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
:

- 3,287,377 of the Euro issued shares, thereby reducing the number of
outstanding issued Euros  shares of  the company  to 60,174,590  Euro
shares.

The total issued capital is 62,017,408 shares and the total number of
voting right is 62,017,408

12 June 2009

For further information, please contact:

B&G Asset Management                          [phone]
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).  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.




http://hugin.info/139558/R/1322445/310011.pdf


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