RNS Number : 7348H
  Bakery Services PLC
  07 November 2008
   

    Bakery Services plc ("the Company")

    Update for Shareholders

    7 November 2008

    As previously announced, following the sale of the Company's two trading subsidiaries on 2 January 2008 the Company became an "investing
company" under the AIM Rules, with a strategy of investing in or acquiring one or more businesses operating in the business process
outsourcing sector within the UK.  

    The Company has held preliminary discussions with a number of substantial UK based outsourcing businesses and with a number of
businesses operating in other service sectors. Following from this, discussions took place with one particular business over a period of
some months but these were then terminated by the other party. Given this situation and a general deterioration in market conditions, your
Board is now less hopeful than it was earlier in the year that the Company will be able to make an acquisition or acquisitions which would
constitute a reverse takeover under the AIM Rules or otherwise implement its investing strategy to the satisfaction of the London Stock
Exchange by 28 December 2008, as required by the AIM Rules.  

    Therefore the Board is currently reviewing all options available to the Company, including discussions with potential reversal
candidates in other sectors but also including the possible orderly winding up of the Company. Given the Company's limited cash reserves it
is likely that any distribution to shareholders in such a winding up would be negligible. A further announcement will be made when
appropriate.

    Contacts:

    Richard Worthington, Non-Executive Chairman
    Bakery Services plc
    Tel: 07973 442331

    Nicola Horton/David Abbott
    Smith & Williamson Corporate Finance Limited
                Tel: 020-7131-4000

This information is provided by RNS
The company news service from the London Stock Exchange
 
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