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Monday 19 October, 2009


Final result of conversion

                 Boussard & Gavaudan Holding Limited
a closed-ended investment company incorporated with limited liability
      under the laws of Guernsey with registration number 45582

                        Result of conversion

Boussard & Gavaudan Holding Limited ("B&G Holding" or the  "Company")
today announces  the  result  of the  facility  to  convert  existing
holdings of:

*           Euro Shares in the Company ("Euro Shares") into Sterling
  Shares in the Company (the "Sterling Shares"); and
*           Sterling Shares into Euro Shares,

(together, the  "Conversion") for  the 30  September 2009  conversion
calculation date (the " September Conversion Calculation Date").

Conversion requests

The aggregate number  of shares  for which  conversion request  forms
were received for the September Conversion Calculation Date was:

                         25,000 Euro Shares
                       24,548 Sterling Shares

Conversion ratios

| The net asset values |   The spot currency    |  On the basis of  |
| per share as at the  | conversion rates as at |  the above, the   |
| September Conversion |     the September      | conversion ratios |
|   Calculation Date   | Conversion Calculation |  are as follows:  |
|        were:         |       Date were:       |                   |
| Euro Shares: �       |                        | 0.9567560         |
| 12.0779              | Euro GBP: 0.91436      | Sterling Shares   |
|                      |                        | for every one     |
|                      |                        | Euro Share        |
| Sterling Shares: £   |                        | 1.0451980 Euro    |
| 11.5427              | Euro GBP: 0.91436      | Shares for every  |
|                      |                        | one Sterling      |
|                      |                        | Share             |


As a result  of the  Conversion, the number  of Euro  Shares will  be
increased by 657 shares.
As a result of the Conversion, the number of Sterling Shares will  be
reduced by 630 shares.

Results of conversion

With effect from Conversion, the issued share capital of B&G  Holding
was on 30 September 2009.

                       60,347,836 Euro Shares
                      1,688,474 Sterling Shares

Admission of new shares

Application has been made for:
25,657 Euro Shares to be admitted to listing and trading on  Euronext
23,918 Sterling Shares to be admitted to the Official List of the  UK
Listing Authority and to trading  on the London Stock Exchange  plc's
main market for listed securities.

Next conversion

The next conversion calculation  date will be  31 December 2009  (the
"December Conversion  Calculation  Date").  Shareholders  wishing  to
convert  between  share  classes  should  complete  the   appropriate
conversion request  form,  which  is  available  from  the  Company's

19 October 2009

B&G Asset Management                                              +44
20 7514 0700
Emmanuel Gavaudan

The Company  is  established  as a  closed-ended  investment  company
domiciled  in  Guernsey.  The  Company  has  received  the  necessary
approval of the Guernsey Financial Services Commission and the States
of Guernsey Policy Council. The Company is  registered with the Dutch
Authority for the Financial Markets as a collective investment scheme
pursuant to  article  2:73 in  conjunction  with 2:66  of  the  Dutch
Financial Supervision  Act  (Wet  op het  financieel  toezicht).  The
Company is  listed on  Euronext  Amsterdam and  on the  London  Stock
Exchange ("LSE").

This announcement  is for  information purposes  only and  is not  an
offer  to  invest.  All  investments   are  subject  to  risk.   Past
performance is no guarantee of future returns. Prospective  investors
are  advised  to  seek  expert   legal,  financial,  tax  and   other
professional advice before making any investment decision. The  value
of investments may  fluctuate. Results  achieved in the  past are  no
guarantee of future results.

This is not an offer  to sell or a solicitation  of any offer to  buy
any securities in  the United  States or in  any other  jurisdiction.
This announcement is not intended to and does not constitute, or form
part of, any offer  or invitation to purchase  any securities or  the
solicitation of any vote or  approval in any jurisdiction, nor  shall
there be any sale, issuance or transfer of the securities referred to
in  this  announcement  in  any  jurisdiction  in  contravention   of
applicable law.

Neither the Company nor Sark Fund Limited have been, and neither will
be, registered  under  the US  Investment  Company Act  of  1940,  as
amended (the "Investment Company  Act").  In addition the  securities
referenced in  this  announcement  have  not been  and  will  not  be
registered under  the US  Securities  Act of  1933, as  amended  (the
"Securities Act").  Consequently  any  such  securities  may  not  be
offered, sold or  otherwise transferred within  the United States  or
to, or for the account or benefit of, US persons except in accordance
with  the  Securities  Act  or  an  exemption  therefrom  and   under
circumstances which ill not require the issuer of such securities  to
register under the Investment Company Act. No public offering of  any
securities will be made in the United States.

This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.