July 2009 TRANSACTION IN OWN SECURITIES ACTIVIT...

BOUSSARD & GAVAUDAN HOLDING LIMITED


     July 2009 TRANSACTION IN OWN SECURITIES ACTIVITY REPORT[1]




+-------------------------------------------------------------------+
|                                    | Share Buy Back |  Liquidity  |
|                                    |   Programme    | Enhancement |
|                                    |                |  Agreement  |
|------------------------------------+----------------+-------------|
| Aggregate number of transactions   |       27       |      1      |
| conducted in July 2009             |                |             |
|------------------------------------+----------------+-------------|
| Average size of the transactions   |     32,378     |    1,000    |
|------------------------------------+------------------------------|
| Number of shares outstanding       |          58,387,569          |
| following such Purchases           |                              |
+-------------------------------------------------------------------+



For further information please contact:

Emmanuel Gavaudan
Boussard & Gavaudan Asset Management, LP
[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
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.

[1] This report includes the transactions conducted by both BGHL, for
the share buy back programme and Exane, for the Liquidity Enhancement
Agreement.




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