This morning Houston Natural Resources Corp (OTC:HNRC) could well come into prime focus among investors after the company came up with a major new announcement with regard to its business. It announced that the long-awaited spinoff of its unit Worldwide Diversified Holdings Inc would finally become effective following the close of business tomorrow May 26, 2023.
The spun-off company would be responsible for turning Houston Natural Resources Corp’s legacy businesses like telecom, software, and consulting into one unit. Worldwide Diversified Holdings would be launched as an independent publicly traded entity and Houston Natural Resources Corp would continue to be focused on the energy business. In the press release today, the company asserted that such a move is going to help it in reaching its full potential, deliver growth in the long term and also unlock greater value for the shareholders.
Additionally, it was further noted that the share dividend of one share in Worldwide Diversified Holdings for each block of two shares held in Houston Natural Resources Corp would also become effective following the close of business tomorrow. The distribution of the spinoff dividend is also a tax-free distribution to the company’s shareholders.
There is no necessity of shareholder approval for the dividend disbursement and shareholders would not need to take any action in order to receive the dividend shares in Worldwide Diversified Holdings. The shareholders would not need to pay anything or surrender or exchange any part of their holding in Houston Natural Resources Corp.