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.

Dan ,no it hasn't floated yet ,i think the broker is Corporate Synergy .

It could be the 29th of this month some say on SC. No price info yet.

cheers GF.

Still no news on this one GF .

I sent four eamils to the company and its adviser about a month ago. Not a squeak back. Slightly odd.

Lifted from SC board.......

This is what is happening.During May the broker will be doing City rounds to gauge and drum up financial institutional support.Should everything go according to plan(and I don't see why not) we should see a float early in June.
A prospectus is available, but you need to get your broker to contact Corporate Synergy(Worthington's broker) request a copy and have it sent on to you.

cheers GF. Ive had the same problem as you Hawick

Worthington Nicholls put out a statement this morning, confirming that it intends to list on 9th June.

55p a share.

Cheers GF.

Nice one GF , i wonder if it may be a better time to buy in ,now that the market has cooled down a little ,,they may not get so pumped up on the day when they float,,just a thought .

You might be right their Jimmy, I suppose with all the jitters about it could well go off on a bad day at only a small premium but then again........

Present P/E of 11, forecast P/E at 55p a share 9 for 2007.

Raising 14.5 million. Market Cap 35 million.

cheers GF.

Sent you an interesting article through mam post GF .

Cheers Jimmy just logged on for the first time in the last 24 hours, trying to get all the gardens done before the World Cup Kicks off.

Will give you a pm when Ive read it.

Thanks again.

GF.

Looks very interesting Jimmy. That profit figure makes this one far cheaper than I originally thought, and that was cheap.

Just wonder how this one is going to pan out on the day and what price it goes off at.

cheers GF.

Hi GF ,yes it does look good and it's centainly not boom time at the moment so here's hoping it floats at a sensible price .

I've been waiting for this one too, just need to find some funds! Thought they'd delayed further in light of recent goings on.

Thanks for info folks. Anyone know what ticker is going to be? never did get a reply to my emails though.

Not sure yet Harwick, just a guess WN or WNG ?.

cheers GF.

According to LSE website, could be wrong but just stumbled on while looking for something else:
Expected offer price (p):
Expected size of offer (M): 7.5m
Expected retail portion (if any):
Expected Market Cap (post issue)(M):
Method of issue:
Expected first date of trading: 12/06/2006
Market: AIM
Proceeds to be used for:
Location of address at which admission document will be available: St Jamess Court Brown Street Manchester M2 2JF

Just received an email saying it 'begun trading' today. I can't find it and nothing in the news search -anyone??

Nothing, not a suasage. Looks like it could have been pulled at the last minute because of market conditions.

Anyone else?????????.

I think it's been pulled - although if the temperature is anything to go by in my office, that's the last thing they should be doing!

According to the prospectus, admission to AIM is on Monday 12 June so I would not expect anything before then.
kim