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Date: Tuesday 06 May 2008

LONDON (ShareCast) - Icelandic investment group Baugur is currently reviewing results from due diligence carried out on Moss Bros ahead of a possible 42p a share offer, the menswear retailer and hire firm said today.

The UK group, which confirmed the £40m bid proposal back in February, added that Baugur is also in the process of arranging financing and preparing documentation in relation to a potential offer.

“This announcement does not amount to a firm intention to make an offer and accordingly there can be no certainty that an offer will be forthcoming,” cautioned Moss Bros.

The firm revealed last month it had slipped into the red at the full year stage, as expected.

A profit before tax last year of £5.11m turned into a loss of £1.38m in the year ended 26 January 2008 on revenue down to £130.17m from £133.88m a year ago.

Full year like for like retail sales were flat, as flagged in February’s update, although total like for like sales in the first nine weeks of the new financial year are up 0.9% on same period last year.

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