HNRC DIVIDEND REVIEW COMPLETED

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) announced the completion of a FINRA review for a spin-off dividend, set to reward shareholders. Shareholders of record on April 28, 2023, will receive one share of Worldwide Diversified Holdings, Inc. (WDHI) for every two shares of HNRC. This equates to a dividend of $1.75 per HNRC share, with the anticipated initial trading price of WDHI shares at $3.50. The payment date for the dividend is set for May 26, 2023. The spin-off aims to separate the company's non-energy assets, with a total value of $53,307,324 transferred to WDHI. The new CUSIP for WDHI shares has been issued, and the transfer agent will facilitate the process. This transaction is characterized as non-taxable and will not affect HNRC's existing business operations.

Positive

• Shareholders will receive a dividend of $1.75 per HNRC share.
• Spin-off of non-energy assets valued at $53,307,324 to WDHI.
• No impact on voting rights or existing business operations.

Negative

• None.

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.

WDHI has a legacy portfolio in the technology, telecommunications and software industries. It will focus on additional opportunities in Artificial Intelligence and food technologies.

Shareholders owning HNRC shares through a broker or other nominee will have the WDHI dividend shares credited to their account to reflect the dividend and will not be required to take any action in connection with the transaction. Shareholders who hold their shares in book entry or physical certificates shall receive book entry statements of their WDHI shares. 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.

About Houston Natural Resources Corp

Houston Natural Resources Corp. (OTCMKTS: HNRC) (www.hnrcholdings.com) is a diversified energy company with oil and gas interests as well as wastewater treatment facilities.  The Halff Oil Field in Crockett County, Texas, has 83 oil wells, with estimated 33 million barrels of oil and water treatment and appraised reserves of $69 million. The company has acquired a 9.9% interest in Cunningham Energy LLC with appraised reserves of $352 million. The company will also continue to seek new oil and gas and wastewater acquisitions as it focuses on creating more value for HNRC shareholders.  

CAUTIONARY STATEMENTS

This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to a proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

 

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

SOURCE Houston Natural Resources Corp

FAQ

What is the dividend amount for HNRC shareholders?

HNRC shareholders will receive a dividend of $1.75 per share.

When is the payment date for HNRC's dividend?

The payment date for the dividend is May 26, 2023.

What is the record date for the HNRC dividend?

The record date for the HNRC dividend is April 28, 2023.

How many WDHI shares will HNRC shareholders receive?

HNRC shareholders will receive one WDHI share for every two HNRC shares owned.

What is the expected starting price for WDHI shares?

The anticipated initial price for WDHI shares is $3.50.