10th Jul 2009 16:59
Delisting from the Official List of the UK Listing Authority and Cessation of Trading on the London Stock Exchange
Elan Corporation, plc ("Elan" or "the Company) (NYSE: ELN, ISE: ELN) today announced that following a review of the Company's share trading arrangements, it has elected to cancel the Company's listing on the Official List of the UK Listing Authority and consequently to effect a cessation of trading in those shares on the London Stock Exchange ("the Cancellation").
The Board believes that, having regard to the low volume of trading in the Company's Ordinary Shares on the London Stock Exchange, the benefits of the London listing are minimal and the cost of its maintenance is no longer in the interests of Elan Shareholders as a whole.
The Company will retain its primary listing on the Official List of the Irish Stock Exchange which will ensure that all current super equivalent continuing obligations contained in the Irish Stock Exchange Listing Rules remain in place. Elan will also retain its listing on the New York Stock Exchange, in the form of American Depositary Shares. It is not expected that the change in listing will have any material impact on trading or liquidity. This change is due to be effective on 10 August, 2009.
Elan Corporation, plc, an Irish public limited company, is a neuroscience-based biotechnology company headquartered in Dublin, Ireland and its principal research and development, manufacturing and marketing facilities are located in Ireland and the United States.
10 July, 2009
-Ends -
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