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.

Would be a 'highly leveraged' purchase Jeff!! will be interesting to see who is in fact behind it. Reckon TBI could go this time.

Article from PTG website:

18 NOvember 2004
fairlop racecourse project finally gets green light from planning officials
Racing Post

The long-running saga of London City racecourse has finally taken a positive turn after planning officers at Redbridge Council gave their backing to the projects, writes Graham Green.

The turnaround was heartening news for property developer PlaneStation plc as it is the first evidence of significant supprt from the local community, which has previously been notable for widespread opposition to the new racecourse in east London.

Councillors are holding a special regulatory meeting on Monday to consider a 45-page report compiled by officials recommending approval of the revised planning application lodged by the company, previously known as Wiggins.

It increases the pressure on members who, while they may reject the latest proposal, will be aware they could face paying the costs of a planning inquiry if the inspector decided they had acted unfairly, and in the past Redbridge has run up bills of 100,000 on appeals.

Should the local authority, which is also landlord of the 345-acre site at Fairlop Water - 15 miles east of central London - earmarked for the racecourse, vote through the plans, they will then pass to London mayor Ken Livingstone, who needs to be consulted on strategic planning grounds.

The original development, first unveiled in 1999, eventually floundered when deputy Prime Minister John Prescott turned it down due to the scale of the 10,000-seater grandstand and the impact it would have on the Green Belt, but this has since been replaced by a much smaller structure, which PlaneStation hoped would placate the concerns of local residents while also reducing the cost of the project.

Nigel Miles, a spokesman for PlaneStation, said: "We set out to ensure our latest proposals respond fully to each of the issues raised by our previous planning application, most notably the size of the grandstand, but also in terms of ecology, transport and environmental issues.

"We went back to the drawing-board and undertook widespread consultation in order to create a comprehensively improved scheme which will bring real benefits to the local community as well as providing a flagship racecourse for the British racing industry."

Yesterday, PTG dropped to 45p for the 2nd time & then started to tick up again.

So I bought back in, Fairlop may get the go ahead next week but if not then I'll get out & buy again after the dust has settled.

Next week could be very interesting.

Buying is picking up this afternoon!

apple I thought fairlop was turned down on Monday

I thought that the decision was delayed.

It was only a delay in the publication of the decision.

You are right, it was turned down on Monday.

So that explains the drop earlier this week.

Last week, I thought that I had got in at the bottom.

Well, I'm glad that I sold again the other day!

Down another 5.75%

Whats happening now? SP nose diving!

Interims just came out.

I must go read them for a laf

wow, 35% drop. Whatsthat in old money against the old share price, about 2p

Could be a good buying opportunity here. Just scanned through the interims and on the face of it they aren't that bad. EPS has improved on last year. It's probably the director's forecast that the outlook ahead will still be tough that has caused this reaction. I shall watch this closely today and MIGHT jump in if I think its bottomed.

They're begining to buy into it now.

DCB, watch for drop in about 2 hours

Kamikaze for PTG...bail out now

This drop is a bit of an over-reaction. Volume of trades is rather light considering the movement in the sp.

Turning round now. More buys than sells.

LONDON (AFX) - Planestation Group PLC six months to Sept 30 2004

Sales - 4.40 mln stg vs 4.51 mln

Operating loss - 6.52 mln vs loss 8.30

Pretax loss - 8.65 mln stg vs loss 5.34 mln

Loss per share - 5.9 pence vs loss 7.9

Div - none declared

OVERALL POOR PERFORMANCE

hlye098 - I would disagree with your conclusion. 1.3m of the reported group operating loss is PTGs share of EUjets operating loss and therefore can be considered as an exceptional. So the actual operating loss (due to PTG alone) is 5.2m versus 8m last year - a considerable improvement.

At the base line, the loss per share has shown an improvement of over 25%.

I would agree with you that the figures aren't brilliant, but they are not that bad either. It's not as if the figures were some kind of suprise. The company had warned of difficult times ahead and this has been reflected in its share price recently.

In my opinion, the dramatic drop is a kneejerk reaction and provides an opportunity for investment. Surely it can only go up from here.

imo, dyor, etc

Caveat: This from a muppet who topped up on Myflower the day before they went int administration :>{

hlyeo98 - further: Your comparison of pretax loss figures are for 6 month periods (a fair comparison) but it is worth pointing out that the pretax loss by the group for the whole of last year was 17m. Therefore you could argue that if things don't improve, this years pretax loss at the worse would be comparable with last years. In other words, not really a decline.

Sorry to be pedantic :>)