Elan reschedules agm for August 19

Elan Corp said it will hold its annual general meeting on Aug 19 at 10

Elan Corp said it will hold its annual general meeting on Aug 19 at 10.30 am in Dublin, pushing it back from its previous scheduled date of July 31.

The troubled healthcare company said it is still expecting to report second quarter earnings on July 31.

On July 9, Elan said it would reassess its earnings guidance, promising to update investors on its financial state later in the month, following news from the week earlier that it would take a $631 million charge for writing down the value of its biotech investments.

The announcement of the charge was followed by the resignation of chief executive and chairman Mr Alan Geaney.

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New chairman Mr Garo Armen said the company will raise "at least $1 billion" through assets and business disposals over the next nine months.

Concerns about Elan's earnings and accounting methods have slashed the group's share price over the last few months. In early July, the two leading debt rating agencies downgrade Elan debt to junk status.