Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec Corporation (Tokyo: 6594; OTC US: NJDCY) announced the completion of its share repurchase plan as per the Board of Directors' resolution on January 24, 2023. The repurchase period ran from March 1, 2023, to March 31, 2023, during which 290,000 shares were repurchased for a total amount of 1,853,416,800 yen. Since the initiation of the plan, a cumulative total of 1,020,000 shares have been repurchased, amounting to 6,882,558,300 yen. The total authorized repurchase limit is 35 billion yen, allowing for up to 5,000,000 shares to be reacquired by January 24, 2024.

Positive

• Repurchased 290,000 shares for 1,853,416,800 yen in March 2023.
• Total shares repurchased since January 25, 2023, stands at 1,020,000.
• Overall repurchase plan allows for up to 5,000,000 shares, enhancing shareholder value.

Negative

• None.

(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 March 1, 2023 through March 31, 2023
2. Class of shares: Common stock
3. Number of own shares repurchased: 290,000
4. Total repurchase amount: 1,853,416,800 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 March 31, 2023, pursuant to the Board of Directors resolution above:

1. Total number of own shares repurchased: 1,020,000
2. Total repurchase amount: 6,882,558,300 yen

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230402005073/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What is the share repurchase amount by Nidec Corporation for March 2023?

Nidec Corporation repurchased 290,000 shares for a total of 1,853,416,800 yen in March 2023.

How many shares has Nidec Corporation repurchased since January 2023?

Since January 25, 2023, Nidec Corporation has repurchased a total of 1,020,000 shares.

What is the total amount authorized for share repurchase by Nidec Corporation?

The total amount authorized for share repurchase by Nidec Corporation is 35 billion yen.

When is the end date of Nidec Corporation's current repurchase plan?

The current share repurchase plan for Nidec Corporation ends on January 24, 2024.