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.

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.

Hi Orson

It just says that M & G investment management aquired 2,638,302 yesterday on behalf of the pru.

Hotrott probably where a lot of the sells of the last two days have been going.
When the loose holders have dried up we could be in for a nice steady gain,
all xxx'd :-))
opto

Cheers hotrott - sounds like market purchases - I agree with opto & all sells seem to be soaked up. As he says, there is a finite no of sellers.

Kent county council have invested 100.000 in Eujet.

Full story at:- www.kent-online.co.uk/news/default.asp?article_id=14738

Sorry you will have to type this in yourself don't know how to set up a link.

Link added below.

http://www.kent-online.co.uk/news/default.asp?article_id=14738

Thanks Socrates

Socrates thanks

How did you do that?

hottrott

It's very easy. When you are viewing the page you want to link to, you right mouse click on the line at the top of the screen called "Address".

Then from the drop down menu select "Copy".

Then go to the reply box on MaM where you write your message and write your message. Then look below the box and you will see a small box called "link:", then right click in the box and select "Paste".

Left click the box marked "insert website link". You will then see a load of gobbledegook appear in your message. Then post reply as normal and, hey presto!

http://www.kent-online.co.uk/business/news.asp?article_id=14688

Thanks Socrates just practicing. Good news item anyway.

http://www.kent-online.co.uk/business/news.asp?article_id=14688

http://www.uk-wire.com/cgi-bin/articles/20040604093932PD6C7.html

Still practising

You've got the knack of that now Hotrott. Can we appoint you as the official poster of PTG news links. Pref good news. :-))
Have a nice day
opto