wiggins group

City bull thread.

Some like minded thinkers

An accident waiting to happen someone said.

Anyone say RED ATN or BGP GAM SCO or JUS

HamsterWheel
Member


I take it you are well out of these pepi ? Some kind chappy on Hemscott is suggesting (presumably in jest ?) that you're long on WGG ?
Appalling results just out and they look pretty close to being insolvent
__________________
Hammy
No animals were harmed in the production of these words of infinite wisdom


27-12-2001 12:31 PM IP: Logged

panfried
First Post


Dumped my holding. The CEO of this company does not inspire me with any confidence. I'll leave it to the Traders.


27-12-2001 01:06 PM IP: Logged

Mikewalk
Member


Wonderful strategy
buy up old unused airports on the cheap, renovate them and thus add much needed capacity when airport travel is booming.

Oh sorry it's falling.

Never mind: what did the directors say?

...

11:28 am 27/12/2001
Wiggins H1 loss widens; says outlook 'encouraging'

LONDON (AFX) - Wiggins Group PLC posted a pretax interim loss of 12.99 mln stg
against loss 6.81 mln
previously, in line with its projections for investment in the PlaneStation
programme.
Also it has has been reviewing its business plans for PlaneStation in order
to accelerate the break-even point for the operation.

It added during the next year it expects to announce sales and lettings at
several of its airports.

Furthermore it is seeking to exploit the potential of its airports in
partnership with others, adding this may involve the sale of equity in
individual airports.

The company said the sheer potential of the PlaneStation concept, and its
associated commercial operations, is enormous.

The outlook for its other major developments is also very encouraging, it
added.

In addition the recognition in future years of some of the profits unwound
last year should help restore both its profitability and its balance sheet.

The comments came as it posted sales for the six months to Sept 30 of 5.13
mln stg against 3.89 mln.
Loss per share was 1.46 pence against loss 0.79.

rn
NNN



Enouraging I assume means that they are not going bust.. today.. just wait a while ...

Mike






27-12-2001 01:06 PM IP: Logged

pepi
Member


Would not go near them after their last acoounting error I also thought they were a bit too highly valued anyway when i last looked. Although I expect like many on here I did hold a few years back before selling at a tidy profit but I dont trade non FTSE 100 stocks anymore except the odd one like MONI etc.


27-12-2001 01:21 PM IP: Logged

scov
Member


Wow, quite some slant that AFX is putting on this. Prospects indeed. Well maybe, but the company is almost bust!

It is indeed a facinating balance sheet. Just bear in mind that this started the day with a market cap of, wait for for it.... £150m+

It has net current liabilities (not good)

Net assets are 336,000. (not good)

Within that are bags of intangible or judgmental figures, stock and wip of 28.6m. Goodwill. Debtors represent 4+ months of turnover!

Plus there is a contingenet liability of 4.6m. IE a potential liability that is not reflected in the numbers.

The directors seem to want to take on more debt. Actually they have to and very quickly.

And it made a loss of 13m in 6 months.

In summary this is the biggest heap of S**t that I have seen for a long time. If you will excuse the technical term. It is just screaming short or a fools buy. And it is having a little bounce as I write. Astonishing!

If this stock is not sitting at 5p in a couple of months then I am a dutchman.

d


27-12-2001 01:29 PM IP: Logged

Mikewalk
Member


The auditors must
be the usual compliant lot or they should have "going concern " comments. Mind you, maybe they are the same lot that signed off the accounts showing all these £ millions of profits.. which have disapppeared..

Hmmm and which fools tipped them?

Makes you think...

Mike


27-12-2001 01:35 PM IP: Logged

Eric the half a bee
Member


There has been a serious loss of capital in terms of CA s142 and there will have to be an EGM, probably followed by a capital reduction ahead of a placing and, possibly, the issue of convertible debt. If it lasts that long, that is. Short debt funding long assets - an accident that has been waiting to happen.

Buyers are about it seems - it takes all sorts to make a market.


27-12-2001 01:35 PM IP: Logged

pepi
Member


yes as always though nobody quite reads between the lines they will be selling stakes to other operators in the airports thus raising some wonga. again i am not invested and cant be bothered to look but bankrupt like the HScotters say is not that near as they will sell stakes in the aiports, thats my guess.


27-12-2001 01:36 PM IP: Logged

Mikewalk
Member


Notes from accounts. The..
directors have prepared cash flow information for the year to 31 December
2002 including a contribution from additional equity funding. They are
confident that the Fairfield proceeds will be received as expected, that any
equity fundraising will be successful and that other options available to them
would ensure that adequate funds are available for the foreseeable future.

They consider it appropriate to prepare the accounts on a going concern basis.



However, there can be no certainty that either additional equity funding,
renewal of existing banking facilities, negotiation of new bank facilities or
that the proceeds of the property developments are received as expected. The
accounts do not include any adjustments that would arise should sufficient
funding from these sources not be available


27-12-2001 01:45 PM IP: Logged

scov
Member


I can feel in my waters:
That we will get an RNS sometime later to the effect that the directors have bought stock. Let's see.

d


27-12-2001 03:30 PM IP: Logged

pepi
Member


could be right a few trades going in now and I expect a few tried shorting these at 15p which we may see or smell them burn again I dont hold. I am sticking to the fTSE companies and MONI for the next few weeks.


27-12-2001 03:44 PM IP: Logged

HamsterWheel
Member


It'll be very difficult for the directors to buy shares as the statment makes it pretty clear they're raising capital. Should be a closed period in that case.
__________________
Hammy
No animals were harmed in the production of these words of infinite wisdom


27-12-2001 03:47 PM IP: Logged

Mikewalk
Member


The chart says
it's likely to hit 10p in the next few months..

(as high as that?:-)


27-12-2001 03:51 PM IP: Logged

pepi
Member


10p maybe but I expect announcment pretty soon to say just sold stake in blah blah airport which I pressume given the right buyer could confirm a new customer. To be honest with you I can remember trading these a while ago, on this thread, and then looking at fundementals and got quite put off trading them as goodwill etc seemed to be in the price if they go down the bounce will be at 9p and I will buy there.


27-12-2001 03:57 PM IP: Logged

Horse_Apple
Member


When the problem of the accounts appeared earlier this year then in my view it became a clear sell.

Companies never fair well once 'accounting irregularities' have been noticed.

NEVER TRUST THE KOSHER NOSTRA!!!!!!!

That was the reason for avoiding these if ever one was needed.

Can someone remind me which tipster was touting these?
__________________
H_A
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27-12-2001 03:57 PM IP: Logged

pepi
Member


Horse BARC at 22.60 I think a short at 22.70 maybe good do you know if Merlin is looking to short or if he has a view??


27-12-2001 04:02 PM IP: Logged

scov
Member



quote:
--------------------------------------------------------------------------------
Originally posted by Horse_Apple


Can someone remind me which tipster was touting these?
--------------------------------------------------------------------------------


It might be the same one that tipped Monti. And.......


27-12-2001 04:06 PM IP: Logged

HamsterWheel
Member



.......then there'll be plenty Citybullers holding WGG then !!!
__________________
Hammy
No animals were harmed in the production of these words of infinite wisdom


27-12-2001 04:09 PM IP: Logged

Mikewalk
Member


Tipster?
I recall Red Hot Penny Sh#t.. sorry Shares.. but then my memory is failing.


I wonder what their results would have been if they had not restated their profits to losses?

Will there ever be any profits?

Looking at the operating cash outflows, I doubt it...