Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec (NJDCY) has reported the status of its ongoing share repurchase program authorized by the Board of Directors on July 23, 2024. The company announced that during November 2024, no shares were repurchased. The approved plan allows for the repurchase of up to 10 million common shares (0.87% of total shares issued, excluding treasury stock) with a maximum repurchase amount of 35 billion yen. The repurchase period extends from May 27, 2024, through May 26, 2025. As of November 30, 2024, no shares have been repurchased under this program.

Positive

• Board authorization for significant share buyback of up to 35 billion yen
• Potential repurchase of up to 0.87% of outstanding shares

Negative

• No shares repurchased since program inception in May 2024
• Lack of execution on announced buyback program may indicate conservative cash management

(Repurchase of own shares, pursuant to the Company’s Articles of Incorporation based on the provisions of Item 1 of Article 459 (1) of the Companies Act of Japan)

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO:6594; OTC US:NJDCY) (the “Company”) today announced the status of the Company’s own share repurchase under its ongoing repurchase plan resolved at a meeting of the Board of Directors held on July 23, 2024, pursuant to Item 1 of Article 459 (1) of the Companies Act of Japan.

Details of Share Repurchase

1. Period of own share repurchase: From November 1, 2024 through November 30, 2024
2. Class of shares: Common stock
3. Number of own shares repurchased: 0
4. Total repurchase amount: 0 yen

Note: The above repurchase information has been prepared on the basis of trade date.

Reference

A) Details of the share repurchase plan authorized by the Board of Directors on July 23, 2024:

1. Class of shares: Common stock
2. Total number of shares that may be repurchased: Up to 10,000,000 shares
   (0.87% of total number of shares issued, excluding treasury stock)
3. Total repurchasable amount: 35 billion yen
4. Period of repurchase: From May 27, 2024 through May 26, 2025

B) Total number and yen amount of own shares repurchased from May 27, 2024 through November 30, 2024, pursuant to the Board of Directors resolution above:

1. Total number of own shares repurchased: 0
2. Total repurchase amount: 0 yen

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241202171161/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

How many shares did Nidec (NJDCY) repurchase in November 2024?

Nidec (NJDCY) repurchased 0 shares during November 2024.

What is the maximum amount authorized for Nidec's (NJDCY) current share buyback program?

Nidec's current share buyback program authorizes repurchases of up to 35 billion yen.

When does Nidec's (NJDCY) current share repurchase program end?

The current share repurchase program ends on May 26, 2025.

What percentage of Nidec's (NJDCY) shares can be repurchased under the current program?

The program allows for repurchase of up to 0.87% of total shares issued, excluding treasury stock.