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.

PTG have more or less had to rethink/structure the whole company , so someone has sold millions of shares this dosent mean that the company is going to the wall and it will only be a matter of time before we see some movement north ,watch for RNS .At least the share price hasnt taken a good hiding with all the shares sold,there must be some optimism at the stock exchange !!

G12 :))

Courtesy of Two Palms on another bulletin board:

three significant trades today
10,574.080 "T" sell, buy or part of the deal that was going
through peacemeal last week, the odd number of shares in this one suggest
that it could be the last - so finally maybe the backlog of stock
is gone?
the price is being held in the range by MM's
why?, waiting for March 22nd, or perhaps MM's holding plenty of stock for next week's no brainer

9M went through as normal buys @5p
a further 6m went thru as a "T" trade - buy

so this looks v positive, OI appears to have been squelched
takeover = load of balls, ? probably anyway
with next week listing this is beginning to cheer me up

Please read my post on AXU.Anyone have information ?
rgds aj

Hi Folks, Can someone explain what Edmond Jackson of the Sunday Telegraph means when he said in his recent comments that a deal could be made for planestation 'outside the stockmarket', and why would that be sickening ? Thanks. J

I'm not quite sure what Edmund/Edmond was trying to say really. I take all his comments with a pinch of salt, he is well reputed for sitting on the fence and keeping his options open. Certainly there is something going on behind the scenes in the last few days, you just have to look at the trades to figure that out. Former Wiggins holders who have been seriously burnt in the past are posting very negative comments on various bulletin boards, contrary to that are people who have bought into Planestation in the last few weeks and think this company is going forward now with the backing of the Pru. + two other private share holders. I am one of those who think this company is going forward. It just depends where you are coming from really - if you are a former Wiggins share holder who is sitting on a large loss you are feeling very negative - if you are a PlaneStation holder, who has just bought in recently, then you are probably feeeling very positive. The next RNS from this company is vital.imop

Thanks Scottie for your input. I've had wiggins/planestation for around two years now-bought in all the way down from the heady highs of 20p-2.5p ! As you can imagine now have a fairly substantial holding-hence the concern! However I like yourself am optimistic about the prospects. This 'Jam tomorrow' might just come up with the goods 'tomorrow' Anyway I've waited this long, whats a few more days...months...years!?

Press release this morning... Looks like a good move. should see some favourable gradual upward move in the SP as well as some better press...


Planestation Group PLC
18 March 2004

PRESS RELEASE



18 March 2004



PlaneStation Group plc ('PlaneStation' or 'the group')



PlaneStation, the airport operator and property group, has appointed Martin May
(50) as Chief Executive Officer and Director. Initially his appointment is to
last up to the end of the year.



Mr May is a recognised corporate recovery specialist. He has a proven track
record of advising on and implementing recovery strategies that build long term
and sustainable value for shareholders. He recently completed significant
turnarounds at McNicholas Construction Holdings Ltd and Cape Plc where he now
holds the position of Chairman.



PlaneStation Chairman Richard Bernays said 'We are delighted Martin has agreed
to join us. He has extensive experience and an excellent track record of
initiating, implementing and advising upon successful strategies for
businesses.'



Mr May said: 'It is my aim to execute a thorough review of operations at
PlaneStation before implementing a strategy for the benefit of shareholders. I
hope to quickly assess the business to focus on its strengths and ensure that it
is these areas that drive the group forward. I am very excited by this
appointment as I believe PlaneStation has a lot of potential to generate value.'



In addition to his directorship of the Company, Martin May is or has been a
director of the following companies:


Current Directorships Previous Directorships
McNicholas Construction Holdings Limited M&J Associates (1953) Limited
Cape Plc
Connolly Limited



There are no other disclosures required pursuant to paragraph 6.F.2(b) to (g) of
The Listing Rules in connection with Mr May's appointment.



Further enquiries:
Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477




This information is provided by RNS
The company news service from the London Stock Exchange

Lets hope this appointment is well received. Interesting that he has only been appointed for 9 months initially? Anyone follow any of his previous turnaround companies?

The share trading over the last few days is quite intriguing - there are huge sells going on but the price is not moving. Are they being gathered by the MMs to sell onto to tracker funds (reputed to need 120m shares in the telegraph a few days ago) upon entry to the FTSE All share or is there a buyer sitting and mopping them up prior to a takeover approach?

Mr May is a Fellow of the Chartered Institute of Management Accountants and a founder member and Fellow of the Society of Turnaround Practitioners.

Over a one year period he cut borrowings at Herts. based McNicholas Construction Holdings Ltd from 12m to 4m, closed non-core businesses and streamlined overheads so that the company is now trading profitably.

In June 2002 he joined asbestos group Cape Plc and was responsible for the successful restructuring which has seen the share price increase tenfold.

Looks very good for the future

G12

Wow ! shock & awe- massive selling still going on ! what's happening ? what will be the imppact on the SP. Is the SP being artificially held up to allow all the sells to go through a pre-determined higher price, then, when it's all finished the SP will drop like a stone ?

Anyone got any views on this ? :(

The appointment of Martin May IMHO is tremendously beneficial for the future of this Company, the right man for the right job. There is no ifs or buts with this gentleman he will undoubtly sort things out in quick time too. Major changes on the wat I suspect.

Canberra.
Thanks for your positive comment.
Hope it has a good impact on the SAP
Feeling a bit better about this now ! :)

Has anyone got any idea how many of the 58m sells were actually buys

Have a good evening G12 :)

There's so much going on with this share right now that it's difficult to keep track of all the manoeuvering going on behind the scenes. Iny doesn't strike me as the sort of bloke to go quietly, and if he has a 'vision' about where he wants this company to go and believes in it, then who knows what he is up to. Meanwhile the Pru are obviously seriously involved in all the wheeling/dealing going on. May has been appointed on a short-term basis to do a hatchet job, and get rid of all the negative aspects of the business, and that is a necessary move - long overdue imop. He seems to have a very good track record of getting very quickly to the root problem of why a company isn't making money. Manston has huge potential, the building works there are moving very quickly now, and I think that says a lot perhaps about where the future of PlaneStation lies.

My thoughts on the situation,

Shares can be bought and sold 'off market' - transferred from 1 holder to another at agreed price.

It is not inconceivable that the Fledgling funds could have sold directly to the Small Cap funds prior to the reclassification.
PTG doesn't enter the Small Cap until Monday. If we knew in advance from the promotion statement - then so did the Small cap funds that might need to buy into tracking the small cap, the fledgling would also have to sell their stake in PTG because from Monday PTG will no longer be classified as a Fledgling.
RNS will be issued as/when applicable.

The prospect of a 10p offer - not yet denounced by PTG can also affect trading.
(As I said earlier who would buy a company for 20m without the prospect of making huge profits Also the rumoured bidder has not yet denounced his intention to bid as market speculation).
The rumour has been widely reported in the press should not 1 or other of them make a statement soon??

The appointment of the new CEO (so quickly) has - I think- thrown a spanner in the works especially for many short-term speculators.

For long-term holders it can only be good news.
PTG has in effect been re-valued at double its current market valuation.

On the plus side,

New CEO has been brought in on the insistence of some of the institutions that refinanced the company. That refinancing was based and agreed on the stated understanding that PTG build on the Planestation concept. The Chairman declared his intention to dispose of the non-airport assets in the latest figures.

All of those same institutions must have seen the complete picture regarding the financials before they agreed the 46m rescue.
Therefore I find it difficult to accept that there may be any further hidden financial problems.

Manston is increasing cargo figures monthly to near profit levels (and BIP is almost built) which can only help cargo prospects, the prospect of passenger flights has been greatly increased by EU jet, Jersey Flights, Holiday specials, investment at Melbourne to cope with UK visitors etc.

The new CEO is a RECOVERY specialist not a vulture specialist he has a proven track record of increasing shareholder value.

I think the institutions involved in the recent rescue will want to see many RNS announcements in the near future; they want to see the company going forward.
As do I.
Good luck and DYOR etc.
Eddie

Oliver Iny has bought 1,000,000 shares @ 4.8
rgds aj

Well that says a lot doesn't it, sacked as CEO one week, and then he buys 48,000 shares in the company!

Disturbing/interesting piece from edmond Jackson of Sunday Telegraph:


Dismayed by events at Planestation

Planestation confirmed the appointment of a new chief executive on Thursday and the shares edged lower at 4.83p. I am dismayed at how events are unfolding but continue to hold the shares.

I decide to check on Martin May at www.changedriver.com and found the new boss's title and experience listed as "company doctor". His strengths include "delivering value to stakeholders through existing teams within agreed timescales".

I winced when I read that latter bit, especially as company doctors are generally not long-term company builders. So I see in this appointment an intensified risk of a medium-term break-up that cedes potential.

Once again, PlaneStation's announcement last week did not affirm the development strategy on which investors (including me) had subscribed for shares at 4p last December. May is to conduct a strategic review and then "implement a strategy for the benefit of shareholders".

The key issue I continue to hear (now from the professionals as well as private investors) is that actions must be for the benefit of all shareholders, not just Prudential. Some fund managers are fed up with the way power is being exercised. "The Pru is in danger of playing God when it only owns 15 per cent," one said.

Let us not pre-judge May. It is possible that with an initial nine-month appointment he will do an effective job and hand over to a good long-term chief executive. The Pru may continue to back PlaneStation's financial requirements and see its actions vindicated - with a share price anywhere from 20p to 50p in five years' time.

At the moment, however, I doubt the likely strategy will turn this hope into reality.

Personally I have never been impressed with Edmund Jackson's comments, they tend to be very 'airy fairy'. There's a lot going on behind the scenes with this share, and Jackson seems as clueless as the rest of the shareholders about what it is. He says he is " dismayed at how events are unfolding but continues to hold the shares". That's obviously not a 'sell' recommendation, is it a 'hold' - or perhaps it could be a 'buy'. Also I'm not too impressed with the research Jackson has done on May's track record.