Nidec Announces the Status of Own Share Repurchase

Rhea-AI Summary

Nidec Corporation (TSE: 6594; OTC US: NJDCY) announced an ongoing share repurchase plan on February 1, 2022. The company repurchased 900,000 shares of common stock from January 27 to January 31, 2022, totaling 8,844,940,800 yen. This is part of a larger plan approved on January 26, 2022, allowing for up to 4,000,000 shares to be repurchased, with a total budget of 50 billion yen over a period extending to January 24, 2023. The repurchase aims to enhance shareholder value and reflects confidence in the company's future.

Positive

• Share repurchase of 900,000 shares enhances shareholder value.
• Total repurchase budget of 50 billion yen indicates confidence in future performance.

Negative

• None.

(Repurchase of own shares, pursuant to the Company’s Articles of Incorporation based on the provisions of Article 459-1-1 of the Company Law of Japan)

KYOTO, Japan, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 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 26, 2022, pursuant to Article 459, Paragraph 1, Item 1 of the Company Law of Japan.

Details are as follows:

Details of Share Repurchase
1. Period of own share repurchase: From January 27, 2022 through January 31, 2022
2. Class of shares: Common stock
3. Number of own shares repurchased: 900,000
4. Total repurchase amount: 8,844,940,800 yen

Note: The above repurchase information has been prepared on the basis of trade date.

Reference
A) The following details were resolved by the Company’s Board of Directors on January 26, 2022:
1. Class of shares: Common stock
2. Total number of shares that may be repurchased: Up to 4,000,000 shares
(0.68% of total number of shares issued, excluding treasury stock)
3. Total repurchasable amount: 50 billion yen
4. Period of repurchase: From January 27, 2022 through January 24, 2023

B) Total number and yen amount of own shares repurchased from January 27, 2022 through January 31, 2022, pursuant to the Board of Directors resolution above:
1. Total number of own shares repurchased: 900,000
2. Total repurchase amount: 8,844,940,800 yen

Contact:

Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 ir@nidec.com

FAQ

What is the share repurchase amount for NJDCY announced on February 1, 2022?

Nidec Corporation announced a total repurchase amount of 8,844,940,800 yen for 900,000 shares.

What is the total number of shares Nidec plans to repurchase under its buyback program?

Nidec Corporation plans to repurchase up to 4,000,000 shares under its buyback program.

How long is the share repurchase program for NJDCY set to last?

The share repurchase program is set to last from January 27, 2022, through January 24, 2023.