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.

Socrates, thought I'd pop back to visit you, the other site at present is extremely depressing. Scru although has thrown a little more light with his revelations that make interesting reading. I do respect his vast knowledge and was totally impressed in his approach to the Board at 2003's AGM during question time.

Have been invited to a Top Table at Marham next week, one of my past Chf's has been promoted to WO, should be a cracking function.

Item on BBC news regarding the Liverpool Festival Gardens. Although PTG refused to comment it appears they have done a deal to transfer over the lease. an announcement is expected on Tuesday accoring to the reporter. Anyone know anymore on this?

"New deal for derelict Garden Festival site Apr 29 2004




Exclusive By Mark Hookham, Daily Post





LIVERPOOL'S International Garden Festival site is to be sold in a deal which it is hoped will reverse years of dereliction and decay.

Sources last night told the Daily Post that owner Planestation has agreed a multi-million pound deal to give up its lease of the riverside site.

The news comes only days before the 20th anniversary of the Garden Festival opening and follows years of failure to develop the land in Otterspool, south Liverpool.

The Daily Post understands executives from Planestation, formerly Wiggins, agreed on Tuesday night to assign the site's lease to an unnamed company.

The new leaseholder will hire a developer who will draw up a fresh planning application to transform the site in time for Capital of Culture year in 2008.

The deal for the lucrative site will be announced next week.

A source close to the negotiations last night said: "The deal has been on the cards and will be announced next week.

"Planestation will assign the lease to a third party and it will strike a deal with a developer.

"Planestation have been changing their portfolio of assets and this fits in with that."

It is understood the council wants any new developer to use the majority of the site for family homes.

A small number of the shops will be built and an area will be left open - possibly as part of a coastal park.

Part of the site, including the Chinese gardens, will be restored as public gardens.

Council leader Mike Storey said: "This is the news we have been waiting for for many years.

"There has been a singular lack of progress on this site which meant so much to a lot of people who remember it in its hey-day as a successful garden festival.

"The inactivity has been as frustrating for the city council as it has been for anyone else who values it as a primary site.

"Hopefully now quick progress can be made on delivering an appropriate and sustainable development which will enjoy the support of local people and visitors."

A Planestation spokesman last night refused to comment.



Jean Hills, from the Garden Festival Campaign, urged the new owner not to just build hundreds of homes on the site.

She said: "I want to know who the developer is and what they want from the site. I would much rather have the council take direct control."

Labour leader Joe Anderson said: "The council should have used CPO powers to bring in developers who want work with the council and transform that site. That should have been done two years ago."

The reclaimed landfill site has been derelict since 1986 and a succession of plans for its revival have fallen through.

Wiggins was granted a lease by Merseyside Development Corporation in 1996. In 1998, the company revealed plans for a 1,000ft tower which the council ruled was not feasible.

Three years ago, Wiggins announced scaled-down plans which met fierce opposition from environmental groups, partly because it included a new road to run parallel with Otterspool Promenade.

Last year, the company's third plan for the site was withdrawn before it reached the council's planning committee. In December, the company changed its name to Planestation and announced a 46.3m refinancing package.

Good news again.

I hope they get a good price, we await the numbers.

The site was expected to raise about 25m.

http://www.lemminginvestor.com/RumourOfTheDay.html

Seems to be lots going on at ptg, couldn't resist the temptation any longer, bought 20K @ 4.35p this morning. Feel that ptg could become a 'news item' soon.
Being a little selfish I know but LOL to ptg players.
opto

Spoke to a Director this morning and he wasn't too happy! What's really going on?

Thanks JRM thats all I need to hear after just buying. Lets hope its something like his private jet has failed its C of A that caused his sadness!

JRM

Sorry to appear paranoid but can I ask a few questions:

Which director?
What did you discuss?
What was he not happy about?

If you have just talked to a director why are you asking BB contributors whats going on. surely your director would have known more!

Appears to be more sells than buys but price has gone up.

i believe today was the self imposed deadline Iny gave himself to outline his intentions.

Continuing my paranoia, JRM do you hold PTG shares as I cant remember you posting on this thread before?

I know there is a Shareholder action group trying to bring Iny back - - -
is there one that doesn't?
He sure had vision all those years ago, but the business has moved from Vision to Working and I'm not so sure he's the best man for that job.
Worth giving the new management a little time first, eh?
I don't approve of break-up, knowing that shareholders are last in line, etc.
IMHO what is needed is some Political stance, on the advantages of investing in a separate London airport.
Heck, we could even build our Olympic stadium out there.
What a pity INY never suggested the Dome should be put there! That would have had some local benefit. At least the trains would be on time until the strike of midnight.
Regards.

Protected Trade 2 Million BUY @ 4.31p

Maybe there are more to come.

Followed by a late reported buy for 1 million

C'mon JRM, you need to back that statement up. As usual Iny fails to deliver,good decision to get rid of him.

Directors are not allowed to give news out its lse rules , it would have to be annouced to the lse first.
One of the directors recently bought a million shares at 4.6p so i can only see upside

moggey70,
As much as I support PTG personally, I feel that I must point out that the most recent director to have been reported as buying 1 million shares was the recently sacked Mr Iny.
Mr Iny has been replaced as CEO by Mr May - who is described as a recovery specialist.

If you read back on this and other boards you will find that Mr Iny does have a number of individuals who are campaigning to have him reinstated.
These individuals are concerned that, in their opinion, the sacking of Mr Iny was forced upon the board by the Pru. (One of the main institutions involved in the recent rescue of the company).

Personally- I do not hold with this reinstatement opinion, each board member has a vote using their own opinion and are able to vote according to their own view.

Mr Iny has been voted out I think we should look forward and get behind the new Board. The continued support of Mr Iny over Mr May will permeate discord. Mr May has stated his intention to publish his intentions for the company in the near future.

However, irrespective of the mechanism which was used to remove Mr Iny - He has shown confidence in the company - he has put his money where his mouth is by buying a further 1 million shares from his own pocket.

Mr Iny has a limited number of options in which to use his holdings in the company, his family trust (over which I feel he must be able to exert some influence) does hold a very substantial number of shares. Now that he is no longer a director I know of no reason why he cannot bring that influence to bear?

Mr Iny had stated that he would announce his intentions at the end of April No announcement has yet been heard from Mr Iny. (With such a large family holding I would not be surprised if any announcement by Mr Iny was deliberately held back until it suited him or his family trust/s).

To say 'that you can only see upside because of this purchase' may be seen and countered by detractors on this board as ramping.

There are reported rumours in the Liverpool press about the disposal of the Festival Garden site. In my opinion the company had stated their intention to dispose of all non airport related assets as soon as they could.
I think the delay in disposing of these sites was instrumental in the sacking of Mr Iny.

The disposal/sale terms are yet to be released, however it should not be seen as a surprise to learn that the proceeds of this sale/or a possible joint venture will be used to fund the development of the Planestation Group. After all, this is what was stated in the company offer document.

The way I see the situation the institutions supported PTG at 0.04p per share any purchase around this level is joining this institutional rescue at/about the same level.
DYOR - and good luck _- Ed

edocherty, good post, well worth reading.
Still waiting for a response from JRM, quick unsubstantiated post and no further communication must leave his original post to be filed in the waste bin. However give some credence to your post JRM and I would be the first to apologise.

For info if you haven't seen it, there is a good article by Edmond Jackson today on Citywire updating on PTG and commenting that he has added to his personal stake by 20%. He certainly seems to see upside and staff are being recruited for EUJet at Manston.

jj50

Can't find it, what does it say?

Apple, article 2/3 May

Edmond Jackson: moving to a higher Planestation

With the share price weakening, I have raised my stake in the property/airports group PlaneStation by about 20%.

You may wonder if I am falling in love with the company, but I have a hard-nosed rationale for PlaneStation as a special situation against a flagging stock market.

Since early 2003 my buying pattern is 2.75p offered, then 2.5p, taking up my entitlement to the 4p a share rights issue and now at 4.25p. Although the price has recently been volatile, I have not sold any shares. Some people may find Planestation useful to trade though I am encouraged about its medium term investment rationale..

I admit I was concerned that by late April there was no news about intended flights from Manston airport in Kent by EU Jet, the start-up carrier. This was probably one reason why the share price slipped from above 5p. But EU jet has announced staff recruitment, with a significant proportion to be based at Manston.

Sentiment may also have been affected by leading hedge fund manager RAB Capital selling down its stake. Perhaps its managers saw what they thought were better opportunities elsewhere.

Since the appointment of Martin May as CE on 18 March, Planestation has declared no commercial progress. This is fairly typical as a new boss settles in, although I was initially encouraged by remarks about cost cutting on 1 April. I imagine May did an initial review before accepting the CEO job and the declared objective to cut head office costs by at least a third by end July may be part of this.

Just recently there have been reports in the Liverpool press that the group's Festival Gardens development site is being sold with an announcement likely this coming week.

I would not invest solely on but it accords with previous reports that May was effectively installed at Planestation by institutions dissatisfied with the slow progress of property sales. The new boss will need to show he is delivering on his initial remit.

We could therefore see property sales draw attention to planestation's underlying asset value - which would be useful for the share price. References to market capitalisation vary on account of convertible loan stock and warrants creating dilution, but at 4.3p a share it is rought 90 million. Any one of projects such as Liverpool, Fairlop or Burford could account for a big chunk of that market value before considering Manston and other airports.

I can't be precise but the rough estimate leads me to believe it is fair to target a return to at least 5p a share in months ahead if property sales evolve. Progress at Manston would also help a re-rating. I don't have high hopes but do see the prospect of at least 20% upside, which is attractive in lacklustre markets.

To date Planestation is keeping May remuneration arrangement under cover, which ought to change.

I regard these results as pretty irrelevant to the investment rationale. What counts is the short to medium term in realising value from property sales, achieving break even for the group and operationg progress at airports.

I will continue to assess the rationale and appropriate exposure to the shares, but a broad reading of the way things are shaping up encourages me to retain Planestation as a long term investment.

Hope this is of interest!