Cunningham Natural Resources Corp CNRC

HNRC DIVIDEND REVIEW COMPLETED

[AveragePenny]

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HOUSTON, April 25, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("Company") announced today that FINRA has completed the review of the company's corporate action to pay a dividend. The corporate action for the Spin-Off Dividend  has been published on the FINRA daily list of April 24, 2023 with a Record Date of April 28, 2023 and a Payment Date of May 26, 2023. The link is available here ( https://otce.finra.org/otce/dailyList).

HNRC Shareholders of record on April 28, 2023 will receive one share of Worldwide Diversified Holdings, Inc ("WDHI") for every two shares of HNRC. The trading of the WDHI shares will be subject to a registration statement being approved by the SEC. It is anticipated that the initial price of the WDHI shares will be $3.50 per share, representing a $1.75 per HNRC share dividend.    

The Company has previously announced that, effective December 16, 2022, the Board of Directors has approved the transfer of the non-energy investments of $53,307,324 in exchange for common shares of Worldwide Diversified Holdings, Inc ("WDHI"). The Company received the requisite stockholder approval granting the Board of Directors the authority to affect the transfer of the assets and approve the dividend to the shareholders. The transaction is proposed to be a non-taxable spin-off, meeting the business purpose of separating the company's non-energy assets. 

The company's transfer agent, Equiniti Shareowner Services, has been appointed as the transfer agent for Worldwide Diversified Holdings, Inc and the dividend agent. The company has received the new CUSIP number for WDHI shares and applied to reserve WDHI as the trading symbol.

https://www.prnewswire.com/news-releases/hnrc-dividend-review-completed-301806512.html