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.

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!

jj50 - thanks for posting that. it made quite good reading until he said "I don't have high hopes but do see the prospect of at least 20% upside, which is attractive in lacklustre markets"

Personally, I am hoping for more than this once it becomes clear what May intends to do going forward.

Fundamentalist. Agreed!

Nice tick up this morning, hopefully some good news is due to follow - fingers crossed

Many thanks jj50

Fundamentalist

That was his short term view but he finished up by saying.

"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."

Nothing new really, we already know that the assets are worth much more than the market cap.

Just driven to Manston. The terminal is a hive of activity with a portakabin just being erected beside the terminal building. The new hanger is having the sides put in place. A cargo Lion Plane was unloading. This is the busiest I have seen it in years.
Catta

Thanks catta

BTW

If you or anyone else in the area have got a digital camera then showing us some pics of the activity would be most welcome.

Well done catta - nice to get some on the spot news! Sounds a bit encouraging anyway.

Not so sure that a portacabin is going add much to the development of PTG. As long as traffic keeps coming and going that must be the main thing. How many hangers are there at Manston? I have a small interest in PTG and obviously look forward to PTG's future success. Todays trades seem well biased towards Buys. Largest recorded so far today 1 mill buy.
Thanks catta for your info.

Large buys today, I wonder who it is.

optomistic
I'm unsure of this but I believe that temporarily the Travelstation shop is moving out of the terminal to free up space for passenger facilities. Perhaps a local can confirm this.

I see that Geoff Lansbury, property director has been ousted today. He had overall responsibility for Manston. Seems to be a clean sweep of the old guard. Any comments?

jj50

It could be a good thing.

The old guard had a bad track record.

Planestation Group PLC
05 May 2004



PRESS RELEASE


5 May 2004


PlaneStation Group Plc
Share Incentive Package for Chief Executive


PlaneStation Group plc, the airport owner/operator and property company, is
pleased to announce that it has agreed to extend the initial term of Martin
May's appointment, its new CEO, to two years. The Company has also agreed the
terms of a performance based share incentive package for Martin May.

The package consists of share options in two tranches, each consisting of 12.5
million shares. The exercise price for each tranche will be 4.47p per share.
The principal criterion by which the performance thresholds will be measured
will be the return to shareholders, with a higher threshold set for the second
tranche.

The Company expects to present full particulars of these options and seek
shareholders' approval (which is a condition of the option package) in due
course.


Further enquiries:

Isabel Crossley St Brides Media 020 7242 4477

PlaneStation Group plc 020 7495 8686


- ENDS -


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