Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec Corporation (OTC US: NJDCY) announced its share repurchase status as part of an ongoing buyback plan approved on January 24, 2023. The repurchase period from February 1, 2023 to February 28, 2023 saw the company buy back 730,000 shares for a total of 5,029,141,500 yen. This buyback aligns with a broader goal to repurchase up to 5,000,000 shares over a year, representing 0.87% of total shares issued. The total allowable repurchase amount stands at 35 billion yen.

Positive

• Share buyback of 730,000 shares enhances shareholder value.
• Total repurchase amount of 5,029,141,500 yen reflects commitment to capital return strategy.

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 February 1, 2023 through February 28, 2023
2. Class of shares: Common stock
3. Number of own shares repurchased: 730,000
4. Total repurchase amount: 5,029,141,500 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 February 28, 2023, pursuant to the Board of Directors resolution above:
1. Total number of own shares repurchased: 730,000
2. Total repurchase amount: 5,029,141,500 yen

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006496/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What is the total amount Nidec Corporation plans to spend on its share repurchase program?

Nidec Corporation plans to spend up to 35 billion yen on its share repurchase program.

How many shares did Nidec Corporation repurchase in February 2023?

Nidec Corporation repurchased 730,000 shares in February 2023.

When does Nidec Corporation's share repurchase plan expire?

The share repurchase plan is set to expire on January 24, 2024.

What impact does the share repurchase have on Nidec Corporation's stock price?

The share repurchase program is typically expected to support the stock price by reducing the number of shares outstanding.