Nidec Announces the Status of Share Repurchases and the Completion of the Share Repurchase Plan

Rhea-AI Summary

Nidec Corporation (NJDCY) announces the completion of its share repurchase plan authorized by the Board of Directors. During the plan, the distributable amount was exceeded, leading to the establishment of governance and business execution systems to prevent recurrence. The company also considered stock market trends, stock price, and capital policy progress but did not reach the upper limit of the total number of shares resolved or the total acquisition price. The total number of shares repurchased was 1,171,400 with a total repurchase amount of 7,865,806,100 yen.

(Repurchases of Shares Pursuant to 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 announces the status of the Company’s share repurchases under its repurchase plan in accordance with the Articles of Incorporation pursuant to Item 1 of Article 459 (1) of the Companies Act of Japan.

The Company also announces that the Company’s share repurchase plan authorized by the Board of Directors on January 24, 2023, has been completed.

During its repurchase plan, the incident in which the distributable amount was exceeded occurred, and we established the governance system and business execution system based on recommendations from the external investigation committee to prevent recurrence. And we needed time to get our business partners to understand the aims. We would also like to announce that as a result of comprehensive consideration of stock market trends, trends in our stock price, progress status of capital policy, etc., we have not reached the upper limit of the total number of shares resolved or the total acquisition price that was resolved.

Details of Share Repurchase

1. Period of share repurchase: From January 1, 2024 through January 24, 2024
2. Class of shares: Common stock
3. Number of shares repurchased: 0 shares
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 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 shares repurchased, pursuant to the authorization of the Board of Directors described above:

1. Total number of shares repurchased: 1,171,400 shares
2. Total repurchase amount: 7,865,806,100 yen

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240123787035/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: NIDEC CORPORATION

FAQ

What is the status of Nidec Corporation's share repurchases under its repurchase plan?

Nidec Corporation has completed its share repurchase plan authorized by the Board of Directors.

What measures did Nidec Corporation take to prevent recurrence of the incident where the distributable amount was exceeded?

The company established governance and business execution systems based on recommendations from an external investigation committee to prevent recurrence.

What was the total number of shares repurchased by Nidec Corporation?

Nidec Corporation repurchased a total of 1,171,400 shares.

What was the total repurchase amount for Nidec Corporation's share repurchases?

The total repurchase amount for Nidec Corporation's share repurchases was 7,865,806,100 yen.

What was the total number of shares that may be repurchased according to the share repurchase plan authorized by the Board of Directors?

The total number of shares that may be repurchased was up to 5,000,000 shares.