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

Conversion requests

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

Conversion ratios

+--------------------------+--------------------------+------------------------+
| The net asset values per |    The spot currency     |  On the basis of the   |
| share as at the November |conversion rates as at the| above, the conversion  |
|  Conversion Calculation  |   November Conversion    | ratios are as follows: |
|        Date were:        |  Calculation Date were:  |                        |
+--------------------------+--------------------------+------------------------+
|Euro Shares: € 13.5320    |Euro GBP: 0.835745        |0.8952260 Sterling      |
|                          |                          |Shares for every one    |
|                          |                          |Euro Share              |
+--------------------------+--------------------------+------------------------+
|Sterling Shares: £ 12.6329|Euro GBP: 0.835745        |1.1170360 Euro Shares   |
|                          |                          |for every one Sterling  |
|                          |                          |Share                   |
+--------------------------+--------------------------+------------------------+

Cancellation

As a result of the Conversion, the number of Euro Shares will be reduced by 298
shares.
As  a result of the Conversion, the  number of Sterling Shares will be increased
by 266 shares.

Results of conversion

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

                             52,417,687 Euro Shares
                           1,932,543 Sterling Shares

Admission of new shares

Application has been made for:
17,877 Euro Shares to be admitted to listing and trading on Euronext Amsterdam,
16,270 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 2011 (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.

28 December 2010

B&G Asset Management                                        [phone]
Emmanuel Gavaudan (Hong Kong) [phone]
Manuel Kalbreier (London) [phone]

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
securities.


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.






Final result of conversion: 


http://hugin.info/139013/R/1475850/411941.pdf




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

[HUG#1475850]