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Houston Natural Resources Corp. (OTC: HNRC) confirmed that the spin-off of Worldwide Diversified Holdings, Inc will become effective after the close of business on May 26, 2023. This will combine the company’s legacy businesses in software, telecommunications, and consulting into one business, Worldwide Diversified Holdings, Inc (“WDHI”) to be launched as an independent, publicly traded company and thereby focus on energy as Houston Natural Resources Corp (“HNRC”).
On May 25, the energy company Houston Natural Resources Corp (OTC:HNRC) was in the news cycle after it made a major new announcement. The company announced yesterday that the spin-off of Worldwide Diversified Holdings had been completed and would become effective following the close of business today.
Worldwide Diversified is going to house the legacy businesses of the company including telecom, software, and consulting. It would be launched in the form of an independent and publicly traded company. As a consequence, it would be possible for Houston Natural Resources Corp to only concentrate on its core businesses. The company noted that the move would help the company in delivering strongly on its potential, bring about growth over the long term, and also unlock more value for its shareholders.
It should also be noted that Houston Natural Resources Corp shareholders would also be issued with share dividends in Worldwide Diversified following the close of business today. Each shareholder in the company would get 1 common share in Worldwide Diversified for each block of two shares in Houston Natural Resources Corp that they may hold.
The dividends would provide Houston Natural Resources Corp with an ownership interest in Worldwide Diversified once the spin-off transaction is finally completed. It should also be noted that the distribution is going to be made in such a way that it is tax-free to the Houston Natural Resources Corp shareholders. The transaction would not need any approval from shareholders and shareholders, on their part, do not need to perform any actions to receive the dividends.
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