Result of Quarterly 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 (the  "Conversion") of  Euro shares  in the  Company  ("Euro
Shares") into Sterling shares in the Company (the "Sterling  Shares")
and, of Sterling Shares  into Euro Shares in  the Company for the  31
March  2009  conversion  calculation  date  (the  "March   Conversion
Calculation Date").

Conversion

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

                         23,350 Euro shares
                       737,381 Sterling shares

The Company intends to announce the conversion ratio when it  becomes
available following the publication of  the final net asset value  of
the Euro  and  Sterling  Shares referable  to  the  March  Conversion
Calculation Date.

Anticipated timetable for Conversion

Completion of  the  Conversion  is  expected to  take  place  on  the
following indicative timetable:

Announcement                                                       of

            Around 27 April 2009
conversion
ratio


Conversion
                                                Around 30 April 2009


27 March 2009


B&G Asset Management                       [phone]
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).

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