Planestation Group

Although it alleged in the announcement of Martin May becoming chairman of Volex, that there would be a surplus for PTG shareholders (his other administration/receiverships were not announced on becoming CEO of PTG) the Inland Revenue's 'CGT Capital Losses' show the shares are already on the list of nil value.

I found this at the City Business Library, off Aldermanbury Square, London EC2. Their phone number is 020 7332 1812 if you are well outside London. I believe this is significant in terms of already being able to crystallise a 100% loss on the share on one's CGT form.

Iny/t1ps seems well in the past. The business was twice re-financed for Martin May to get on with the job. The issues to my mind are, why did MM:

1. Not disclose his record of administrations/receiverships on appointment as CEO at PTG - or ensure they were announced in accordance with the Listing Rules?

2. Imply at the September 2004 AGM that the group would be profitable (after property disposals) in its financial year to end-March 05?

3. Proclaim the "vindication of strategy" to acquire EUjet in an announcement earlier last year, when the business was haemorrhaging cash and close to the bank appointing administrators?

One shareholder told me he had also assured by MM the business was "in its strongest financial position ever" just before the December 04 rescue placing, but I have no evidence of MM saying this.

Nor can I corroborate MM's claim to one broker, who told me he had been assured about company's cash position - shortly before that rescue re-financing.

I do however regret not getting competely out of the shares and explaining why, when a fund manager told me he felt misled by the claim that PTG would not need another capital raising.

So much for "Turnaround Professional of the Year".