Geest has announced resolutions to approve the recommended acquisition of the group by Bakkavör for 655p cash per Geest share and a special dividend of 7p per Geest share by means of a Scheme of Arrangement were duly passed at a Court Meeting and Extraordinary General Meeting held yesterday in Peterborough.

The Court Hearings of Geest’s petition to sanction the Scheme and to confirm the reduction of Geest’s share capital are expected to take place on May 10 and May 13 respectively. Subject to the Scheme receiving the sanction and confirmation of the Court on those dates, the effective date of the Scheme is expected to be 13 May and consideration due to shareholders is expected to be sent by May 27. On that basis, the last day for dealings in Geest Shares on the London Stock Exchange is expected to be May 12 and no transfers of Geest Shares will be registered after 6.00 p.m. on that date. If the Scheme becomes effective on May 13, the listing of Geest shares will be cancelled on May 16, 2005.

Terms used in this announcement will be as per the meanings as set out in the Scheme document of March 23, 2005.