A quick update on our progress. We only got round to sorting ours out on Friday. We have 301 redirected our EMD to a PMD. It's essentially the same domain minus one of the keywords. The new domain is brand new.
Our site used to rank #1 for it's term. We redirected on Friday and today its at #9.
Bit surprised at the speed and it will be interesting to see what happens going forward. Over the next few days we are also going to get some of the exact match links to the site changed to point to the new site and remove the keywords from the anchor texts.
I'll report back here every now and then with progress.