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.

Thats 2 companies that i have in my portfolio that have consolidated in the last 2 weeks :(

Thought Edmond Jackson's summary of sentiment of meeting may be of interest.



PlaneStation's annual meeting got off to a prickly start yesterday, with various shareholders annoyed that the property/airports group was convening at 9am in a clubhouse besides a windswept gravel pit in Essex.

Several people also remained perturbed at how founder Oliver Iny was removed in a boardroom coup last year, so the meeting got bogged down at times. It was a pity the objectives of new chief executive Martin May were not better clarified since his appointment, or to start the meeting. Once he was spurred he came across with a clear grasp of the management issues, but it was all quite random.


In terms of worthwhile new information, a sense emerged of breakeven becoming possible for the loss-making group. This contrasts with the latest published forecasts (10 August) by Evolution Beeson Gregory, company broker, for a loss of 8.5 million in the year to end-March 2005, and a loss of 3.5 million in 2005/06. However, May said these forecasts were made before confirmation (24 August) of an agreement to progress the sale of the Liverpool Festival Gardens site.


May denied rumours that the project could yet be stymied by obstacles within Liverpool City Council (which would imply limited funds for PlaneStation). The late August announcement had anticipated further payments after an initial 1.5 million although he said amounts remained confidential.


The reason for a spike in the share (PTG) price near 7p in June appears to have been May's institutional fan club buying in; he conceded, on nothing more than his track record at AIM-listed Cape, a supplier of industrial services whose share price has soared from 6p above 120p. Since then PlaneStation's price has consolidated back near 5p.


It is easy to assume a recovery specialist can work the same wonders at one business after another, when some have intractable problems and the economic factors weigh against. With PlaneStation the development of freight and passenger services at Kent International Airport (Manston) in Thanet has yet to be proven. But May said he had joined the group impressed with potential to unlock value in its assets.


The penny shares will consolidate in due course, on a 1 for 15 basis, a move I tend to regard as window dressing but is claimed should improve the dealing spread for private investors.


I continue to hold, to see what May delivers, rather than judge prospects from a volatile share price. But the AGM was an opportunity missed for him to clarify his thinking and actions.

Posting copied from another BB posted by redoptimist (no connection)

Views of a broker who attended yesterdays AGM.


'Yesterday I attended the Planestation AGM in order to evaluate the new management of the Company which has been thrust on us by the Company's largest shareholder, the Prudential.

I have for some time suspected a hidden agenda but had not expected events to unfold quite so quickly and needed to meet the new Directors in order to form my own opinion as to their capability.

I was pleasantly surprised. A firm element of realism pervaded the Directors' table. Talk of sound and sensible management was confirmed by the overheads being substantially reduced. Improved revenue from the start up of services from E.U. Jet which is now into its third week of operating out of Manston; the receipt of 1 million from Langtree as a down payment on the Liverpool asset have all helped.

The Company has moved away from the past year's tendency to over promise and under deliver into a new level which promises actions speak louder than words. It was therefore a surprise when the Chief Executive stated he anticipated that in the current year the Company would bank sufficient receipts to cover costs.

When Edmund Jackson of the Sunday Telegraph queried this statement as Planestations own Brokers were going for a 8 million loss, it was pointed out that Liverpool held the key and having already received 1 million the Company was factoring in perhaps 7 million as a further payment by March next year which to me sounds attainable with further stage payments expected in future years.

The consolidation of the shares was discussed and again I detect the hand of the Pru behind the planned consolidation of the shares on the basis of 15 Ord. shares of 1p each being consolidated into 1 New share of 15p each.

At present the company has 3 billion shares of which 2.224 billion are issued. If my maths are correct, the share capital will now be only 200 million shares of which 148.27 million will be issued. With the current share price straddling 5p, the 15p shares should be priced at 75p valuing the Company at 111 million only. Frankly I could make a case for buying the shares on their Manston Airport and business park alone on this basis.

So a recap, divide your existing holdings in Ordinary and Warrants by 15. (The Warrants will now be exercisable at 150p) in my opinion on balance I am in favour of the turn of events which has pruned the overgrown tree that was Wiggins into shape and can be expected to bear fruit in the years ahead.

One final thought although past performance should not be used to judge the future. The Prudential put Martin May, our Chief Executive into another problem company where they had a near 15% interest two years ago when the shares were languishing at 10p. The price today is 120p. Makes one think doesn't it!'

Eddie,
Yes ,was nearly into Chorion, weeks before the consolidation, so left it alone afterwards,
I don't have good memories of consolidation companies I'm afraid(DUC) and Costain, a few years ago.

Snakey.
That will do me Tommy,2-00 at Xmas, but that will be with the consolidation your'e saying of course.

Thanks for the replies..funny old days trading again today, you have to guess the buys from the sells I expect,typical of PTG , a web of intrigue carries on, and on...

Optimistic,
Superb piece of information, brings a smile to my face for once, or rather "HOPE"

Something is going on at BFAL - Lahr.
The website has been updated with news items and there is a survey being carried out.


www.blackforest-airport.com/deutsch/passagier.htm

http://www.blackforest-airport.com/deutsch/pic/pdf/umfrage_BFAL.pdf

Good luck
Eddie

Thanks Eddie,
But I don't understand the language. I'll bet you have posted on here to see if someone will translate it. I like you will eagerly await the outcome, sure we won't be dissapointed :-)

Optomistic,
A 'very' rough translation is given below: in essence the company is contesting the refusal. As I had expected them to do.
I expect the survey is to canvass opinion on possible destinations, a similar exercise to the 1 carried out prior to the EUjet announcement at Manston.
Good luck
Eddie

The Black Forest air haven Lahr GmbH ("BFAL") raised Latham & Watkins
complaint today with the administrative court in Mannheim by the
attorneys representing it on distribution of requested airport
permission. Axel Grossmann, Geschaeftsfuehrer of the BFAL, explains as
it: The collection of the complaint shows that we do not give the
fight up for passenger flights for the airport in Lahr. The reason,
with which our request was rejected by the district administration,
does not convince. The district administration followed the arguments
from Stuttgart and north bathing. There one wants to refuse us with
reference to the allegedly which is missing need to appear as at the
market of new offerers straight for flights in the low price segment,
in addition, for business travelers. We do not accept this
inadmissible restriction of market entrance. The refusal of our
request hurts federation and European right. We cannot imagine that
this decision before the administrative court has existence. The
continuing support by politics and economics in the entire region
shows that we are on the correct way. We thank all ' those, which
fight with us for the realization of the idea of "passenger flights
from and to Lahr". Tony Freudmann, Vice President of the tarpaulin
station Group PLC, explains as it: As parent company of the BFAL we
support their fight for the distribution of permission. We stand
without reservation to the concept of passenger flights from and to
Lahr. Our discussions with our partners in Melbourne/Florida and other
place one show that interest and need at such flights exist.

This sounds interesting.


Business flights starting from BFAL/need inquiry:

The Black Forest air haven Lahr GmbH accomplishes an inquiry in at
present with the enterprises of the region. With assistance of this
inquiry an analysis of the existing demand for Business flights is
to be provided to important German goals, under other one to Berlin
and Hamburg in the context of the existing Fluggenhemigung. Sufficient
need determined could starting from Lahr daily line flights for German
domestic goals be offered. Besides flights could make a fast
world-wide connection of and to Lahr and/or into the region southern
for Munich possible to the Lufthansa spider upper Rhine. Closing date
of the inquiry was 03 September 2004. Given to at the end of of
Septembers first results admits.

Good luck
Eddie
(it was roughly translated from):-

Geschtsfle ab BFAL / Bedarfsumfrage:

Die Black Forest Airport Lahr GmbH frt im derzeit eine Umfrage bei den Unternehmen der Region durch.
Mit Hilfe dieser Umfrage soll im Rahmen der bestehenden Fluggenhemigung eine Analyse der bestehenden Nachfrage f Businessfle zu wichtigen deutschen Zielen erstellt werden, unter anderem nach Berlin und Hamburg.
Wird genend Bedarf ermittelt knten ab Lahr tlich Linienfle zu innerdeutschen Zielen angeboten werden. Zudem knten Fle zum Lufthansa-Drehkreuz Mchen eine schnelle weltweite Verbindung von und nach Lahr beziehungsweise in die Region Slicher Oberrhein ermlichen.
Einsendeschluss der Umfrage war der 03. September 2004. Bis Ende September werden erste Ergebnisse bekannt gegeben.

And the last 1:-


Line flights to important geschaeftszielen starting from Black Forest
air haven Lahr (BFAL) Ladies and Gentlemen, whom tarpaulin station
Group intends to develop a network from regional flights to German
large cities of the Black Forest air haven Lahr. While the law case is
continued around a complete airport permission by the tarpaulin
station Group PLC with all means the available, a further important
task exists to develop regular business flights starting from BFAL in
the meantime. At present existing flight permission makes it possible
to offer flights with certain regional airplanes under 20 tons. It is
conscious to us that business travelers must spend very high costs,
trouble and time for the moment, in order to arrive at larger economic
centers within Germany from our region. We provide at present an
analysis those to point out are, which air lanes (within Germany) with
regional airplanes, with enterprises in the region resemblance to
find. In order a clear picture over it to receive which routes you,
your colleagues, customers in addition, visitors would take up, would
like we you to ask to fill out the enclosed questionnaire. In this way
we intend to provide a custom-made demand analysis particularly
regarding the following points: ideal flight plan flugpreise so
we can find air targets out, which solutions for you and your
enterprise, in the comparison with the at present existing
possibilities are most meaningful. Finally we would like us in both
with the IHK, and with your enterprise, for which during the procedure
for a complete airport permission thank you public support already
brought.

Looks like they intend to get something up and running as soon as they can whilst they carry on fighting for the unrestricted pax.

Good Luck
Eddie

Cheers fot that Eddie.

Did you go to the AGM?

Fundamentalist,
Your welcome,
Yes, but it went as I expected. No surprises.
Good luck
Eddie

Thank you Eddie

Thanks Eddie

Has anyone any views on the consolidation of shares effective 24 September '04 please? I have received notification today of the reorganisation. My previous experience with 'consolidation' has always left me out of pocket!

Likewise Bella but what can we do about it. Its simply sell or hold, I feel to jump ship now would be premature, if PTG succeds the gains will be enormous if not we will lose, it's just one of those gambles with prospects IMO

bella

Look what happened after consolidation of EEN shares, price took off like a rocket. It drew attention to EEN.

It's the company prospects that matter, consolidation just draws attention to the company.

Somebody just bought 35000 worth of PTG shares, I wonder if it was a director buy?

A general update on air cargo forecast from Boeing:


http://news.airwise.com/stories/2004/09/1095269923.html

today's telegraph:

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/09/19/ccjack19.xml&sSheet=/money/2004/09/19/ixcoms.html

I Set off early last Tuesday to learn what Martin May, PlaneStation's chief executive since March, had to say at the company's annual meeting.

He conceded that institutional buying (which helped the shares from 5p to almost 7p in June) was based on hopes that he would repeat his achievements at Cape, an Aim-listed industrial services group. Within two years, Cape shares rose progressively from a low of 6p to above 120p. But I see this property/airports group as a tougher challenge.

I was disappointed that May did not stamp his authority on the meeting with a presentation on his objectives. This meant it quickly descended into shareholders expressing anger about the time and location: a 9.00am start beside a gravel pit in Essex.

PlaneStation's change of chief executive has never been properly explained, and it was not surprising that May got attacked from various sides. But once spurred, he put across a clear sense of management issues.

His actions to cut costs, reduce debts and prioritise revenue streams appeared to imply that breakeven was possible in 2005. A problem with being specific is that directors must avoid giving forecasts to anyone in particular.

I continue to think his 25m options at 4.47p (subject to performance criteria), rather than his buying a respectable amount of shares, flags the risks in PlaneStation and the timescale that may be needed to deliver value. But May said he had joined with genuine excitement about a lot of potential to create value with the company's assets.

After formal business I got a sense for good news at the end of the month; but timing can always drift. A lack of news has been responsible for the price falling back to 5p. A one-for-15 consolidation in due course should narrow the spread and appeal to institutions.

The investment rationale does involve belief in May's ability, and in this respect the AGM encouraged me to retain my shares.

I then posted the following on another board.


Roger000 - 19 Sep'04 - 11:41 - 6872 of 6874
You said - in response to the EJ article, the following 1 line

'but not enough to buy more shares.'


How very astute and informative of you to point out that EJ did not say he would be buying more PTG shares.

May I point out the following;
From my recollections,
EJ suggested buying PTG from/at around 2.5p.
(he based buying then on the company assets).
He then stated that he backed the re-financing at 4p.
He has continued to hold the shares and has today stated that he will hold.
He - I think must have see his profits reduce in line with the share fall from near 7p. Yet he continues to hold.
Institutions have followed his buying.
Im going to follow his lead, as far as I see EJ has done a great deal more research than you have done - and he has put his money where his mouth is.
Good luck
Eddie

Its comforting to see so many flights take off and land on a sunday.

Good luck
Eddie

Arrivals

EUJ424 FARO FAO 12:50 LANDED
EUJ234 NICE NCE 13:54 LANDED
FPO1711 VERONA VILLAFRANCA V33 15:47 LANDED
EUJ258 JERSEY JER 15:52 LANDED
EUJ206 AMSTERDAM AMS 17:16 LANDED
EUJ214 BARCELONA (GIRONA) GRO 21:00 LANDED
EUJ286 PRAGUE PRG 22:34 LANDED



FLIGHT DEPARTURES TO AIRPORT TIME STATUS

EUJ423 FARO FAO 06:33 DEPARTED
EUJ233 NICE NCE 09:47 DEPARTED
EUJ257 JERSEY JER 13:40 DEPARTED
EUJ205 AMSTERDAM AMS 14:55 DEPARTED
EUJ213 BARCELONA (GIRONA) GRO 16:36 DEPARTED
EUJ285 PRAGUE PRG 18:18 DEPARTED