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Friday 26 November, 2010


BGHL 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 the annual 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  30 November  2010 conversion  calculation  date (the
"November Conversion Calculation Date").


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

                               18,175 Euro shares
                             16,004 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 November Conversion Calculation Date.

Anticipated timetable for Conversion

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

Announcement  of
            Around 28 December 2010

                                               Around 31 December 2010

26 November 2010

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.


Result of conversion:

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.