Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec Corporation (TSE: 6594; OTC US: NJDCY) announced its share buyback results for November 2021, revealing that no shares were repurchased during the period. The company had resolved to repurchase up to 4 million shares for a total of 50 billion yen from January 2021 to January 2022. To date, 1,209,800 shares have been repurchased at a cost of approximately 14.24 billion yen. This buyback initiative is part of the ongoing commitment to enhance shareholder value.

Positive

• Total of 1,209,800 shares repurchased to date, demonstrating a commitment to shareholder value.
• Repurchase plan allows up to 4 million shares, indicating potential for future buybacks.

Negative

• No shares were repurchased in November 2021, raising concerns about the buyback's effectiveness.

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

KYOTO, Japan, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 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 January 25, 2021, pursuant to Article 459, Paragraph 1, Item 1 of the Company Law of Japan.

Details are as follows:

Details of Share Repurchase 　
1. Period of own share repurchase: From November 1, 2021 through November 30, 2021
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) The following details were resolved by the Company’s Board of Directors on January 25, 2021:
1. Class of shares: Common stock
2. Total number of shares that may be repurchased: Up to 4,000,000 shares　
    (0.68% of total number of shares issued, excluding treasury stock)
3. Total repurchasable amount: 50 billion yen
4. Period of repurchase: From January 26, 2021 through January 25, 2022

B) Total number and yen amount of own shares repurchased from January 26, 2021 through November 30, 2021, pursuant to the Board of Directors resolution above:
1. Total number of own shares repurchased: 1,209,800
2. Total repurchase amount: 14,237,053,000 yen

Contact:

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

FAQ

What is the status of Nidec Corporation's share repurchase plan?

As of November 2021, Nidec Corporation has repurchased a total of 1,209,800 shares under its buyback plan but did not repurchase any shares during November.

How much has Nidec Corporation spent on share repurchases?

Nidec Corporation has spent approximately 14.24 billion yen on share repurchases since the start of the buyback plan.

What is the total number of shares Nidec Corporation is allowed to repurchase?

Nidec Corporation is permitted to repurchase up to 4 million shares as part of its buyback initiative.

What is the purpose of Nidec Corporation's share buyback?

The share buyback aims to enhance shareholder value and confidence in the company's future prospects.

What period does Nidec Corporation's current share repurchase plan cover?

The current share repurchase plan runs from January 26, 2021, to January 25, 2022.