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Cagney plc

 ('Cagney' or the 'Company')

Statement re. Share Price Movement

The Board of Cagney notes the relatively high volume of recent trades in the Company's shares and the associated increase in the Company's share price.  The Board confirms that it is currently undertaking a strategic review and assessing a number of options.  In particular, the Board has received a preliminary approach regarding a possible offer for the Company.  The Board of the Company wishes to stress that the approach and the resulting discussions are at an early stage and there can be no certainty that an offer will be made for the Company, or as to the terms on which any offer might be made.

A further announcement will be made as and when appropriate. 

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the Company confirms that it has 218,296,932 ordinary shares of 1 penny each in issue. 

The ISIN reference for these securities is GB00B0R80514.

ENDS

Enquiries:

Cagney Plc                                      Tel: 020 7637 4198

Steve Mattey, Chief Executive

Patrick Oram, Chief Financial Officer

Smith & Williamson                                 Tel: 0117 376 2213

Nick Reeve

David Abbott

 Dealing disclosure requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of the Company, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of the Company or by the Company or by any of its respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk . 

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in price or securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.

11 February 2009

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