BGHL 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 June 2010 conversion calculation date
(the " June Conversion Calculation Date").

Conversion requests

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

                              454,544 Euro Shares
                             33,638 Sterling Shares

Conversion ratios

+--------------------------+--------------------------+------------------------+
| The net asset values per |    The spot currency     |  On the basis of the   |
|   share as at the June   |conversion rates as at the| above, the conversion  |
|  Conversion Calculation  |     June Conversion      | ratios are as follows: |
|        Date were:        |  Calculation Date were:  |                        |
+--------------------------+--------------------------+------------------------+
|Euro Shares: € 12.9124    |Euro GBP: 0.821350        |0.8742850 Sterling      |
|                          |                          |Shares for every one    |
|                          |                          |Euro Share              |
+--------------------------+--------------------------+------------------------+
|Sterling Shares: £ 12.1306|Euro GBP: 0.821350        |1.1437920 Euro Shares   |
|                          |                          |for every one Sterling  |
|                          |                          |Share                   |
+--------------------------+--------------------------+------------------------+

Cancellation

As  a result  of the  Conversion, the  number of  Euro Shares will be reduced by
416,070 shares.
As  a result of the Conversion, the  number of Sterling Shares will be increased
by 363,763 shares.

Results of conversion

With  effect from Conversion, the issued share capital of B&G Holding was on 30
June 2010.

                             52,417,985 Euro Shares
                           1,932,277 Sterling Shares

Admission of new shares

Application has been made for:
      38,474  Euro  Shares  to  be  admitted  to listing and trading on Euronext
Amsterdam,
      397,401  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  30 November 2010 (the "November
Conversion  Calculation Date").   Shareholders wishing  to convert between share
classes  should  complete  the  appropriate  conversion  request  form, which is
available from the Company's website www.bgholdingltd.com.

12 July  2010



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). 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.




[HUG#1430747]





    Final result of conversion: 

http://hugin.info/139013/R/1430747/377402.pdf



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Source: BOUSSARD AND GAVAUDAN HOLDING LIMITED (EUR) via Thomson Reuters ONE