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.

its all positive stuff..

Predictable day today after Friday and Monday being so good, and the market generally was going nowhere with a lot of shares being marked down. This type of share will always attract short term traders, but I see a great future for this one, sitting on a nice profit already and I'm going to stay with it.

Released today on www.

4 march 2004
PlaneStation Takes Off
Shares Magazine

Manston Airport, owned by PlaneStation Group (PTG), could become Kent’s answer to Stanstead.

The company, formerly known as Wiggins Group, has signed a deal with Irish airline EUjet allowing it to establish a European hub at Manston. The airline begins flights from Manston in June.

EUjet is run by PJ McGoldrick, former chief executive of Ryanair, who negotiated Ryanair’s deal with Stansted.

Flights will service business and holiday destinations including Zurich, Amsterdam and Alicante.

PlaneStation shares rose 15% to 5.46p on the news. ‘In the next three years we’ll have a spectacular airport at Manston’, says PlaneStation chief executive Oliver Iny. ‘We’ll soon have a train line from Manston into St Pancras [opening August 2007], where the channel tunnel rail link will start.’

Iny is confident demand exists. ‘If you live in the south of London, getting to a London airport is a nightmare,’ he says.

EUjet forecasts 300,000 passengers, during the first year of operation, rising to two million by the third year.

Iny, who is investing 8 million in expanding the airport, claims further deals are in the offering. ‘We’re talking to several more EUjets and cargo operators,’ he says. ‘We’re getting a huge amount of interest.’

Shares says: PlaneStation is taking off


G12

Wish the share price would !

Thank you for that G12. I really feel that it is such an obvious choice for airlines to consider as the slots must be at a reasonable price at the moment.
Lets hope it does fly "Skyhigh"
Rgds
Catta

A lot of buying again today, hardly any sells, due for a price tick up soon?

Scottie,
You'd think so wouldn't you ? However, nothing usually follows any logic.
I'd be surprised if we saw any PTG rise as it's a bad day in the markets. US jobs data, just released, was not good. Most small cap stocks having a bad time.

Time to pack up for the weekend and hope next week is better all round !

The fireworks begin on Monday then.
We can expect to see a serious rise.

From today's evening standard

http://www.eveningstandard.co.uk/news/business/articles/timid75317

Revolt could oust PlaneStation boss
Robert Lea, Evening Standard
5 March 2004

CONTROVERSIAL airport operator PlaneStation, the former Wiggins Group, is in the throes of a boardroom revolt that could see the ousting of its colourful chief executive and lead to a 200m takeover bid for the company.

An emergency board meeting has been called for Monday at which, it is understood, non-executive directors will move to have Oliver Iny, the group's founder and mastermind, replaced as chief executive.

It is believed the calls for Iny's head are being prompted by Prudential, PlaneStation's leading institutional shareholder.

The Pru's motives are uncertain but are believed to be linked to its approach to Robert Ware, the multimillionaire former MEPC property company executive, to become PlaneStation's chairman.

PlaneStation is looking for a new chairman after former City banker Richard Bernays said he wanted to go, having seen through the group's 46m rescue refinancing last year.

But it is believed that Ware, rather than join Iny as chairman, wants to launch a takeover bid priced at about 10p a share and valuing the company at more than 200m.

A takeover offer could come through Ware's AIM-quoted cash shell Conygar Investments, which he set up with former colleagues who shared in the 65m payout to executives when MEPC was taken private.

A PlaneStation spokesman confirmed that a board meeting has been called for Monday but did not comment on which directors are leading the putsch against Iny. The company has three non-executives - Lady Delves Broughton, the high-profile Lloyd's of London Name and supporter of horseracing; John Mackay, a former head of stockbroker Seymour Pierce; and Geoffrey Ambrose, a former BAA manager who was appointed to the PlaneStation board two months ago.

The shares were unchanged today at 4.87p, just 10% of the value they were in 2000 at the height of the Iny hype over the group's future.

Promises, promises...

OLIVER INY has a reputation for overblown promises upon which he has as yet failed to deliver.

When Wiggins took over the old Battle of Britain airport at Manston in Kent, Iny talked of the site as London's next major airport.

Expectations have been pared back but the airport recently signed a contract with Irish budget airline EUJet, run by former Ryanair executive PJ McGoldrick.

Iny has also for years promised to build a racecourse in Essex but nothing has yet come of it.

Wiggins has been dogged by accounting controversies over the years. It changed its name to PlaneStation three months ago and hopes to build a network of low-cost regional European airports.

Excellent news... lets hope it comes good :)

Good riddance to Iny if it happens - roll on Monday!

Am I dreaming or does this really mean that 10p could be on the cards monday?!!!

Interesting article in 'lemminginvestor.com' It's going to be a long weekend!

Looks like she's taking off! 10p Soon ...minimum..thats only the initial offer ..DYOR.

You're not dreaming jp, I don't know if it will get to 10p, but it will certainly fly!

Love it Duplex!

Very Pleased am I!

Good luck all.

Just looking at the chart, one could easily argue that Planestation is worth more today in terms of assets, potential, and people - better people on the board, better people trying to get onto the board! Relative to what - well lets go back two years - 13p to be exact. I would argue that PTG is worth more than 13p. I am sure the guy who is bidding believes its worth more than 13p. And we all know the assets could be worth as much as, say, 400 million if developed and used properly - and thats just Land etc etc . So is the probability for the price move on Monday upwards or downwards. I don't recall a bid for a company ever resulting in the targets share price going down - ever - therefore upwards. How much - well if you knew a guy was going to make a 10p opening offer - would you sell for anything less? Just think of buying a car - you negotiate - the fist offer is never accepted, therefore you make a lower one than you anticipate as an opening gambit so the other guy beats you up to the 'right' price - he feels happy (I told the manager how wonderful I was getting the higher price) - you feel good cos you've got it at a lower price than maybe you dared for. Everybody feels they are winners.

10 P will be an opening offer. Period. Eventually the play will end up more akin to what the company is really worth. If not then people will carry on buying the shares until the share price is more akin to the company worth! And that means 20p?

DUPLEX
That's a good argument, but if the majority shareholders have all agreed the price in advance, what then?

Hi Socrates - a good question. Firstly - Major Shareholders:

This is how I see it ..

Shareholders Amount % Holding
Prudential PLC 315,824,965 14.91
Harlequin Holdings Limited (dup) 159,513,855 7.53%

Also a few banks have some major shareholdings - just below the notifiable interest level - remember when one of them declared - then issued a 'please ignore our last declaration as we did not need to tell you' notice - funny at the time!

So as you can see, they are not the majority - we are - and we will take some convincing. After all, this baby could be worth 400 million a few years down the line. So what price are they going to agree - well the guy has already declared it is worth at least 10p per share! we know it, and the major shareholders know it - and that means 200 million. So get close to 20p and I will think about it....