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.

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Now Iny has been replaced by corporate rescue specialist Martin May, while John Mackay has taken over as chairman from Richard Bernays.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

One more try

if it doesnt work the link is www.kentonline.co.uk/business/news.asp?article_id=15613



http://www.kentonline.co.uk/business/news.asp?article_id=15613

EU Jet sitting on the Apron at Manston this Eevning :))


Have a good one G12

Where is PTG now?

Now that we have all seen the recent results. Where is PTG going?

Lets start with LFG, (an 84 year (or lifelong) lease)
We all know its up for sale-
According to the results, the negotiations for the sale are well advanced and will be sold at some profit to PTG how much profit is the question.

From the statement,

Fairlop Waters - Redbridge
PlaneStation originally submitted proposals for a racecourse on the 345-acre site. Although the inspector approved the application, it was rejected by the Secretary of State due to the scale of the grandstand and the impact it would have on the Green Belt. As announced in June this year, a revised application addressing these issues has now been submitted and we are confident of a positive outcome.


Burford,
In my opinion, Burford will be kept in the portfolio because of the huge potential involved in housing development in the oxford area. Oxfordshire is extremely short of housing. Planning permission is difficult but not unreasonable. This is like having money in the bank. ???

Other UK properties,
These present lesser value properties and I think they will be sold as and when the company can do so.

Kent International Airport (KIA).
Hopefully, the BIP will very soon see an increase in freight throughput. (This single entity was expected to see the airport break-even).
KIA is about to see the arrival of passengers for the EUJet flights. Many opponents and anti airport posters/protesters would have us believe that KIA will loose money in dealing with these passengers.
OK look at it this way as the passenger numbers grow- KIA/PTG gains more in car park revenue.
KIA/PTG owns the car park.
Also as KIA/PTG owns the terminal,
KIA/PTG gains in rental income from any of the resident businesses that rent space inside the airport.
Be this from food/shopping outlets to car rental companies etc.


Now also look at the details of the EUJet deal, others on this and other boards have said that EUJet have a favourable deal regarding fuel and landing fees. I dont know where they have seen this and I certainly refute that any favourable deal has been publicised.

At the very least the EUJet deal is the first deal with a passenger airline that will use KIA.
This deal does not stop any other airline using KIA. This deal may in fact encourage other airlines to use KIA.
PTG is part owner of EUJet so PTG will undoubtedly share in the success of EUJet.
With the BIP and the passenger numbers then the airport should show a profit in the near future.


Orlando and Lahr are quoted as now being core airports, for these airports to be quoted as core I foresee that there must be a possibility of regular flights between these airports, if only to make the core distinction.
The other airports.
Parchim, Pislen and Borgond airports will I would hope become core in the long term. In the meantime they will I hope grow through charter and freight use.
Good luck
Eddie

Eddie

thanks, a most comprehensive post.

one point to add - planning at Burford will be exceptionally difficult and the council is one of the worst to deal with in these regards (I have worked for a housebuilder in Oxfordshire for several years). The location is good but the allocations are made within the local plan and the majority of development is focussed around Didcot still - I feel this one may take a long time to come to fruition.

Looks like someone selling PTG bigtime. Seems an odd time to do it, what with EUjet saying sales are ahead of expectations. A successful Manston will completely change perceptions of PTG and the shareprice will rise accordingly IMO.

Eddie is right in that if EUjet is seen to be making a go of it at Manston, other air operators will follow. It just needs to be demonstrated that passengers are prepared to fly from there and the cost savings for operators will be irresistable.

Here's interesting isn't it, look you:

http://www.kentinternationalairport.com/

Was thinking of going to Girona for a few days, 16/9 - 20/9. Two adults with Ryanair 199.48, with EUjet 130.30.

As I live in Kent I guess I will use EUJet

This share doesn't seem to move these days.

It used to move almost every day.

Share price stalled...waiting for further news, announcements etc., before resuming take-off ! (I hope !) (imho) Markets are quiet anyway.