FutureWorld Corp (OTCMKTS:FWDG) disclosed that its Board of Directors approved the “Dividend Rate” and “Record Date” of the stock of HempTech Corp to its shareholders. It confirmed the record date for finalizing the holders of FWDG common stock who will be eligible to get the dividend shares of its subsidiary HempTech Corp is decided April 30, 2015. The dividend rate as decided is one share of HempTech Corp for every two shares of FWDG.
FutureWorld said that it will disclose the actual distribution data after HempTech Corp gets clearance from FINRA. The actual dividend spinoff common shares need to be recorded with the SEC to convert them into free trading. The registration may take some time and therefore the management has decided to issue the restricted dividend shares.
They will deposit them into the shareholders account till the time the company gets approval from the FINRA and SEC. At such time, the restricted shares in the company’s shareholders account will become free trading. FutureWorld is in the initial phase of the preparation of the S1 that needs to be submitted with the SEC.
FutureWorld said that the approved dividend is an initial part. The company can issue cash dividends or more stock dividends in the near future on its subsidiary company with sufficient notice. It also informed that the record date is used to determine the rights for dividend.
However, if shareholders sell the shares before the actual distribution date, they will not get the dividend. They need to hold their FWDG shares till the distribution date to be eligible for the dividend of the subsidiary HempTech Corp. FutureLand’s dividend deadline is extended to April 24, 2015 from April 17, 2015.
In last trading session, the stock price of FutureWorld declined 6.06% to close the trading session at $0.00310. The decline came at a share volume of 46.46 million compared to share volume of 28.43 million.