Final result of 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 of:

*           Euro Shares in the Company ("Euro Shares") into Sterling
  Shares in the Company (the "Sterling Shares"); and
*           Sterling Shares into Euro Shares,

(together,  the  "Conversion")  for  the  31  March  2009  conversion
calculation date (the "March Conversion Calculation Date").

Conversion requests

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

                         23,350 Euro Shares
                       737,381 Sterling Shares

Conversion ratios


+-------------------------------------------------------------------+
| The net asset values |   The spot currency    |  On the basis of  |
| per share as at the  | conversion rates as at |  the above, the   |
|   March Conversion   |  the March Conversion  | conversion ratios |
|   Calculation Date   | Calculation Date were: |  are as follows:  |
|        were:         |                        |                   |
|----------------------+------------------------+-------------------|
|    Euro Shares: ¤    |   Euro GBP : 0.92664   | 0.944958 Sterling |
|       10.1627        |                        | Shares for  every |
|                      |                        | one Euro Share    |
|----------------------+------------------------+-------------------|
|  Sterling Shares: £  |   Euro GBP : 0.92664   |   1.058248 Euro   |
|        9.9657        |                        | Shares for every  |
|                      |                        |   one Sterling    |
|                      |                        |       Share       |
+-------------------------------------------------------------------+


Cancellation

As a result  of the  Conversion, the number  of Euro  Shares will  be
increased by 756,981.
As a result of the Conversion, the number of Sterling Shares will  be
reduced by 715,317.

Results of conversion

With effect from Conversion, the issued share capital of B&G  Holding
was on 31 March 2009:

                       63,461,967 Euro Shares
                      2,285,568 Sterling Shares

Admission of new shares

Application has been made for:
780,331 Euro Shares to be admitted to listing and trading on Euronext
Amsterdam,
22,064 Sterling Shares to be admitted to the Official List of the  UK
Listing Authority and to trading  on the London Stock Exchange  plc's
main market for listed securities.

Next conversion

The next conversion calculation date will be 30 June 2009 (the  "June
Conversion  Calculation  Date").   Shareholders  wishing  to  convert
between share  classes  should complete  the  appropriate  conversion
request  form,  which  is   available  from  the  Company's   website
www.bgholdingltd.com.

21 April  2009

B&G Asset Management                                              +44
20 7514 0700
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 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.




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