Boussard & Gavaudan Holding Limited: Cancel...

Boussard & Gavaudan Holding Limited
a closed-ended investment company incorporated with limited liability
      under the laws of Guernsey with registration number 45582

      CANCELLATION OF EURO AND STERLING SHARES HELD IN TREASURY


The board of the company has resolved with immediate effect to cancel
:

- 2,566,785 of the Euro issued shares, thereby reducing the number of
outstanding issued Euros shares of the company to 74,758,861[1] Euro
shares.

- 296,283 of its Sterling issued shares, thereby reducing the number
of outstanding issued Sterling Shares of the company to 4,532,095[2]
Sterling Shares.

31 October 2008


For further information, please contact:

B&G Asset Management                                              +44
20 7514 0700
Emmanuel Gavaudan

www.bgholdingltd.com

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 announcement contains forward looking statements, including,
without limitation, statements regardingthe Company's intention to
establish a mechanism to permit shareholders to switch their ordinary
shares for shares in Sark Fund and statements containing the words
"envisaged", "intention" and "expected" or in each case, their
negative or other variations or similar expressions. Such forward
looking statements involve unknown risk, uncertainties and other
factors that may cause the results to be materially different from
any future results or achievements expressed or implied by such
forward looking statements.

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 the Sark Fund 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.

The intended mechanism to permit the Company's shareholders to switch
their ordinary shares in the Company for shares in Sark Fund (unless
otherwise determined by the Company and permitted by applicable law
and regulation), will not be made available, directly or indirectly,
in or into, or by use of mails or any means or instrumentality
(including, without limitation, telephonically or electronically) of
interstate or foreign commerce of, or any facility of a national,
state or other securities exchange of the United States and will not
be capable of acceptance by any such use, means, instrumentality or
facilities from within the United States.

[1] Based on the Euro shares issued capital on 30 September 2008
after the September conversion which has been confirmed on 31 October
2008. This figure also includes the shares cancelled on 8 October
2008.
[2] Based on the Sterling shares issued capital on 30 september 2008
after the September conversion which has been confirmed on 31 October
2008




http://hugin.info/139558/R/1265128/278281.pdf


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