Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec (TOKYO:6594; OTC US: NJDCY) has announced the status of its own share repurchase program, which was authorized by the Board of Directors on July 23, 2024. The repurchase plan allows for up to 10,000,000 common shares (0.87% of total shares issued, excluding treasury stock) to be bought back, with a total repurchasable amount of 35 billion yen. The repurchase period is set from May 27, 2024 through May 26, 2025.

For the period from September 1, 2024 through September 30, 2024, Nidec reported that no shares were repurchased, with the total repurchase amount being 0 yen. Additionally, the company disclosed that from the start of the program on May 27, 2024 through September 30, 2024, no shares have been repurchased, and the total repurchase amount remains at 0 yen.

Positive

• Board approval for repurchase of up to 10 million shares
• Authorized repurchase amount of 35 billion yen
• Potential to increase shareholder value through share buyback program

Negative

• No shares repurchased since program inception
• Lack of execution on the share repurchase plan to date

(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 September 1, 2024 through September 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 September 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/20240930417331/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What is the maximum number of shares Nidec (NJDCY) can repurchase under the current program?

Nidec can repurchase up to 10,000,000 common shares under the current program, which represents 0.87% of the total number of shares issued, excluding treasury stock.

How much has Nidec (NJDCY) spent on share repurchases from May 27, 2024 to September 30, 2024?

Nidec has not spent any money on share repurchases during this period. The total repurchase amount from May 27, 2024 to September 30, 2024 is 0 yen.

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

Nidec 's current share repurchase program is set to end on May 26, 2025, as authorized by the Board of Directors on July 23, 2024.

What is the total repurchasable amount for Nidec's (NJDCY) share buyback program?

The total repurchasable amount for Nidec 's share buyback program is 35 billion yen, as authorized by the Board of Directors.