Cunningham Natural Resources Corp CNRC

HNRC DECLARES DIVIDEND DATE FOR ASSET SPINOFF TO SHAREHOLDER

[AveragePenny]

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HOUSTON, Sept. 28, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders of record on December 16, 2022. The shares will be distributed to the Company's shareholders upon an effective registration statement. The company is anticipating the registration statement to be completed in the fourth quarter of 2022. The transaction will provide for a dividend of $1.75 per share for every one share of HNRC held by the shareholder on the record date.  

The Company has previously announced that, effective June 30, 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. WDHI will focus on acquisitions in the technology, telecommunications and software industries.

Shareholders owning shares through a broker or other nominee will have their positions automatically adjusted to reflect the dividend and will not be required to take any action in connection with the transaction. The transaction would not have any impact on the voting and other rights of stockholders and will have no impact on the Company's business operations or any of its outstanding indebtedness.

With the completion of the transaction, the company will now be focused on (i) acquisitions of income producing oil and gas properties, (ii) expansion of its wastewater treatment facilities, (iii) additional equipment for the existing 83 oil well rework project and (iv) on completing its listing onto the OTCQB. 

https://www.prnewswire.com/news-releases/hnrc-declares-dividend-date-for-asset-spinoff-to-shareholders-301635194.html