Preheat oven to 200°C.
Cut bread into thin slices. Brush slices lightly on each side with oil. Place in a single layer on an oven tray. Bake for 10 minutes or until lightly brown, turning once.
Remove stalks from spinach leaves, place leaves into bowl and cover with boiling water. Stand for about 3 minutes or until leaves have softened. Drain and cool. Squeeze out excess liquid; drain on sheets of paper towel.
Lay spinach leaves flat, overlapping each other on a piece of plastic wrap, to form a 25 x 20cm rectangle.
Beat cheeses together until smooth. Spread cheese mixture evenly over the spinach. Top cheese evenly with pimiento/red pepper.
Using the plastic wrap as a guide, carefully roll up spinach to enclose the cheese. Remove plastic wrap and cut log into thin slices (about 1.5cm).
Serve on the slices of baked bread.
Note: The cheese/spinach can be made ahead and kept wrapped in the plastic wrap in the fridge, cooking the bread slices and slicing the roll just before serving. Refrigerating also makes cutting the cheese easier. Herbs could be added to or sprinkled over the cheese mix to taste, or substitute caviar or shredded smoked salmon for the pimiento (yummm).