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.

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....

Two interesting posts today Duplex, thank you.

Any idea how much Oliver Iny controls, either directly or through his trusts?

PlaneStation Group PLC
Shareholders

Shares in issue: 2118.7m 1p Ords
Major Shareholders Amount % Holding
Prudential PLC 315,824,965 14.91
Harlequin Holdings Limited (dup) 159,513,855 7.53

Other Directors Amount/ % Holding

Christopher Kenneth Foster 14,746,982 / 0.696

Rona Delves Broughton 2,145,380 / 0.101

Richard Oliver Bernays 1,000,000 / 0.047

John Sebastian Mackay 1,000,000 / 0.047

Geoffrey Lansbury 725,645 / 0.034

Oliver I Iny 260,000 / 0.012

Nicholas Joseph Godfrey 200,000 / 0.009


Source: www.hemscott.net

Roll on 20p

As you can see, Iny holds very few shares directly - surprisngly - so I guess the rest must be via his trust. I do not know if that is Harlequin. I'll have a dig...

Todays Financial Times

Oliver Iny of planestation the airport operator formaly wiggins will next week try and stave off a shareholder revolt to oust him as chief executive at an emergency board meeting on monday. Mr Iny is proposing to bring in Steven Davidson the former chief executive of telewest as the new chairman. PTG's largest shareholder PRU is understood to be calling for Mr Iny's removal after Robert ware the former MEPC executive proposed a BREAK UP OF THE COMPANY AT 10P A SHARE which would vaue PTG at about 200 million

He he he good news or what...

I don't think Steven Davidson had a great track record as chief executive of Telewest. Iny could have finally burnt his boats with that choice.

Agree. Either way looks like a future where the pro's with the money are about to battle it out - allowing us to await their highest bid.

Question - If he is prepared to pay 200 million, what's it really worth? A lot more than 200 million, as wiggy watchers have been saying for years.

Totally agree. 10p is just an opening salvo. It is a rare bid that is accepted immediately. The board would look like they are not acting on the shareholders behalf. The stats on this kind of activity show that the price always moves up from the initial offer. Yum yum...