Watch out for this one floating in the next few days, it could turn out to be the float of the year. Theres not much available on the company yet but I have found the write up below which shows the fantastic potential of this one. Note just how cheap it is.

New Issue: here's one that's more than hot air

Published: 12:45 Monday 27 February 2006
By Cliff Feltham, Companies Correspondent

Owners of thousands of buildings in the UK are facing massive bills over the next few years to comply with new energy standards, which is good news for new AIM entrant Worthington Nicholls.

Air conditioning and ventilation units using ozone depletive gases have to be replaced by systems using more environmentally friendly gases.

The measures are creating a windfall for air conditioning installation companies like Manchester-based Worthington Nicholls which is to float on AIM with a price tag close to 35 million.

The firm, which has been around since the early 1970s, needs extra working capital to cope with the influx of orders which will see this year's turnover climb from 11.7 million to nearly 30 million.

The flotation, sponsored by broker Corporate Synergy, will also allow founder chairman Peter Worthington, who is nearing his 70th birthday, to sell shares worth around 7 million.

After years of steady progress, the firm has seen a huge jump in work triggered by new energy efficient legislation flowing from the Kyoto Agreement.

The deadline for owners of buildings to replace air conditioning, heating, ventilation and chilled water systems using banned gases is the end of 2009.

Chief executive Mark Worthington, son of John, believes there are at least 9,000 buildings in the UK which will have to comply with the new regulations. But the figure could be much higher. ' We are talking billions of pounds here,' he says.

Worthington Nicholls has concentrated on servicing hotel and retail clients which include Hilton, Holiday Inns, Debenhams, Arcadia and Boots.

A new, energy compliant air conditioning plant in a high street store can cost anywhere between 80,000 and 120,000. Re-fitting a Debenhams branch cost 670,000 while hotels can expect to pay around 3,500 a room for a new air conditioning unit.

Worthington Nicholls offers a complete service, designing the system, managing installation and providing regular maintenance. At present income from maintenance contracts is running at around 20% of total sales but that is expected to rise.

The flotation, which is raising a total of 15 million, will also provide a warchest for acquisitions. Two deals have already been lined up with will add another 20 million a year to turnover.

Mark Worthington says there is huge scope for acquisitions. The company claims to be market leader yet it only has a 3% share suggesting plenty of room for consolidation.

The company is making some confident assumptions about future growth. Profits are expected to rise from 3.7 million last year to 8.6 million in the current year to September. By 2008 it is projecting earnings of 12.6 million on sales of 45 million but this does not take into account any contribution from future acquisitions.

Says Worthington: 'Stringent environmental legislation has changed our business. Now the large international hotel and restaurant groups prefer to deal with a single supplier. We believe there is huge scope for expanding not just in the UK but across Europe.'

Price of the shares being placed will be fixed over the new few weeks following investor presentations with dealings due to start in about a month's time.

Please DYOR and do not use money on shares you cannot afford to lose.

cheers GF.

You are doing well on deramping, David10B, LOL

Hardly as I would not touch it until it settles on the bottom and all I can say is that I KNOW ITS GOING THERE BUT CANT CALL THE LEVEL.

I DONT DERAMP I BOTTOM FISH FOR RECOVERY.

With reference to the above after a weekend of research I dont think I will be able to even bottom fish this one.

I am into mining stock BHP being one of my largest holdings.

Copper prices are getting up there again a set to rise further, they reckon there about two years supply left in reserve.

If the prices of copper shot up, and they might, its goning to be hard going for WNG.

I will leave the rest to you to work out, but I just scratched this one of my bottom fishers' list of ones to watch list.

I dont short so I guess there no profit left in this one.

"Zero" is always the potential bottom was what I was taught. ;-)))

yep the big Z

heading minus 100p today looks likely

I brought some at 115p citing this as an opportunity. However its not looking good. Anyone, any adivce

Gee man sorry the hear that you did that. I dont think you will see a better time to cut your losses than right now.

I was saying earlier that its going to go through the 100p------and it is sometime today.

Take a look at MLR to get some of your money back.

MLR...YOU MUST BE JOKING.

LOLOLOLOL

OH AND WHY WOULD THAT BE SO SIR?

PLEASE LET US HAVE YOUR REASONING ---------------------------------------------AND NOT THE USUAL BRAINLESS SPOUTINGS YOU ARE FAMOUS FOR.

SECOND THOUGHTS.

PLEASE ALL LISTEN TO HASBEEMER2 AND WE WILL COME BACK HERE IN THREE MONTHS IN ORDER TO CONFER.

How can one bad trading update(and ok, one "mistake") suddenly change the company from good to bad. The fundamentals still look strong. The order pipeline is solid.

Market is not respecting WNG fundies at the moment, is oversold on RSI but could stay oversold for a while yet, my view is David seems to be right at present, but I would expect alot of interest if this goes near 80p.

With respect to MLR had a look, and very interesting, story is a good one, all buys today. tempted...

There must be a massive sell order in or MLR would be blue...anyway they are in debt.

Wrong again hasbeemer,

please show us the debt and not the structure debt on the take over as that was brilliant financing over 5 years and to be paid for out of projected profits.

Apart fromthat the order books are full with increased sales and company has a cash surplus.

Please therefore try to think a little before gobbing and then putting it here.

I think WNG has lost the trust of its shareholders now...lots of people bailing out.

Look at what happen to Wiggins (WGG) a slow pAinfull death to many an innocent shareholder that did not get out in time.

Now below the 100p as I felt it would be.

I trust some of you got out and got into MLR earlier today when WNG could get you over the 100p mark, and MLR was a lot less than it is now.

If the directors bought around 550,000 pounds worth of shares and its good enough for me. It takes a bit of time for the price hike to come again.

Best value, if you are looking at fundamentals as of today is TSX:CVV.
Fillyerbootsgardenshedsandsheeppensifyouaredil.
d. :-)