27 Oct 2011 07:00
BCB Holdings LimitedDemerger of its Non-Belizean Businesses
Belize City, Belize, 26 October 2011. BCB Holdings Limited (London - AIM: BCB; Trinidad and Tobago Stock Exchange - BCBTT; Bermuda - BBHL) (the "Company") today announces that at the General Meeting of the Company held today, a resolution approving the reorganisation of the Company and its subsidiaries (the "Group") by the demerger of the Group's non-Belizean businesses to Waterloo Investment Holdings Limited ("WIHL") was approved. The board of directors of the Company has also approved all relevant steps and the demerger is now effective. Ordinary shares in WIHL will be traded on JP Jenkins from 27 October 2011 on a matched bargain basis.
In addition, the Company confirms that Andrew Ashcroft and Philip Johnson have now stepped down from the board of Directors and Cheryl Jones is now non-executive Chairman.
The Company also confirms that the new exercise price for the warrants, which are admitted to trading on AIM, is US$1.95 and that the options in the Company have also been amended to reflect an exercise price of US$1.95. The options vest and become exercisable in three equal instalments on August 1 2012, August 1 2013 and August 1 2014 and they lapse on August 1 2019. The interests held in the Company by the Directors are as follows:
Director | Number of shares | Percentage of shares | Number of options | Number of warrants |
Cheryl Jones | 398,556 | 0.4% | 0 | 0 |
Lyndon Guiseppi | 5,000 | 0.0% | 2,000,000 | 0 |
Peter Gaze | 888,638 | 0.89% | 0 | 14,923 |
Philip Osborne | 215,890 | 0.15% | 1,000,000 | 156,138 |
Dr Euric Bobb | 0 | 0.0% | 250,000 | 0 |
John Searle | 263,609 | 0.3% | 0 | 64,069 |
Philip Priestley | 0 | 0.0% | 0 | 0 |
For further information contact:
BCB Holdings Limited Belize +501 227 7178 UK +44 (0)20 7248 6700
Cenkos Securities plcNicholas Wells / Adrian Hargrave +44 (0)20 7397 8900
Note: This and other press releases are available at the Company's web site:http://www.bcbholdings.com