HOUSTON, Dec. 7, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") confirmed 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.
The dividend will be a stock dividend of common shares of Worldwide Diversified Holdings, Inc ("WDHI").The dividend date is for shareholders of record on December 16, 2022 and the anticipated payment date is December 30, 2022 subject to an effective registration statement.
The transaction will provide for a stock dividend of $1.75 of WDHI shares 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. The transaction is proposed to be a non-taxable spin off, meeting the business purpose of separating the company's non-energy assets.
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