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.

Volume certainly appears to be stronger than of late and the spread has narrowed a little.

a bit frustrating that a presentation has been made to analysts but no strategy outlined to us "normal" shareholders. This clear strategy and confirmation of LFG would cetainly help us understand where we currently stand but the indicators do look positive.

Some confident market-making goin on here, with a de facto tiny spread since that latest tick on the bid. Seems they are sure of off-loading all they get, at least at 5.75p. Will they test the offer shortly?

The official freight figures just released today by the CAA show that yet again Manston has managed an increase.

Tonnage for March 2003 was 3345
Tonnage for March 2004 was 3945

Sorry folks, that is only an 18% increase, and that's without the BIP.

For those of a statistical bent, that is 127.25 tonnes per day.

Thanks for the info Socrates

As an aside, whilst Manston is not currently known for it's passenger traffic, a situation that will change once EUjet get going, it did in fact handle 341 passengers in March 2004.

Softly, softly catchee monkey.

Passenger movement must be the area where the greatest potential lies, in the meantime @ 341 passengers a month, if that is typical, travellors must be enjoying a very personalised service at Manston.
EUjet is the first big step and hopefully more operators are being tempted to put their wheels down here.

Interesting RNS - they have raised 5.6m with a new placing with the institutions at 5.4p. Well the institutions seem happy to support at this share price - it would be nice to know what they know!!!


Planestation Group PLC
03 June 2004


PlaneStation Group PLC ('the Company')

Placing

3rd June 2004

The Company announces that it has today completed a placing ('the Placing'),
arranged by its brokers, Evolution Beeson Gregory, to raise approximately 5.6
million net of expenses. A total of 105,897,500 ordinary shares of 1p each ('New
Ordinary Shares') have been placed with institutional investors at a price of
5.4p, being a 4 per cent. discount to the closing mid market price on 2nd June
2004.

In addition to the recently announced 2 million investment in EUjet, the
Company is committing to significant investment in both facilities and equipment
at Kent International Airport - Manston in advance of the start of passenger
operations on 1 September. The proceeds of the placing will be used to finance
this investment and to provide additional working capital for the Company.

The Placing is conditional on admission of the New Ordinary Shares to the
Official List of the UK Listing Authority and to trading on the London Stock
Exchange's main market for listed securities ('Admission'). These applications
have been made and it is expected that Admission will occur on 8th June 2004.

It'll be interesting to see what happens to the SP. Has the price been edging up recently so that PTG get as much funding as possible ? Will the SP now start to drift down as more shares will be in circulation ? .... :)

skyhigh, nah... one way, up!!!!

Looks like youre right Opto - up she ticks (bid and offer)

Yes... so far, so good. Good 1 page write up in Shares Mag. this morning. It's still rates it as a hold overall but good for the long term.
Looks as though a strategy is beginning to emerge and IMHO the share price will graduallly strengthen along the way (with a few dips here and there) :)

AAP just released AGM statement. Strong passenger growth at regional airports and on international routes. Bodes well.

Edmond Jackson: PlaneStation on runway with fund raising

PlaneStation is revving for take off with an institutional share placing.

The property and airports group (PTG)plans to raise 5.6 million at 5.4p a share. The news follows a steep rise in the shares over the last week from 4.5p to 5.635p last night. This morning they are up a further 0.125p.


On top of a declared 2 million investment in start-up airline Eujet, the group is committing significant investment in both facilities and equipment at Kent International Airport in advance of the start of passenger operations on 1 September.


The rise in the shares struck me as pretty odd given the background of falling markets, high oil prices and intensifying competition among discount airlines. Having added to my stake at 4.25p I wondered whether to take some profits; PlaneStation remains a speculative share subject to volatility.


I started getting phone calls including bitter complaints from some private investors and their brokers that presentations to institutions were being made 'secretly'. Indeed, the majority of shareholders have yet to read or hear any clarification about strategy from Martin May, the new chief executive appointed in March.


May has been engaged in a good deal of restructuring of people and projects within the group. This has caused some investors to wonder what happened to the prospectus on which they invested money in last year's 4p a share placing.


This is frustrating and raises questions about what a company is entitled to disclose in the closed period and on a selective basis. But at least a 5.4p strike price for the placing ought to support the shares in the short term.


So I feel encouraged both about the market technical situation of the shares, and implicitly the fundamental prospects for the group. Despite substantial paper profits after buying into PlaneStation (then Wiggins Group) at 2.5p I continue to hold.


Todays raising notice does not mention construction of a border inspection post for fresh produce cargo - a development that appears to be progressing well and is instrumental to boosting cargo. Various bulletin boards contain reports from local shareholders watching progress with this.

Although public focus is currently on Kent as a nascent passenger airport, progress with cargo remains a key aspect of the investment rationale for this share.


Another key point to notice is the placing's rationale 'to provide additional working capital for the company, implying that PlaneStation remains in a finely balanced situation, cash-wise.


I expect that if its business model of airports and associated property development takes off, plenty more capital will be required. I can tolerate the associated dilution and it is encouraging that the new chief executive's business plan has early support.


This is a share where you can't really 'prove' current value; the blend of the company's investment activity to meet development goals and future progress is what counts.

Aslo, article from todays shares mag:

Watching sparks fly Planestation has seen its share of ups and downs and now has a pressure group calling for the recently-ousted chief executive to be reinstated.

Polly Fergusson reports

For such a small company, Planestation (AIM: PTG), nee Wiggins, the property business turned airports operator, has attracted more than its fair share of headlines over the past few years. Overstating accounts, building up unserviceable piles of debt, deteriorating share values, delays in announcements you name it, its happened to Planestation.

Most recently the board ousted chief executive Oliver Iny, blamed for much of the decline in the companys value, and replaced him with Martin May, a well-known turnaround specialist who has worked his magic at previous basket cases including Cape (CIU), construction company McNicholas. Sounds a wise move in light of the poor track record at Planestation, but a hoard of private shareholders have been in arms and created their own pressure group to reinstate Iny.

For the past month, the pressure group called pssilentmajority has been quiet. While Iny is legally restricted from detailed comment he ominously declared to shareholders recently: Silence and the passage of time do not mean inactivity!

Back at the coalface, May has revealed to Shares what he intends to do with Planestation, which will answer many shareholders queries but is likely to raise a few more.

For a start, he is definitely NOT about to break up the company, contrary to some expectations. For a start, we are not a regional airports operator with property assets, we are a property company with substantial airports assets. Our expertise is in portfolio management creating value by buying pigs ears and turning them into silk purses.

He freely admits that he has no experience in running airports, but does cite his previous track record and is relishing the chance to get to grips with a new industry.

May is looking for a partner to run Manston airport in Kent, which he regards as one of Planestations core assets. Adviser PwC has six months to come up with a partner likely to be a European airports operator who will be offered up to 49% of Manston in exchange for cash for Planestation to expand and acquire more businesses.

He reckons there is a whole queue of operators waiting to get their hands on Manston and he then goes on to reveal that Manston is about to get a BIP (Border Inspection Post), meaning that it can increase the amount of fresh cargo it imports from current levels of 40,000 tonnes a year to 180,000 tonnes a year.

Combined with an exclusive deal as the UK hub for EUJet, a budget passenger airline that is due to start flying to European holiday destinations from September, travel to and from Manston could be picking up.

Planestations other peripheral airports around the world are also being developed, with just one Cuneo in Italy being kicked out of the asset base. In Odensk (Denmark), May is examining the business plan; in Pilsen (Czech Republic), he reckons he can develop the property assets; in Parchiem (Germany), he is excited about the possibility of providing the support to build the new A380 jets. Parchiem is one of only two airports in Germany with a long enough runway to support airplanes needed to ferry A380 parts around providing it with a massive opportunity to increase revenues. At Lahr, in the Black Forest, there is a 600-acre site primed for development, and May hopes to develop an initial verbal agreement with a local international theme park to house ts guests

Of the remaining assets, Planestation is selling the Festival site in Liverpool for an as yet undisclosed amount, but well over 25 million. It is also hoping to develop its London City site in Enfield once with elaborate racecourse plans into social housing.

All this strategy is very well, but getting an idea of the true value of Planestation is far harder. Is it undervalued at 5.5p? New housebroker Evolution Beeson Gregory admits that there are a lot of ifs and buts and that the stock is a speculative buy. It all boils down to what you believe. The vision is being tightened up under May and they are focusing on airports with real potential. But you have to take a long term ie 10-year view, comments one analyst.

Over the coming weeks, May is meeting institutions from around the City and hoping to convince them of the strategy behind the new Planestation. He says he is not too bothered about a shareholders revolt and it appears that the silent majority are living up to their name.

Shares says: A new leader was needed to restore Planestations credibility in the City. Martin May is well-respected and could turn the company around, but it will be a long haul. Only those prepared to hang on for the long term and who like a bit of risk should stick around.

Fundamentalist

Polly Fergusson is wrong, this is not an AIM share.

However, I seem to have the wrong idea about share placings.

I thought that a fully listed company could not issue new shares without a shareholders vote or a rights issue.

Was this issue approved last year when the 4p placing took place?

Breeze

The constituent of the shares mag report contains a number of errors - the london city site is not in enfield but in redbridge!!!

As for the placing, no this was not approved with the 4p placing. I believe that a placing does not need approval until it reaches a certain % of shares in issue - but someone will no doubt correct me if wrong.

what the report appears to do is give some confirmation of the current strategy. Not the best medium for the company to update shareholders but at least we are a bit clearer now.

will have a look at the company website and see if there is any more info - will post if i find anything.

Firming up nicely towards the end of the day on good volume.

City wire reports the pru has increased its holding in this company.

Thanks hotrott. Does it say whether that was via the latest placement or in the market? TIA.

Fundamentalist

Thankyou for your reply.

Do you or anyone else know a website that explains the rules for share issues?

Google is not much help on this.