Watch out for this one floating in the next few days, it could turn out to be the float of the year. Theres not much available on the company yet but I have found the write up below which shows the fantastic potential of this one. Note just how cheap it is.

New Issue: here's one that's more than hot air

Published: 12:45 Monday 27 February 2006
By Cliff Feltham, Companies Correspondent

Owners of thousands of buildings in the UK are facing massive bills over the next few years to comply with new energy standards, which is good news for new AIM entrant Worthington Nicholls.

Air conditioning and ventilation units using ozone depletive gases have to be replaced by systems using more environmentally friendly gases.

The measures are creating a windfall for air conditioning installation companies like Manchester-based Worthington Nicholls which is to float on AIM with a price tag close to 35 million.

The firm, which has been around since the early 1970s, needs extra working capital to cope with the influx of orders which will see this year's turnover climb from 11.7 million to nearly 30 million.

The flotation, sponsored by broker Corporate Synergy, will also allow founder chairman Peter Worthington, who is nearing his 70th birthday, to sell shares worth around 7 million.

After years of steady progress, the firm has seen a huge jump in work triggered by new energy efficient legislation flowing from the Kyoto Agreement.

The deadline for owners of buildings to replace air conditioning, heating, ventilation and chilled water systems using banned gases is the end of 2009.

Chief executive Mark Worthington, son of John, believes there are at least 9,000 buildings in the UK which will have to comply with the new regulations. But the figure could be much higher. ' We are talking billions of pounds here,' he says.

Worthington Nicholls has concentrated on servicing hotel and retail clients which include Hilton, Holiday Inns, Debenhams, Arcadia and Boots.

A new, energy compliant air conditioning plant in a high street store can cost anywhere between 80,000 and 120,000. Re-fitting a Debenhams branch cost 670,000 while hotels can expect to pay around 3,500 a room for a new air conditioning unit.

Worthington Nicholls offers a complete service, designing the system, managing installation and providing regular maintenance. At present income from maintenance contracts is running at around 20% of total sales but that is expected to rise.

The flotation, which is raising a total of 15 million, will also provide a warchest for acquisitions. Two deals have already been lined up with will add another 20 million a year to turnover.

Mark Worthington says there is huge scope for acquisitions. The company claims to be market leader yet it only has a 3% share suggesting plenty of room for consolidation.

The company is making some confident assumptions about future growth. Profits are expected to rise from 3.7 million last year to 8.6 million in the current year to September. By 2008 it is projecting earnings of 12.6 million on sales of 45 million but this does not take into account any contribution from future acquisitions.

Says Worthington: 'Stringent environmental legislation has changed our business. Now the large international hotel and restaurant groups prefer to deal with a single supplier. We believe there is huge scope for expanding not just in the UK but across Europe.'

Price of the shares being placed will be fixed over the new few weeks following investor presentations with dealings due to start in about a month's time.

Please DYOR and do not use money on shares you cannot afford to lose.

cheers GF.

This could be the news, although just rumours......

Market Report: Takeover speculators get Hunting in their sights
By Nick Clark
Published: 12 October 2007

The air conditioning company Worthington Nicholls Group was up as rumours emerged late in the day of a possible bid from an unnamed suitor. It climbed 5.5p to 22.5p.

how much if they get taken over.
any ideas?

He finally steps down...

Worthington Nicholls says CEO steps down; sees 6.5 mln stg write offs
AFX


LONDON (Thomson Financial) - Worthington Nicholls Group PLC said chief executive Mark Worthington has stepped down with immediate effect and that it expects to write off 6.5 mln stg from its net assets at March 31, 2007, following an accounting policy review of its major units.

The air conditioning and heating systems maker said the impact of these adjustments on current and prior years is being reviewed and a substantial write off to the goodwill held on the balance sheet is anticipated.

The company also expects full-year results, before the effects of the write offs, to be materially in line with its earlier statement. On Aug 17, it anticipated turnover would be 31.5 mln stg in the year to Sept 30, leading to a break-even result.

Yep, that piece of shit finally finally step down.

Looks like last week was a good old fashioned pump and dump for some people to offload some at a better price before the "update" today.

We could see a new low very soon !

I have heard the term "materially higher" or "materially lower", but never "materially in -line". Its either in-line or it isnt.

LOL yes.......its sort of says most of its in line, but some isn't..............well, is that not just simply "not in line"

Worthington Nicholls Group plc
16 October 2007

Worthington Nicholls Group Plc (the 'Company')

Holding in Company



The Company announces that it received notification on 11 October 2007 that
Legal & General Group Plc no longer has a notifiable interest in the total
voting capital of the Company.

LONDON (Thomson Financial) - "Worthington Nicholls Group PLC said it has received an EGM requisition from certain shareholders holding not less than one tenth of the capital to propose various changes to the board.

The proposals include separate resolutions to remove Alastair Stoddart, Christopher Neilson, David Levis and Stephen Mulligan as directors of the company and appoint Ian Rodney Mann, Simon Delaval Beart and Thomas William Good as directors with immediate effect.

The company said the board believes the timing is surprising given various announcements on board changes made on Sept 19 and Oct 15, the need to complete appointing a new chief executive and finance director and the board's commitment to completing a strategic and operational review of the company.

On Oct 15, the airconditioning and heating systems maker said CEO Mark Worthington has stepped down with immediate effect and that it expects to write off 6.5 mln stg from its net assets at March 31 following an accounting policy review of its major units."

The natives are not happy !

Does anybody know Ian Mann,Simon Beart and Thomas Good?

They hold, or held I believe, similar positions within RAS (formerly XKO) although, let's be honest, the Chuckle Brothers couldn't make a worse job than the current lot. At least we could have a few laughs along the road to financial ruin!

LONDON (Thomson Financial) - "Worthington Nicholls Group PLC said it will hold an extraordinary general meeting no later than Dec 6 to discuss management issues raised by a group of shareholders.

The shareholders are asking for the removal of chairman Alastair Stoddart, interim finance director Christopher Neilson, corporate director David Levis and non-executive director Stephen Mulligan.

The proposal put forth also include the appointment of Simon Beart, Ian Mann and Thomas Good as directors.

It said it seeks to engage Beart in fresh talks to establish whether he and his team represent the best option available to the company.

Worthington Nicholls also clarified it has not received any formal takeover offer for the company from any party.

The company said it is working to secure orders and contracts, and continues to believe in the strength of the business opportunities available to it."

Looks like there may be some light at the end of the tunnel, with the sp responding favourably:

"LONDON (Thomson Financial) - Worthington Nicholls Group PLC said it is in discussions to hand over the management of the company to Simon Beart and his team as they 'present the most compelling alternative for the company.'

The group expects to appoint Beart its chief executive, with Thomas Good as finance director and Ian Mann as deputy chairman.

The company expects the hand over to be completed ahead of its general meeting, which was called by certain shareholders to consider the removal of chairman Alastair Stoddart, interim finance director Christopher Neilson, corporate director David Levis and non-executive director Stephen Mulligan.

The shareholders had proposed the appointment of Beart, Mann and Good as directors."

Yep, WNG accepting the inevitable change at the top has to be good news, with a steady hand at the helm I can see the company pulling itself out of the self inflicted hole it got itself into. I missed the best time to get out so followed my gut feeling and stayed put. Time will tell if I was right to do so!

I also stayed in, but am considering adding a few to bring my average price down. This new team have a good track record, so I think there is a very good chance they can turn the company round.

Is todays news really worth the 30% rise???? The new suits will have to turn things round pretty soon to justify it!! I'm keeping a close watch at th ready.

Fair point, Kivver, but looking at it the other way, was the drop from 170p to 20p really justified? Much of that was a reflection of market confidence in the company, imo, so with a return of confidence should also come a return of investors.

WNG has already stated that it will have to write off 6.5 million in asset value as at 31/3/07 also overheads in the second half increase by 1.2million due to increased marketing etc inspite of the adverse weather!
The new board will want to clean out all the crap hidden in the cupboards when they take over and further write offs are likely to be necessary. At tonights closing price the market cap is 21 million nav is not clear due to recent acquisitions. Before buying these shares one needs much more transparency from the new board.