Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec (TOKYO: 6594; OTC US: NJDCY) reported the status of its ongoing share repurchase program approved by the Board of Directors on July 23, 2024. The company is authorized to repurchase up to 10 million shares (0.87% of total shares issued, excluding treasury stock) for a maximum amount of 35 billion yen between May 27, 2024, and May 26, 2025. For the period from October 1-31, 2024, no shares were repurchased. The total number of shares repurchased since the program's inception (May 27, 2024) remains at zero.

Positive

• Board authorization for substantial share buyback of up to 35 billion yen
• Potential repurchase of up to 0.87% of outstanding shares indicates confidence in company value

Negative

• No shares repurchased since program inception in May 2024
• Lack of execution on announced buyback program might indicate timing or pricing concerns

(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 October 1, 2024 through October 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 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 October 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/20241031722784/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: NIDEC CORPORATION

FAQ

How many shares can Nidec (NJDCY) repurchase under its current buyback program?

Nidec can repurchase up to 10 million shares, representing 0.87% of total shares issued (excluding treasury stock), under the current program.

What is the maximum amount authorized for Nidec's (NJDCY) share repurchase program?

The maximum authorized amount for the share repurchase program is 35 billion yen.

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

The current share repurchase program runs from May 27, 2024, through May 26, 2025.

How many shares has Nidec (NJDCY) repurchased under the current program as of October 31, 2024?

Nidec has not repurchased any shares under the current program as of October 31, 2024.