and the rest from 8% loan stock which can be converted at 6p. Top of the agenda was repaying the 16 million of mezzanine debt.

Based on the 31 March balance sheet, the new money turns Wiggin’s 16.4 million net liabilities into a 31 million net book value. Cash at bank rises to 12.9 million while short-term creditors fall two thirds to 23.9 million.

Sceptics note that Oliver Iny has been awarded options on 10 million shares at 4p which can be exercised at 14p. They also note that the directors are only investing 60,000 in the rescue.

More positively, the company has recruited Geoff Ambrose as a non-executive director. While at BAA he ran Stansted Airport and was planning director at Heathrow. He is expected to be heavily involved in PlaneStation, which has just become the name for the quoted company.

Prudential subscribed for 8 million of the issue, taking its stake to 15%. Other leading names backing the issue are RAB Capital, Invesco, Gartmore, Framlington.

What is the attraction? The title of ‘London Manston’ may soon be less ridiculous than it currently seems. The Strategic Rail Authority is expected soon to announce it will link the airport to the fast link running from Ashford into St Pancras. This will slash journey times to an hour. Combined with quicker unloading times, this will make Manston competitive with the other airports. Its coastal location also means flights will not disturb the neighbours. Last year a Boeing 707 cargo plane was unloaded in just 24 minutes. This speed is crucial for food imports and means the airport is already the UK’s main gateway for grapes.

The airport starts to break even at 70,000 tonnes per year. This is expected to be reached on a monthly basis at the turn of the year. A 747 freighter carries 100 tonnes, so Manston only needs two per day to reach profits.

Apart from Manston, PlaneStation also owns or has stakes in six other airports. The most promising is the Black Forest at Lahr, located only 30 minutes from Strasbourg, It also has an operating licence for Melbourne Airport near Florida’s Cape Canaveral, underling its ambitions in the passenger market. This small airport already has several US scheduled carriers and has obvious potential for European tourists – barring visa headaches.

What is the company worth? Director Christopher Foster argues 500 million is not a foolish figure. He reaches this by pointing to the 6,000 acres of developable land around PlaneStation’s airports. At Heathrow he cites values of 10 million per acre. This sort of talk probably hurts the company’s credibility. But Manston does cover 700 acres and has permission for a 70 acre industrial park next door. Post the issue, the market value has nearly doubled to 90 million. Warrants, convertibles and options would add a further 500 million shares, taking the diluted share base beyond 2.6 billion.

It all sounds ridiculous, but the people backing the issue can see beyond the fog at the end of the runway

Wiggins 3.9p Hold
Shares Magazine

Wiggins, which is soon to be renamed, posted 5.4 million of losses compared with last year’s 3.9 million profit. The company blames the loss on spiraling interest charges on its debt burden. However, Wiggins says a 46.6 institutional fund raising will remove this problem. The company owns Manston airport in Kent, which is expected to benefit from the government’s transport white paper. Wiggins plans to expand its airport network following the fund raising and is to dispose of its property portfolio, said to be worth 500 million. The sale of the company’s 50% stake in Fairfield Redevelopments yielded 6.6 million.

Shares Says:
Investors may as well hang on in there for now.