Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec (TOKYO: 6594; OTC US: NJDCY) announced the current status of its share repurchase program. Approved by the Board of Directors on May 24, 2024, the plan allows for the repurchase of up to 5,000,000 shares, or 0.87% of the total shares issued, excluding treasury stock. The total repurchasable amount is capped at 35 billion yen, and the repurchase period extends from May 27, 2024, to May 26, 2025.

During the initial repurchase period from May 27, 2024, to May 31, 2024, no shares were repurchased, resulting in a total repurchase value of 0 yen. This announcement is based on trade date information.

Positive

• Nidec has a substantial share repurchase plan in place, authorized to buy back up to 5,000,000 shares.
• The repurchase plan is supported by a significant financial allocation of up to 35 billion yen.
• The repurchase period is extensive, spanning from May 27, 2024, to May 26, 2025, allowing flexibility in buyback timing.

Negative

• No shares were repurchased during the initial period from May 27, 2024, to May 31, 2024, indicating a slow start.
• The total repurchase amount so far is 0 yen, which may raise concerns about the execution of the plan.

(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 May 27, 2024 through May 31, 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 May 31, 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/20240602430699/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 as of May 2024?

As of May 2024, Nidec has not repurchased any shares, with a total repurchase amount of 0 yen.

How many shares is Nidec authorized to repurchase under the current plan?

Nidec is authorized to repurchase up to 5,000,000 shares, which is 0.87% of its total issued shares excluding treasury stock.

What is the total amount allocated for Nidec's share repurchase plan?

The total amount allocated for Nidec's share repurchase plan is 35 billion yen.

What is the duration of Nidec's share repurchase program?

Nidec's share repurchase program runs from May 27, 2024, to May 26, 2025.

Why might investors be concerned about Nidec's share repurchase plan?

Investors might be concerned because, as of the initial repurchase period, no shares have been repurchased and the total repurchase amount is 0 yen.