Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec Corporation (OTC US: NJDCY) announced the status of its share repurchase plan initiated on January 24, 2023. The company is authorized to repurchase up to 5,000,000 shares, which represents 0.87% of the total shares issued, excluding treasury stock. The total repurchase amount is set at 35 billion yen. However, from January 25, 2023 to January 31, 2023, Nidec reported buying back 0 shares for a total amount of 0 yen.

Positive

• The share repurchase plan allows for the potential buyback of up to 5 million shares, potentially enhancing shareholder value.
• The total repurchasable amount of 35 billion yen reflects management's confidence in the company's financial position.

Negative

• The company has yet to repurchase any shares, indicating a potential inefficiency in capital allocation.
• The failure to execute share buybacks during the specified period may raise concerns about the company's commitment to enhancing shareholder returns.

(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 January 24, 2023, 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 January 25, 2023 through January 31, 2023
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 January 24, 2023:

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 January 25, 2023 through January 24, 2024

B) Total number and yen amount of own shares repurchased from January 25, 2023 through January 31, 2023, 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/20230131006213/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What is the status of Nidec's share repurchase plan as of January 2023?

As of January 2023, Nidec Corporation has reported repurchasing 0 shares under its plan, which allows up to 5 million shares to be repurchased.

How much is Nidec Corporation authorized to spend on share repurchases?

Nidec Corporation is authorized to spend up to 35 billion yen on share repurchases.

What percentage of Nidec's total shares can be repurchased under the plan?

Nidec can repurchase up to 0.87% of its total issued shares, excluding treasury stock.

What are the dates for Nidec's share repurchase period?

The share repurchase period runs from January 25, 2023, to January 24, 2024.