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.

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

JRM remaining very quite!! Nothing further from your director contact? or have you been sworn to secrecy :-))

The other option optomistic is that his Director friend was Geoff Lansbury, and he'd just found out he wasn't part of the future!

As for the RNS imho this is particularly good news. May has committed to the company for two years and has been given a huge share based incentive to succeed. On the basis of his achievements at Cape where the share price has increased more than ten fold this must be seen as positive.

It would be nice to hear confirmation of the deal and terms at Liverpool, if there is one.

also, near the end of the day there was two trades for 2m and 2.75m which were near the mid price but listed as sells and then another after the close for 1.75m. Were these actually buys?

Interesting to see the market reaction first thing in the morning - hopefully a nice tick up

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.


How long did it take him at Cape, Fundamentalist? I could well use a ten bagger,
can't wait too long, need a new car :-)))
opto

Just noticed Magisteve posted this RNS earlier, Sorry Magisteve.

Optomistic - Cape chart posted below. (EPIC: CIU)

a quick history from Capes RNS news:

Nov 02 May made MD
May 03 Focus to be on property sales to shore up balance sheet
Jun 03 May made Chairman, and FD leaves group, replaced by an ally of May
Nov 03 May buys shares
Mar 04 May buys shares


Nov 02 the share price was 6p
Current Price 90p

Gain 1400%.

Now, it is obviouslty clear that the two companies are not directly comparable but it gives an indication as to Mr Mays turnaround capabilities. Id be happy if he has half the success with PTG!!!!!!!