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.

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 :>)

It all comes down to cash and whoever provides a lifeline, if someone comes along, is surely unlikely to do existing shareholders any favours. Recent press release about secured overdraft was in hindsight a massive clue. IMO stay away but dyor.

partridge - i agree with you about the secured overdraft. This from their interims:

"On 9 November 2004, Wiggins Property Developments Ltd and Manston Car Parks Ltd
each signed a new facility agreement with the Bank of Scotland which together
provided a 3 million secured overdraft facility to the Group repayable by 5
February 2005."

It is interesting to note that the overdraft has been arranged with their own bankers and not from some other source. To agree to pay it back in what is a relatively short time span suggests that this is for some immediate project and that the company are confident to repay it. I wonder if it simply is to resurface the carpark? ('cos they're execting a lot of use!)

Interesting to see what happens.

Ptg state they require 22m in their 19 month cash flow estimate now apparently property will produce something like 14m...does that mean they need to raise 22m - 14m = 8m plus of course repayment of the 3m, or the full 22m.

Perhaps as usual I've got it all wrong...anyone able to straighten me out?

The share price is down by 50% today...so much for above if it is doing so well.

Only upside is at least with this management and their cost cutting excercises the share is still worth something. With Iny and his merry men men this would be bust now.

Starfrog - overdraft probably with own bankers because no-one else would look at it. Suspect they had no influence on term - bank would dictate all terms to them as they appear in decent asset position, but parlous cash position. Need is for risk capital equity funding rather than overdraft, but they have to pay the bills while they try to sort it out. Looks like they have bought a couple of months breathing space, but very high risk. DYOR etc

I am personally amazed, even though Wiggins have done nothing but decline in value over the years,the company is, I believe, now on a sound basis and can only do better and better from here on in. Kent Airport will be a success, as will EU Jet, in the long term and the shares are undervalued IMHO. The big problem I have is that their developements and holdings elesewhere should generate a substantial income, i.e. Liverpool site and Fairlop, but they are going to the city for more finance !!!!

WOW 50% down in 1 day OUTSTANDING!!!!!!!!!!!!!!

What a drop!

looks like me poor ol` dad`s heart monitor !!
no offence to anyone.

Snakey

Business may look ok going forward (if you look far enough) but this is the umpteenth time they have gone to the city for yet more money - there is only so may times they can be bailed out before they go bust.

How can a company continually making losses, in debt and regularly refinancing be on a sound basis??? Also, for a company in this position to have bought a large share in another loss making business - hmmm

They are in a highly competitive market pricewise and the loss of the MK freight business may well have been the start of the end - i hope not because the concept is correct - the business model isnt

Todays 'ill fortune' makes the warrants they issued a few months ago something of a collectors item - if only on eBay !! Its the first time ive been on the receiving end of a 50% drop in one day ...but what chance of a repeat tomorrow?

Much less of a drop today, only 7.3%...so far! Glad to have got out of these at 59p, and that cost me money.

Opto
Better start a takeover rumour

You old cynic, Jeffie.

:o)