Result of Quarterly 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  (the
"Conversion") of Euro shares in the Company ("Euro Shares") into Sterling shares
in  the Company ("Sterling Shares") and, of  Sterling Shares into Euro Shares in
the  Company for the 31 December 2009 conversion calculation date (the "December
Conversion Calculation Date").

Conversion

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

                              150,576 Euro shares
                             341,197Sterling 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 December Conversion Calculation Date.

Anticipated timetable forConversion

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

Announcement ofAround 26 January 2010
conversion ratio


ConversionAround 29 January 2010


18 December 2009


B&G Asset Management+44 20 7514 0700
Emmanuel Gavaudan
The  Companyis  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#1365205]





    Result of Quarterly Conversion: 

http://hugin.info/139013/R/1365205/333317.pdf