Hyperdynamics Affiliate DJX Splits Holdings
DJX Ltd., an affiliate shareholder of Hyperdynamics Corp., has separated its holdings of Hyperdynamics into five separate trusts. DJX was set up together with a trust benefiting the grandchildren of Ernest M. Watts, the father of Hyperdynamics' Chief Executive Officer Kent Watts.
The trust assets, which consist of 2,725 shares of Hyperdynamics Series B preferred stock, are being split into five separate domestic entities to each house a portion of the securities formerly held by affiliate DJX Ltd based on the percentage that each beneficiary was granted in trust in 2001. The beneficiaries and their percentages have not changed.
The appropriate forms 3, 4, 13D and 13G are being filed with the U.S. Securities and Exchange Commission over the next 10 days.
Hyperdynamics' internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit significant acreage offshore the Republic of Guinea, West Africa. HYD Resources Corporation focuses on domestic production in proven areas.
- Hyperdyamics Reveals Impasse in Plans to Drill Exploration Block Off Guinea (Jan 06)
- Hyperdynamics Says Tullow Claims Force Majeure in Offshore Guinea (Mar 12)
- Tullow Declares Force Majeure On Guinea Project After Partner Probe (Mar 12)