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.

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.

From Norwich you reckon? Sounds like the EUJet investor who heads up Hoseasons Holidays is courting some publicity. Please do keep us posted.

Interesting late trades.

News from the front at Manston says that work on the carpark is continuing and that "the Black Hangar" is being demolished to make space for more offices.

From Hemscott's weekly bulletin:

"Is it a airport? Is it a property company? Wiggins has changed its name to Planestation but new management seems set on throwing the engines into reverse, says Rodney Hobson.

--------------------------------------------------------------------------------

Wiggins has been an investors' nightmare for years as it attempted to transform iutself from a property company into an airport operator. The then chief executive Oliver Iny told a compulsive story about forming a chain of airports across Europe and in America, building on his experience at Manston airport in Kent, yet somehow the dream has never translated into reality.


Iny's idea was that smaller airports off the main traffic routes but near enough to fair sized towns and good road systems would attract cargo flights. Development of the Planestation network would be funded by land sales from sites that had planning permission for housing and mixed development. These sites were already owned by Wiggins from its property days and were unrelated to the airports.

Alas, as any developer knows, planning permission is hard to come by and the airports continued to absorb cash, leaving Iny with no option but to launch a series of rights issues to keep going. The shares collapsed to just 3p.

Now Iny has been replaced by corporate rescue specialist Martin May, while John Mackay has taken over as chairman from Richard Bernays. They have already managed one improvement, getting the results for the year to March out in July, just seven months after the last annual figures.

They do not, however, make pretty reading. The pre-tax loss of 17 million are greater than turnover at 12.2 million, the sort of performance that used to be reserved from dotcom start-ups. The previous year's loss was 12.8 million on turnover of 38.1 million.

There is, admittedly, a kitchen sink look about the figures. For example, the value of Baltic Airport hnas been written down to the tune of 1.2 million while head office costs have been reduced at the cost of 1.5 million of one-off charges.

That has been balanced out by the booking of 5.3 million profit from the sale of land into a joint venture back in 2002.

A quick review by May has uncovered the fact that some airports in the system are carrying no traffic but Planestation is paying hefty lease charges. He intends to find airline partners or walk away.

May said today with chilling frankness: 'There is no-one on the payroll who is an expert on running airports.'

He referred to Planestation as a property company, adding: 'If that breaks a few hearts along the way, you've got to decide why you're here.'

Planestation shares currently trade around 6p. They represent a great recovery gamble but there is no guarantee that May can sort out the mess, although he has raised enough cash to keep the group going. Restrict any investment to modest proportions.

What a statement from May: 'There is no-one on the payroll who is an expert on running airports.' Oh dear :-((

Opto

Starnge - you picked exactly the same statement as me - just seems to add to the confusion as to what is the current strategy!

Thanks for msg 678 Fundamentalist

but how depressing!

hopefully this is a bit more uplifting

Try again