Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec (TOKYO:6594; OTC US:NJDCY) announced an update on its share repurchase program, as per the resolution by the Board on May 24, 2024. The program allows repurchase of up to 5,000,000 shares, or 0.87% of the total issued shares, excluding treasury stock, with a maximum budget of 35 billion yen. The repurchase period spans from May 27, 2024, to May 26, 2025.

For the period from June 1, 2024, to June 30, 2024, the company reported zero repurchases of its common stock, with a total repurchase amount of 0 yen. This update reflects no share repurchase activity within the specified timeframe.

Positive

• The repurchase plan demonstrates Nidec's commitment to enhancing shareholder value with a budget of 35 billion yen.
• The program allows for a potential repurchase of up to 5,000,000 shares, indicating strong confidence in future performance.

Negative

• No shares were repurchased from June 1, 2024, to June 30, 2024, resulting in no immediate impact on stock price or shareholder value.

 (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 May 24, 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 June 1, 2024 through June 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 May 24, 2024:

1. Class of shares: Common stock
2. Total number of shares that may be repurchased: Up to 5,000,000 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 June 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/20240630787265/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What is the status of Nidec's share repurchase program as of June 30, 2024?

As of June 30, 2024, Nidec reported zero repurchases of its common stock, with a total repurchase amount of 0 yen.

How many shares can Nidec repurchase under the current plan?

Nidec can repurchase up to 5,000,000 shares, or 0.87% of the total issued shares excluding treasury stock, under the current plan.

What is the budget for Nidec's share repurchase program?

The budget for Nidec's share repurchase program is up to 35 billion yen.

When is the repurchase period for Nidec's share buyback program?

The repurchase period for Nidec's share buyback program is from May 27, 2024, to May 26, 2025.

Did Nidec repurchase any shares between June 1, 2024, and June 30, 2024?

No, Nidec did not repurchase any shares between June 1, 2024, and June 30, 2024.