Boussard & Gavaudan Holding Limited: Result...

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 September 2008 conversion
calculation date (the "September Conversion Calculation Date").

Conversion requests

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

                         129,077 Euro Shares

                       395,197 Sterling Shares

Conversion ratios

The net asset values per share as at the September Conversion
Calculation Date were:

                        Euro Shares: ¤ 9,3267

                      Sterling Shares: £ 8,9520

The spot currency conversion rates as at the September Conversion
Calculation Date were:

                      Euro to Sterling : 0,7910

                      Sterling to Euro :1,2642

On the basis of the above, the conversion ratios are as follows:

          1,213432 Sterling Shares for every one Euro Share

          0,824190 Euro Shares for every one Sterling Share

Cancellation

As a result of the Conversion, the number of Euro Shares will be
reduced by 129,077.
As a result of the Conversion, the number of Sterling Shares will be
reduced by 395,197.

Results of conversion

With effect from Conversion, the issued share capital of B&G Holding
was on 30 September 2008:

                       84,309,065 Euro Shares
                      4,828,378 Sterling Shares

Admission of new shares

Application has been made for:
- 479,544 Euro Shares to be admitted to listing and trading on
Euronext Amsterdam.
- 106,373 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 December 2008 (the
"December Conversion Calculation Date").  Shareholders wishing to
convert between share classes should complete the appropriate
conversion request form, which will be available from the Company's
website www.bgholdingltd.com.

31 October 2008


B&G Asset Management                                              +44
20 7514 0700
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 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.


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