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.

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.

Golfclub12 - Post 29 was not the latest.

Post 28 was TODAY's shares mag

You didn't say where 28 came from, please quote your sources when you paste an article from the press.

http://www.moneyam.com/sharesmag/edition51/?page=cover


Quote from Todays shares mag.

"In conclusion

The companies covered in this article are just a fraction of those which have received financial transfusions. The important point is to overcome past impressions and watch where the professional money is going."

my apologies to all.

I retrieved this from wiggins web page.

G12:))

Aviation news
By Keith Crowden

The Wiggins Group is being refinanced with an aim to focus activities on developing its network of regional airports, which include Manston in Kent, Lahr in Germany and Melbourne in Florida. A name change is proposed to PlaneStation Group Plc with the shares reclassified to the Stock Exchange transport sector to more reflect the nature of the group’s current activities. The future for Manston is improving with news of tour operator Cosmos wishing to use the airport for up to three summer flights a week, including transatlantic charters to Florida, and planning permission underway for two new hangars able to take Airbus A380s.


From wiggins web page

G12

very cosy in here....

my wife has always told me i put my tongue into gear before my brain, until now ive always argued,but she was right (but am not going to ownup to her), it is abundantly clear we both agree, so lets look foward to a nice profit, in the meantime if i do hear anything that might be of interest i will post http://planestation

If they are to build hangars for Airbus A380 at Manston they will have to be big. The largest dimensions on A380 are:

79.8 metres Wingspan
79.4 metres Length
24.1 metres Tail height

The preliminary figures for the freighter are 150 tonnes (330.000 lbs) payload with a range of 10,400 km (5,600 miles). That should be enough to get plenty of runner beans into Manston's food processing plants.

One small comment on the Shares article reproduced above. It would give me a more comfortable feeling if they got their facts more accurate. Clearly, whoever wrote it knows needs to brush up on their Manston knowledge.

Good news from RNS news

15/01/04 18:14 Holding(s) in Company-Replace RNS
15/01/04 16:29 Holding(s) in Company RNS

UBS INVESTMENT BANK acquired

39,009,882 shares

3.78%

They then realised that this was below the threshold for disclosure under Schedule 10 & told us to forget that they said it.

But we know the good news & they can't take it back.

As shares mag said : "The important point is to overcome past impressions and watch where the professional money is going."

I think they have seen the fact that the market cap is only 51million but the assets are said to be worth 500million.

So this share should go up by a factor of 10 just to match the asset value so maybe x20 or x30 is not out of the question.

Previous board made a bit of a mess BUT
Geoffrey Ambrose is new non-exec director, previously General Manager at Stansted,and Planning Director at Heathrow

see

http://www.lemminginvestor.com/

Watch out for more board & management changes & the share price will get a kick upwards each time.