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ELAN STOCK SPLIT WINS SHAREHOLDER APPROVAL

 ELAN STOCK SPLIT WINS SHAREHOLDER APPROVAL
 DUBLIN, Ireland, July 2 /PRNewswire/ -- Shareholders of Elan


corporation, plc (AMEX: ELN) approved a three for two split of the company's ordinary shares (four Irish Pence par value) at its annual meeting here today.
 The stock dividend of one new ordinary share for every two shares held will be paid to shareholders of record on Aug. 15, 1992.
 Effective with payment of the stock dividend, the average number of outstanding ordinary shares will total about 30 million. Elan shares trade as ADRs on the American Stock Exchange with one ADR equaling one ordinary share of IR4p capital stock.
 Elan shareholders also voted to increase the share capital of the company to 100,000,000 ordinary shares of IR4p each by the creation of 50,000,000 new ordinary shares.
 Donald E. Panoz, chairman and chief executive officer, said the stock split would improve liquidity of Elan's shares and make it easier for individual investors to participate in the future growth of the company.
 Elan Corporation plc is a leader in the specialized health care field of advanced reformulations and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone, Ireland; Gainesville, Ga.; Enschede, Netherlands; Manila, Philippines; Brea, Calif.; Cambridge, Mass.; and Mezzovico, Switzerland.
 -0- 7/2/92
 /CONTACT: Brian Crotty of Elan, 800-252-3526, or Thomas Redington, of Redington Inc. 203-222-7399, or 212-926-1733, for Elan/
 (ELN) CO: Elan Corporation ST: IN: MTC SU:


AH-LR -- NY036 -- 6165 07/02/92 12:23 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
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