Bermuda Stock Exchange-listed BCB Holdings Ltd has announced the approval of a resolution for the reorganisation of the company and its subsidiaries through the demerger of the group’s non-Belizean businesses to Waterloo Investment Holdings Ltd at the company’s general meeting held on Wednesday.The Belize-based bank’s board of directors has also approved all relevant steps and the demerger is now effective.Ordinary shares in Waterloo Investment Holdings were traded on JP Jenkins as of Thursday on a matched bargain basis.In addition, the company has confirmed that Andrew Ashcroft and Philip Johnson have stepped down from the board and Cheryl Jones is now non-executive chairman.The company has also confirmed that the new exercise price for the warrants, which are admitted to trading on Alternative Investment Market, is $1.95 and the options in the company have been amended to reflect an exercise price of $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.