WASHINGTON (dpa-AFX) - Noble Corporation plc (NE) said Friday that its board of directors has approved the spin-off of Paragon Offshore plc, a subsidiary of Noble, through a pro rata distribution of an aggregate of about 84.75 million Paragon ordinary shares to the holders of Noble ordinary shares.
Noble shareholders will receive one ordinary share of Paragon for every three ordinary shares of Noble held at 5:00 p.m., New York City time, on the record date of the distribution, July 23. The distribution is expected to occur on August 1.
Following the distribution of the Paragon ordinary shares, Paragon will be a separate, publicly traded company, and Noble will not retain any ownership interest in Paragon.
Paragon has applied to list its ordinary shares on the New York Stock Exchange under the symbol 'PGN.'
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