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Thursday 04 November, 2010


BGHL Annual Conversion Facility

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

                        BGHL Annual Conversion Facility

Boussard  &  Gavaudan  Holding  Limited  ("B&G  Holding" or the "Company") today
announces  that shareholders will  be able to  convert their existing holding of
shares  in the  Company from  one class  into another  class (the "Conversion"),
subject to satisfying certain requirements.

The conversion will be based on the Net Asset Value of the two classes of Shares
as at 30 November 2010.

The  period during which shareholders may convert their shares from one class to
the  other ends on 23 November 2010 at 5 pm London time. Shareholders wishing to
participate  must ensure that  their request has  reached their custodian before
that date.

Shareholders  wishing  to  convert  from  Sterling  shares into Euro shares must
contact  their CREST custodian. The  CREST custodian (or if  not a Crest member,
the  custodian's CREST agent) must send a  USE message to Computershare by close
of  business on 23 November 2010. As  the Euro shares are  only capable of being
settled  in  Euroclear,  the  CREST  custodian  will  be  required  to  send  to
Computershare  a Sterling to  Euro class conversion  form including the relevant
Euroclear  settlement instructions for the new Euro shares. The Sterling to Euro
class conversion form will be sent by post to all CREST custodians and available
on the Company's website

Shareholders  wishing to convert  from Euro shares  into Sterling shares will be
required to notify their custodian bank by completing a conversion request form.
Shareholders  must ensure  that the  conversion request  reaches their custodian
bank  by close  of business  (London time)  on 23 November 2010. Their custodian
bank  has to arrange an effective delivery  of the underlying euro shares within
3 business days to Kempen & Co N.V. (ESES 29183 NDC 106) after 23 November 2010.

Euro  shareholders may  obtain a  copy of  the conversion  request form from the
Company's website:

For  a copy of the  conversion request form, euro  shareholders may also contact
1.      Kempen  &  Co.  N.V,  Beethovenstraat  300, 1077 WZ  Amsterdam, P.O. Box
75666, 1070 AR   Amsterdam,  The  Netherlands;  telephone:  +31 203 489554; fax:
+31 203 489549; or

2.      Close Fund Services Limited PO Box 105, Trafalgar Court Admiral Park, St
Peter Port Guernsey GY1 3EP Channel Islands  United Kingdom, telephone +44
(0)1481 71 06 07; fax: +44 (0) 1481 734542.

4 November 2010

For further information, please contact:

B&G Asset Management

Emmanuel Gavaudan (Hong Kong) +852 39 65 32 16
Manuel Kalbreier (London) +44 20 7514 0725

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 shares  of  the  Company (the  "Shares")  are  listed on Euronext Amsterdam.
The Shares  are also listed on the Official List of the UK Listing Authority and
admitted  to trading on  the London Stock  Exchange plc's main market for listed

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 Boussard & Gavaudan Fund Plc has 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 will 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.

You should always bear in mind that:

                        all investment is subject to risk;

                        results in the past are no guarantee of future results;

                        the investment performance of BGHL may go down as well
as up. You may not get back all of your original investment; and

                        if you are in any doubt about the contents of this
communication or if you consider making an investment decision, you are advised
to seek expert financial advice.

This  communication  is  for  information  purposes  only  and  the  information
contained  in this communication should  not be relied upon  as a substitute for
financial or other professional advice.


BGHL Annual Conversion facility:

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein.