BKE Bakery Services

 

TIDMBKE 
 
RNS Number : 6357T 
Bakery Services PLC 
09 June 2009 
 

8 June 2009 
Bakery Services plc 
('the Company') 
 
 
Shareholders will be aware that following the announcement on 30 December 2008, 
the Company's shares were suspended from trading on AIM pursuant to Rule 15 of 
the AIM rules for Companies ('AIM Rules). Unless the Company completes an 
acquisition that constitutes a reverse takeover (pursuant to Rule 14 of the AIM 
Rules) prior to 29 June 2009 admission of the Company's ordinary shares to AIM 
will be cancelled on that date in accordance with Rule 41 of the AIM Rules. 
 
 
As set out in prior announcements, the directors have pursued several 
acquisition opportunities for the Company and continue to do so. Unfortunately 
to date no such opportunity has been considered sufficiently robust to put to 
shareholders. 
 
 
Further, at this point in time, it is unlikely that any transaction (even if 
considered appropriate by the directors) could be completed prior to the 
deadline for cancellation of the admission of the Company's ordinary shares to 
AIM on 29 June 2009. 
 
 
After taking advice and considering the continuing level of interest from 
potential parties in relation to a potential reversal, the directors are of the 
view that retaining the Company as a potential vehicle (even after delisting) 
would be of greater potential benefit to the Company's shareholders than the 
alternative of an orderly winding up of the Company which is unlikely to provide 
any distribution to shareholders. 
 
 
On this basis the directors continue to pursue acquisition opportunities with a 
view to seeking re-admission to AIM when and if appropriate. 
 
 
During the past few months the directors have also considered both the option of 
obtaining a listing on the PLUS market and of seeking an orderly winding up of 
the Company. However as set out above, they are of the opinion that the best 
option for shareholders is to continue to seek a suitable acquisition, even if 
the Company's ordinary shares are de-listed from AIM. In the event of delisting, 
and subject to a suitable acquisition being found, the directors will 
investigate options for providing shareholders with an 'off market' trading 
facility for the Company's shares. 
 
 
The directors have agreed to continue to provide their services to the Company 
free of charge and will keep the Company's working capital position under 
review. 
 
 
On 29 June 2009 and in the absence of a transaction, the Nominated Adviser to 
the Company, Smith and Williamson Corporate Finance Limited, are expected to 
resign. The broker to the Company, Dowgate Capital and Stockbrokers Limited, has 
indicated a willingness to continue to act for the Company. 
 
 
The Company will make further announcements in due course. 
 
 
Contact: 
 
Richard Worthington, Non-Executive Chairman 
Bakery Services plc 
Tel: 07973 442331 
 
 
Andrew Hunt, Director 
Bakery Services plc 
Tel: 07976 949396 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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