Hyperdynamics (HDY) Announces Resignation of Kent Watts; Coverts Shareholders' Series B/Warrants to 17.8 Mln Common Shares
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Hyperdynamics Corporation (NYSE Amex: HDY) announced that Kent Watts has resigned from the Company's Board of Directors, effective immediately. Watts formerly served as the Company's Chairman and Chief Executive Officer until July 1, 2009, and had served as a non-executive board member since that time. Watts is expected to remain a major stockholder in Hyperdynamics.
Watts is one of several Hyperdynamics shareholders who own an aggregate 2,406 shares of the Company's Series B Preferred Stock and 4,980,000 warrants. These holders have agreed to convert their preferred stock to approximately 17.8 million Hyperdynamics common shares. The holders will then donate the equivalent of 3 million shares of common stock and warrants to the American Friends of Guinea, a charitable organization through which the Company continues to provide humanitarian aid to the Republic of Guinea. In addition, the holders will surrender the equivalent of 3 million shares of common stock and warrants back to the Company.
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