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.

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.

Just noticed what a tight spread is showing for PTG, 5.95/6.00. Can't get much narrower than that!

Socs

WINS are on the offer at 6.0 the next is at 6.5 so im not sure the spread will last for long

Funders
If that means the price may tick up I'm all for it!

And there she goes up to 5.95/6.20

Probably helped by that 178,580 buy.

The Manston spy, at great risk to life and limb, has just reported that the press are gathering at Manston. I surmise that this may be connected with the forecast 11:35 EUjet arrival.