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Stock Market & Financial Investment News

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December 14, 2012
16:49 EDTELNElan announces expected timetable of proposed demerger
Elan Corporation announced the expected timetable of the separation of its drug discovery business to a new independent, publicly traded company, Prothena Corporation. Elan shareholders approved a resolution in respect of the demerger at the extraordinary general meeting of Elan held in Dublin, Ireland on December 12. Under the terms of the demerger, Elan shareholders on the register as of 11:59 p.m. Dublin time on December 14, the record date, will receive 1 Prothena ordinary share for every 41 Elan ordinary shares or ADSs held. It is anticipated that Prothena ordinary shares will begin trading on a "when issued" basis on the NASDAQ Global Market on December 18 and "regular way" on the NASDAQ Global Market on December 21, the first business day immediately following the distribution date, under the symbol "PRTA."
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