Interim Management Statement

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




                    Interim Management Statement




I.              Principal Activities

Boussard &  Gavaudan Holding  Limited ("BGHL"  or "the  Company"),  a
closed-ended  investment  company  incorporated  under  the  laws  of
Guernsey, announces its  first interim management  statement for  the
period from 1 January to 31  March 2009, ("the period") in line  with
the requirements of the EU transparency Directive.

The Company  is registered  with the  Dutch Authority  for  Financial
Markets and  listed on  Euronext Amsterdam  and on  the London  Stock
Exchange ("LSE").

BGHL has invested substantially  all of its assets  in the Sark  Fund
Limited ("the  Fund"),  a Europe-focused  multi-strategy  hedge  fund
which aims  primarily  at  arbitraging  instruments  with  linear  or
non-linear pay-offs  on  equities  and credit  markets.  The  overall
investment objective  of  the  Fund  is  to  provide  investors  with
consistent absolute returns primarily  through investing and  trading
in financial  instruments  of  companies  incorporated  in  or  whose
principal operations are in Europe. Additionally, BGHL may enter into
illiquid side pocket investments.

Boussard & Gavaudan  Asset Management LP  ("BGAM" or "the  Investment
Manager") is  the investment  manager for  both the  Company and  the
Fund.



II.            Highlights


                                   31-Dec-08          31-Mar-09
Assets under management*         ¤ 622 million      ¤ 620 million
Market capitalisation*           ¤ 390 million      ¤ 393 million
Shares outstanding                 63,838,155         60,939,539
* Based on shares outstanding after conversion between share classes




                NAV per share       Share price**   Discount to NAV**
              ¤ shares  £ shares  ¤ shares £ shares ¤ shares £ shares
 31-Dec-08    ¤ 9.7345   £9.7161   ¤ 6.10   £6.01   -37.34%  -38.14%
 31-Mar-09   ¤ 10.1627   £9.9657   ¤ 6.45   £6.15   -36.53%  -38.29%
Performance    4.40%      2.57%    5.74%    2.33%

** Amsterdam (AEX) market close for the Euros shares and London (LSE)
market close for the Sterling shares




III.          Performance

The Company has almost 100% of  its assets invested in the Sark  Fund
Limited and two private equity investments.
Below is  an overview  of the  Sark Fund  Limited and  these  private
equity investments from 1 January to 31 March 2009.


1.      Sark Fund Limited

During the  period,  European equities  markets  were very  tense  as
economic data continued to deteriorate sharply. The Eurostoxx 50 went
down 15.4%. Volatilities  on stock  markets remained  stable at  high
levels: the VDAX index ended at 38.0% from 37.8% and the VSTOXX index
at 42.4%  from  43.9%.  Credit  spreads  tightened  with  the  iTraxx
Crossover at 945bps (-84 bps).

Over the period, the  Sark Fund Limited  posted a 2.55%  performance.
All strategies,  except  for  credit strategies,  posted  a  positive
performance; the main driver being volatility strategies.

1.1.  Volatility strategies
Convertible Bond Arbitrage
The  convertible  bond   arbitrage  sub-strategy  posted   a slightly
negative return over  the  quarter coming  mostly  from the  position
in the   Fortis    CASHES,    which   were    under strong    selling
pressure after Fortis' shareholders  voted  down the  deal  with  BNP
Paribas and the Belgian  Government[1]. Excluding this position,  the
sub-strategy posted a positive contribution  for the Fund, driven  by
the high delta/long volatility investments which performed very  well
relative to their equity hedges.

Mandatory Convertible Bond Arbitrage
The mandatory convertible  bond arbitrage sub-strategy  was the  main
driver to the Fund's performance in Q1. All the Fund's positions (but
one)  posted significant positive  returns  as  those bonds recovered
from the  very  low  levels  seen  at  the  end  of  last  year. This
was driven by a combination  of outright demand from equity  accounts
(as those bonds generally offer a better risk/reward profile than the
underlying  equities),  improvement  of  prime  brokerage  terms  and
increased appetite from  arbitragists, and  convergence towards  fair
value for the bonds coming closer to maturity (such as e.g. the Bayer
mandatory due 1 June 2009).

Gamma trading
The gamma trading  sub-strategy posted a  negative return during  the
period. The  Investment Manager  entered Q1  with levels  of  implied
volatility still extremely high compared to historical standards  and
just shy of the  post Lehman bankruptcy peaks.  This was a result  of
the high  level  of  uncertainty and  continued  demand  for  hedging
instruments  by  market  participants   who  entered  long   downside
positions. As such, volatility performed very poorly on the  downside
as long  gamma  positioning in  the  market resulted  in  an  orderly
sell-off and continued pressure on implied volatilities

Against this backdrop, volatility exposure  was kept to a minimum  on
the long side and  focused on playing short  term catalysts via  very
short dated options. The risky assets rally that started early  March
provided some good volatility trading opportunities on the upside but
the pressure on implied volatilities quickly resumed. The  Investment
Manager believes there  will be opportunities  ahead to increase  the
volatility exposure as  complacency about the  crisis returns to  the
market.

1.2.  Equity strategies
Given challenging market conditions, the Investment Manager  remained
very cautious during the period and decided to focus on shorter  term
trades with hard  catalysts on  liquid names. These  trades (such  as
risk arbitrage  trades, dividends  trades, earnings  release  trades)
performed well. On  the negative  side, the  long standing  positions
cost to the Fund's performance.

No  major  position  has  been  initiated  during  the  period;   the
Investment Manager intends to remain focused on selective and  liquid
investments.

1.3.  Credit strategies
Over the  period, credit  strategies  contributed negatively  to  the
Fund's performance. This stemmed  mainly from an adverse  development
in one of  the main  investments, which is  in the  process of  being
restructured. On  the  positive side,  the  Fund benefited  from  the
re-rating of  some  stressed  investments  in  cable  and  in  senior
financial paper.

1.4.  Trading
Trading posted a  positive return  for the period  spread across  the
board.


2.      Private equity investments

On top of  its investment in  the Sark Fund  Limited, BGHL may  enter
into private equity investments.  BGHL has the following  investments
in the portfolio.

2.1  Castle Holding Company Ltd
This investment,  entered  into  in  May 2007,  is  in  the  unlisted
securities  resulting  from  the  public  offer  made  by  Apollo  on
Countrywide Plc, the largest  network of UK  real estate agents.  The
investment in Castle Holding Company Ltd has been marked to zero as a
result of  the collapse  of  the UK  real  estate market  and  highly
leveraged capital structure.

2.2  Rasaland
The Company  entered  into  a second  private  equity  investment  in
Rasaland on 27 June 2008 for $10 million.

As  at  31  March  2009,  both  investments  represent  in  aggregate
approximately 1% of the Company's assets under management.


IV.          Outlook

In the present market environment, forecasting is more difficult than
ever, therefore financial  prospects for  the coming  months will  be
linked to  the  level  of opportunities  created  across  the  Fund's
strategies in the European corporate environment.

Market  conditions  are   still  challenging.   Even  though   market
opportunities are starting  to be  identified, the  Fund's equity  at
risk is expected to be deployed in a very cautious way as this  trend
may go on for the next  year. The Investment Manager continues to  be
fully committed to the strategies of the Company.


For further information contact:

B&G Asset Management                             [phone]
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.

[1] The deal was eventually  voted on 28 &  29 April 2009  during the
EGM of Fortis SA/NV and closed on 12 May 2009.


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