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.

Also:

"The Board recognises the urgent need to strengthen the management of the
business. The Chairman is personally overseeing this process and is currently
exploring the options available."

Just a bit late in the day. I think the rest of us had worked that one out.

Where do u c the price going today, 20p or lower ?

The Chairman has to go first.

I would refer everyone to my post 1008

FYI, my intention to buy back in is firmly on hold ............... obviously! ;-0

25p now....down 50% within minutes.

My brtother works in the air conditioning industry and has that much work he doesn't know which way to turn, so to say the weather has had an effect on profit is not acceptable. Just a way to cover up incompetance!

A completely new set of Directors is what we need, ones who don't take their eye off the ball. Basically the company has done well up until now, they have expanded too quickly and lost control. A minnow should not try to become a shark during it's first year in the water. A steady hand will see this company grow well, although it is now vulnerable to takeover.

Takeover might be the best thing for us investors.

Where do u c the price going today, 20p or lower ? any ideas

It's 19p now!

I really can't imagine WNG will come to this...it is really worth a nickel now. Poor management.

The WNG debacle reminds me of the SMC story which is now in merger talks, shares now around 20p also.

It may claw it's way back up to 25p or higher by the end of the day but with the market as it is at the moment........not a good time to make an announcement like this!

Back in at 16.75p , looks like sh*t or bust has been factored in.

wish i had followed the old adage "sell in May and come back in in October"

Hmmm well the sh*t certainly has hit the air conditioning fan. WNG has gone from hero to zero quicker than an England penalty taker! This is a much bigger fall than I had anticipated but maybe your timing was spot on Dil.

Its got 14p per share cash and should come in around break even.

I'm looking for these to fill the gap between 34p and 50p.

He Who Dares Wins ..... sometimes :-)

Dil: Your not ramping stocks again are you :-)

lol at Dil

U expect up to 3 times valve of this share.....lol. With all its problems and it states.....boohoo the weather is bad.
shit company

Fill yer boots Bullie .... only bigger cert is France tomorrow :-)