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.

Nothing heard about the Liverpool site disposal. Statement promised in June from PTG.
Has it all gone top secret. "Not for shareholder information"

Expect that we will hear something with the results

Well results are out. Just had an initial read and nothing too surprising imo. Will post thoughts once fully digested

Results highlights:

Pre tax loss of 17m (12.8m last year)
51m raised during year via share placings
Manston cargo volumes up 31%
Board restructuring as previously announced
"Formal steps are being taken to remove Mr Iny and Mr Lansbury from the board"
Asset write downs relating to Fairlop and other smaller properties
Net interest reduced and to be greatly more so this yr
Costs cut by 46% (including rent)
Director salaries reduced by 49%

strategy appears to be to focus on the core airports and core properties (with implication that the properties will be disposed of over time)


Quotes:
From Johm Mackay (chairman)
The management team is aggressively implementing a programme of business development, at Manston in particular, and of non-core asset realisation. These, taken together will, I believe, form a strong basis for our Company's future development.

The scale and complexity of the Group's assets may necessitate inviting other
parties to consider joint ventures or partnerships. We will advise shareholders
of progress as and when developments take place.

With a firm strategy in place, a strong management team, and solid institutional backing, I believe that we can now look forward to re-energising and rebuilding a successful business. We have every confidence in the Group and look forward to delivering sustainable growth in the future.

From Martin May (CEO)

I believe the key to the success of PlaneStation is to focus on its strengths and to build a foundation that provides both financial security for the Group as well as a solid platform for growth. Although we have achieved much in the last few months, we still have a lot to do. I am optimistic about the future prospects for the Group and look forward with confidence

Following on from the review of our airport assets, it is clear that the
strategy of the Group is best served by concentrating on those assets that are
core, those that will create real and significant value for shareholders. The
Group's core airport assets include Kent International Airport at Manston, Lahr
in Germany and Melbourne in the USA.

Following on from the review of our property assets it is clear that the
strategy of the Group is best served by concentrating on those assets that are
core, those that will create real and significant value for shareholders.

re LFG:
We have concluded that this is best served by selling the site to a residential developer. Although the exclusivity period granted to the Langtree Group has now expired, the negotiations for the sale are well advanced.

re: Burford
In due course we will be submitting plans for residential development but we anticipate the process could take several years.

Non-core property assets include sites in Lincoln, Redworth and Hellaby. These
properties will be actively marketed and disposed of as soon as practicable.

Shares have been marked down 0.25p. NMS appears to be 50k sell and 250k buy!!!

ooops the eagle has been shot down!!

The mark down, in my opinion, results from a number of causes:

1. Sellers who thought that the results would show a drastic improvement. I cant see why they would have thought that since the revenue earning activities don't really start until September.

2. Shorters. Bound to be a few taking a gamble.

3. Market Makers up to their ususal tricks.

4. Investors taking advantage of the results effect hoping to buy in at a lower price.

There are probably more, some people may be worried about the new Hungary venture.

Nothing encouraging here. I took my loot @ 6.6p some while ago and if I was still in I wouldn't be for long. Not saying it won't be a good trading chance in the future though.

optomistic
Do you fall into the No. 1 category then?

No Socs I sold 18th June they looked to me to be topping out around there, looks like I got it right for once.

Nice one Opto. I'm in long term but I would do a trade if the time looked right.

Results were never going to be brilliant so...MMs / investors looking to buy in at low prices. Wouldn't be surprised to see this one go down a bit further. Wouldn't be surprised to see big buyers coming in later today, It'll start picking up again - no problem ! particualrly if Matin May buys and news on the Liverpool site is released in the coming weeks..(IMHO) :)

The fall has triggered my stop loss so I'm out.

The results caught me by surprise, when was it announced that they would be out today?

Apple

i dont think there was a formal announcement though i did post recently they were expected about now

Planestation still stuck on the runway

Published: 10:40 Tue 6 July 2004
By Graeme Davies, Companies Correspondent


Planestation suffered widened losses in the year to March but new chief executive Martin May reckons he can turn it around by launching low fare flights at its Kent hub from September.

Losses at the airports-to-property group widened from 12.8 million to 17 million due to fewer property disposals and a number of one-off charges.


However the company (PTG) continues to gain support on the back of the strength of its property assets, where other less fortunate companies may have folded by now. This point is proved by the fact Planestation managed to raise a total of 51 million during the year.


Martin May was brought into the company in March to replace Oliver Iny as chief executive and he has slashed costs, including a 49% cut in the board's total salary.


May has identified Planestation's core assets including its airport at Manston in Kent, which currently acts as a cargo hub but from September will host budget flights by Irish airline EUjet. Planestation has cemented this relationship by investing 2 million for a 30% share of EUjet.


At Manston, Planestation has also invested in a border inspection post that allows it to process products arriving from outside the EU. The company is also in discussions with the Strategic Rail Authority over a direct rail link to the airport. Management believes Manston can play a significant part in providing relief to the major airports of the South East of England as demand continues to grow rapidly.


The other core airports in the portfolio are at Melbourne in Florida, close to one of the world's largest cruise ports and Disneyland, and at Lahr in Germany, where an application for a full passenger licence has been made.


Non-core airport assets include the Baltic airport at Schwerin-Parchim in Germany, Pilsen in Czech Republic and Borgond near Lake Balaton in Hungary.


Planestation also still holds significant property assets in Liverpool at the former Garden Festival site which it intends to sell to a residential developer.

The much-vaunted plans for a racecourse close to Fairlop Waters in north east London, which were previously vetoed by John Prescott, remain in development and a revised application has been submitted. Planestation also has a brownfield site at Burford in Oxfordshire which it has earmarked for residential development to ease the property shortfall in the area.


Citywire Verdict:


A great number of investors have placed their faith in Planestation and its previous incarnation Wiggins down the years and it still has a promising portfolio of assets. May has begun his job well, slashing costs and identifying core assets for development.


However Planestation has to finally deliver some truly positive progress and the next 12 months will be crucial in that respect. Its shares, down 0.725p at 5.825p today, are likely to continue to mark time until progress becomes more apparent. May has City support on his side and the company appears reasonably well funded, he needs to repay that faith in the not-too-distant future.

Thanks Fundamentalist but how did you know when?

BTW

What site did the info from "Graeme Davies, Companies Correspondent" come from?

Who does he work for?

Apple

The date came from an article/posting by Edmund Jackson (of the Sunday Telegraph), the other piece from Citywire

Thanks Fundamentalist

Good to see for PTG holders that the steam seems to have gone out of the selling. Small rise this AM

A Manston spy tells me that an EUjet flight from Norwich is due in at Manston at 11:35, listed as EUJ296P. Might be interesting to see what it is and why it's there.