Shareholding in Geest PLC

Teather & Greenwood Holdings PLC
28 May 2004

Issued by Teather & Greenwood on behalf of Bakkavor Group hf

28 May 2004





                         Bakkavor Group hf ('Bakkavor')

        Shareholding in Geest PLC ('Geest') - Clarification Announcement



Bakkavor Group, announces that after recent market purchases, it now holds
7,661,860 ordinary shares in Geest PLC representing 10.27% of the issued share
capital of Geest PLC. Bakkavor Group has no present intention of making an offer
for Geest PLC but the Group may increase or decrease its shareholding in the
future.



Agust Gudmundsson, Chairman, Bakkavor Group commented:



'The investment into Geest PLC is in line with our plans to invest further into
the fresh convenience food market and reflects the Group's commitment to the
sector.



'Geest PLC is a leading player in the freshly prepared food market that is
focused on developing its position within the sector both in the UK and
overseas. With a sound management team Geest PLC has demonstrated steady growth
which combined gives us confidence in our investment. The Bakkavor Board views
this holding as a long-term strategic investment that meets our business
investment philosophy and which currently also attracts a reasonable yield.'





Background information to Bakkavor Group

Bakkavor is an integrated food manufacturing company specialising in chilled
convenience food with offices in the UK, Iceland and Denmark.



The Company's products can be categorised into 4 areas - ready meals, meal
accompaniments, ethnic snacks and dips, dressings and sauces.



The Group employs 2,500 staff through its four factories in the UK - one in
Birmingham and three in London. Its customers are the major UK retailers
including Tesco, Marks & Spencer, Waitrose, Sainbury's, Somerfield and WM
Morrisons.



In 2003, the Group achieved sales of £138 million, and pre-tax profits of £17.4
million up 16% on 2002.  Bakkavor is quoted on the Icelandic Exchange.  Results
announced on 30 April 2004 for the first quarter of the new financial year
reflected pre-tax profits of £3.1 million, with sales up 17% at £34.1 million.



Web-site: www.bakkavor.com



Enquiries:

Bakkavor Group hf                mobile: [phone]

Agust Gudmundsson

Group Executive Chairman



Lydur Gudmundson                 mobile: [phone]

Group Chief Executive Officer



Citigate Dewe Rogerson            [phone]

Fiona Tooley                      mobile: [phone]



Teather & Greenwood

Christopher Hardie                [phone]

Jeff Keating



Kaupthing Bank                    [phone]

Helgi Bergs


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