Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec (TOKYO: 6594; OTC US: NJDCY) has announced the status of its ongoing share repurchase program. The program, authorized by the Board of Directors on May 24, 2024, allows for the repurchase of up to 5,000,000 common shares (0.87% of total shares issued, excluding treasury stock) for a total amount of up to 35 billion yen. The repurchase period is set from May 27, 2024 through May 26, 2025.

For the period from July 1, 2024 through July 31, 2024, Nidec reported that no shares were repurchased. Similarly, from the program's start on May 27, 2024, through July 31, 2024, no shares have been repurchased, and the total repurchase amount remains at 0 yen.

Positive

• Board authorization for significant share repurchase of up to 5 million shares
• Substantial repurchase budget of 35 billion yen allocated
• Long repurchase period of one year provides flexibility

Negative

• No shares repurchased since the program's inception, potentially indicating lack of execution
• Absence of repurchases may suggest the company sees value at current stock prices

(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 July 1, 2024 through July 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 July 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/20240731286629/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

How many shares is Nidec (NJDCY) authorized to repurchase under its current program?

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

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

The total repurchasable amount authorized for Nidec's share buyback program is 35 billion yen.

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

Nidec's current share repurchase program is set to end on May 26, 2025.

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

As of July 31, 2024, Nidec has not repurchased any shares under its current program, with the total repurchase amount remaining at 0 yen.