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.

Sorry Optomistic

we have crossed messages :)

No problem Golfclub, thanks for posting the link, I would have had to look at my notes as to how to do that. I do agree it is far better to cancel flights rather than run them at a loss. But how do they deal with the situation where there are only 2 or 3 bookings on an aircraft with no alternatative flights available from Manston, do they book them on a flight at Heathrow?

Information posted on another site:

First flight to Dublin developed problems with the landing gear, so flew to Norwich for attention. Cancellations arose as there is no spare a/c at Manston

Thanks to 'localspy'

OK, I take the point that you haven't actually been standing at the end of the runway, but what I really meant was that focusing on daily movements is imho not necessarily showing you the big picture. It's a bit like deciding to weigh yourself every hour when you're on a diet! Lots of ups and downs. The trend will take months to emerge.

can anyone tell me what if any the conversion rate is for the warrents?

Not a lot!! LOL. Sorry couldn't resist it. I'm sure someone will tell you rubbish.

warrants are covertible to shares at 10p

Thanks Fundamentalist - does that mean that after the conversion I can convert one warrent for one revised share at a price of 10p ? somehow don't thinkso.

Rubbish

I dare say there wouldve been huge buying of the warrants had that been the case. Part of the resolution that will convert 15 shares into 1 shares included the warrants become convertible at 150p instead of 10p!!!

RNS Number:2982D
Planestation Group PLC
24 September 2004


PlaneStation Group PLC ("the Company")

Placing and Option to acquire EUjet



Introduction


The Company is pleased to announce that it has today raised a total of #5.17
million (before expenses) by means of a placing ("the Placing") of 111,229,395
ordinary shares of 1p each ("the Placing Shares") at a price of 4.65p per
Placing Share. The Placing remains conditional on the admission of the Placing
Shares to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange ("Listing"). The funds raised will be used to provide
working capital for EU-JetOps Limited ("EUjet"), the low cost regional airline
in which the Company acquired a 30 per cent. interest in May 2004. The Company
has today entered into an option agreement to acquire the remaining shares it
does not own. Details of current trading and EUjet are set out below.


Current Trading


The Directors have continued to implement the strategy outlined in the
announcement of the results for the year ended 31 March 2004. On 24 August 2004,
the Company announced it had received a non-refundable payment of #1.5 million
from Langtree Group plc for the sale of its interest in the International Garden
Festival site in Liverpool. Whilst the sale remains conditional on certain
approvals the Directors are confident that this will occur by 31 March 2005. The
Company is also in advanced discussions relating to the sale of its 15-acre
freehold site at Lincoln, the sale of an interest in the business park at Kent
International Airport ("KIA"), and the disposal by auction of the 125-acre site
at Redworth and the 3-acre site at Hellaby. If successful these disposals should
realise some #10.8 million before 31 March 2005 and potentially further amounts
thereafter. The sale of these properties remains conditional on a number of
factors and there can be no guarantee as to the timing or the amount of any
receipts.


Income from the activities at KIA and the Group's other airports is not
sufficient to meet its operating costs. The Directors have been taking action to
cut costs and introduce other measures aimed at reducing overheads. It is
currently estimated for the current year that head office costs have been
reduced to approximately #4.5 million (from #7.8 million for the year to 31
March 2004) and the costs of running the airports to approximately #6.6 million
(from #11.1 million in the previous year).


EUjet


In addition to the above, the Directors consider it very important for KIA and
its other core airports to provide the Group with positive operating cashflows.
The Directors believe that establishing EUjet as a principal user of KIA is an
important element of this strategy. The Company currently has a 30 per cent.
investment in EUjet and in order to manage and control the investment required
to develop EUjet, the Directors have concluded it is in the Company's best
interests to enter into an option to take control of EUjet.


The Company has therefore today acquired for a nominal amount an option,
exercisable at its sole discretion, to purchase the outstanding issued share
capital it does not currently own, for the issue of warrants over 54,435,165
ordinary shares of 1 pence each ("Consideration Shares") exercisable between May
2007 and May 2010 at a price of 4.7p subject to certain performance conditions,
including increases in the Company's share price. debis Air Finance Ireland plc
will continue to hold a warrant to subscribe for up to 8 per cent. of EUjet and
this warrant and its exercise are uneffected by these arrangements.


It is a term of the option that all the existing shareholders of EUjet
contribute in aggregate Euro 875,000 to its immediate working capital; the
Company's proportion of this is Euro 300,000 and P J McGoldrick, the founder and
CEO of EUjet is contributing Euro 500,000.


The consideration structure reflects the ongoing financial support that EUjet
will require as it establishes further routes and introduces additional
aircraft. EUjet has been operating 12 routes since 1 September 2004. The
Directors are currently reviewing with EUjet's management the business plan of
EUjet and this review may have an effect on the ongoing working capital
requirements of the Company.


The warrants over the Consideration Shares are conditional upon the approval of
shareholders and it is expected that a circular convening an Extraordinary
General Meeting to do this will be despatched in the near future.


Board appointment


It is intended that P J McGoldrick, the founder and CEO of EUjet, will join the
Board of PlaneStation Group PLC on the Company exercising its option.


Listing

Application has been made for the Placing Shares to be admitted to the Official
List of the UK Listing Authority and to trading on the London Stock Exchange. It
is expected that Listing will occur on 29 September 2004. The Placing Shares
represent 4.99 per cent. of the company's existing share capital.



Share Consolidation



The share consolidation announced on 14 September 2004, of every 15 ordinary
shares of 1 penny into 1 ordinary share of 15 pence, will become effective on 27
September 2004. Accordingly the number of Placing Shares will be adjusted to
7,415,293 ordinary shares of 15 pence and the number of Consideration Shares
will be adjusted to 3,629,011 ordinary shares of 15 pence.

This appears a risky strategy to me. Further dilution and vertical integration of EUJet, which obviously cant afford to finance itself so PTG have got to do it for them! Statement makes it clear that PTG is far from breaking even (critical to long term success) and that more assets are being sold to cover the losses/cash outflow.

Dont sound good

Income from the activities at KIA and the Group's other airports is not
sufficient to meet its operating costs. The Directors have been taking action to
cut costs and introduce other measures aimed at reducing overheads.

And what happened to the estimated 25m from Liverpool

Fundamentalist

It looks like your PC converts pound signs into hashes.

Have you got it setup as a US PC?

apple
I don't think it is Fundy, if I recall correctly it had hashes on the RNS.

Socrates

I can see pound signs like this in the RNS

jeffmack

Mr May was a little bit ambiguous.
Maybe Mr May is damping down expectations to make the price look good when he gets it.

I have heard it said that he wants to get rid of small shareholders so he would quite like it if we gave up & let the big boys & him have our shares for a low price.

Thought I had posted this yesterday! Edmond Jackson's comments yesterday

Edmond Jackson: unhappy with PlaneStation
PlaneStation, the property/airports group in which I own shares, has raised some 5 million via a placing to provide working capital for EUjet, a discount regional airline.


After taking a 30% interest last May, PlaneStation (PTG) has now entered into an option agreement to wholly acquire EUjet.


I am wary this is a defensive move. Last year EUjet appeared to have a challenging time raising venture capital to get off the ground. Clearly these two companies' fortunes are intertwined: EUjet now appears critical to the future of Kent International Airport (Manston), which has just lost MK, its principal cargo customer. Today's trading update gives no indication even of prospects of this cargo business being replaced.


I can well appreciate that 'in order to manage and control the investment required to develop EUjet, the directors have concluded it is in the company's best interests to enter into an option to take control of EUjet'. P J McGoldrick, founder and chief executive, will join the PlaneStation board when the group exercises its option.


At least he is contributing 500,000 out of a total 875,000 from EUjet shareholders to provide 'immediate' working capital (suggesting it is tight). But he is an entrepreneur with money he can afford to lose and is deeply involved personally. I don't see McGoldrick's investment as reflecting worthwhile fundamentals, yet. Notice that Martin May, PlaneStation's chief executive, negotiated share options rather than bought shares in the parent company. Shrewdly, he is not exposed to the financial downside.


The statement makes plain the 'ongoing financial support that EUjet will require as it establishes further routes and introduces additional aircraft'. A current review of EUjet's business plan 'may have an effect on ongoing working capital requirements' though I wonder whether the business is not going to plan.


Today's statement shows how the limited insight possible at last week's AGM was quite flawed.


One shareholder expressed publicly to the board his impression from the meeting that actions to cut costs and prioritise revenues meant the group appeared to be approaching break-even; that this was a genuine prospect for 2005. None of the directors qualified this view. But today's statement flags an uncertain scenario for cash flow, making a bald point that 'income from the activities at KIA and the group's other airports is not sufficient to meet its operating costs.' Various property sales are hoped to raise some 10.8 million before 31 March 2005 (the group's financial year-end).


Not surprisingly the placing price has been struck at 4.65p a share (thus 111.2 million new shares), a fair discount from recent levels. This may explain why the shares have been falling from a 6p area.


I am perturbed at the apparent mismatch in information flow. Just recently two separate fund managers implored bearish views to me, as reason to sell, albeit on a rationale of poor progress with a property asset in Liverpool. Martin May denied this at last week's AGM. Perhaps I should have simply recognised bearish stances coinciding, as a hint.


I find I am 'behind the curve' interpreting PlaneStation, not least because management has declined to discuss the business with me - even though it must have given fund managers a thorough exposition, to raise capital and negotiate its pricing. To an extent I recognise a difficulty engaging anyone media related, at such a time. But at the AGM the chairman was less keen for me to speak with management before Christmas. It is an unsatisfactory basis for me to follow this high-risk share, lending it credibility with the public.


I will retain a holding in PlaneStation, still in good profit. A 1 for 15 share consolidation is designed to increase the appeal to institutions. This is indeed a share for professionals: specifically hands-on venture capitalists with a direct line to management.

7 arrivals and 7 departures sceduled for today, if the passenger loads are above break even? that is not bad for Sunday.