Cancellation of shares

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 SHARES HELD IN TREASURY

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

- 1,352,304 of the Euro issued shares, thereby reducing the number of
outstanding issued Euros  shares of  the company  to 61,790,142  Euro
shares.

- 332,108 of its Sterling issued shares, thereby reducing the  number
of outstanding issued  Sterling Shares  of the  company to  3,877,316
Sterling Shares.

19 December 2008

For further information, please contact:

B&G Asset Management                               [phone]
0700                       www.bgholdingltd.com

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 announcement  contains  forward looking  statements,  including,
without limitation, statements regarding  the 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.


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