Nidec Board Authorizes Share Repurchase Plan

Rhea-AI Summary

Nidec Corporation (OTC: NJDCY) has announced a new share repurchase plan, authorized by its Board of Directors on January 24, 2023. The plan allows for the repurchase of up to 5 million shares, amounting to 35 billion yen, representing approximately 0.87% of total shares issued. The repurchase period extends from January 25, 2023, to January 24, 2024. This initiative is aimed at enhancing agile capital management in response to the evolving business landscape. As of December 31, 2022, the company had 574,760,302 shares issued, with 21,524,166 shares held in treasury.

Positive

• Authorization of a share repurchase plan, indicating confidence in the company's financial health.
• Repurchase of up to 5 million shares could enhance shareholder value.
• The plan reflects agile capital management responsive to market conditions.

Negative

• None.

(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”) announces today that its Board of Directors has authorized a new share repurchase plan at a meeting held on January 24, 2023, whereby the Company may repurchase up to 5 million shares in accordance with the Articles of Incorporation pursuant to Item 1 of Article 459 (1) of the Companies Act of Japan.

Reason for Share Repurchase

This authorization is intended to enable agile capital management highly responsive to the changing business environment.

Details of Authorized Share Repurchase Plan

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

Reference

Total number of shares issued and outstanding shares held in treasury as of December 31, 2022:

• Total number of shares issued (excluding shares held in treasury): 574,760,302 shares
• Shares held in treasury: 21,524,166 shares

Cautionary Statement Concerning Forward-Looking Information

This press release contains forward-looking statements regarding the Company’s current intent, plans, expectations and estimates. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, available funds, future alternative uses for cash, future competing investment opportunities, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005293/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What is the share repurchase plan announced by Nidec Corporation on January 24, 2023?

Nidec Corporation authorized a share repurchase plan allowing the buyback of up to 5 million shares for a total amount of 35 billion yen.

How long will the share repurchase program last for Nidec Corporation?

The repurchase program will run from January 25, 2023, until January 24, 2024.

What percentage of shares does the repurchase plan represent for Nidec Corporation?

The repurchase plan represents approximately 0.87% of the total shares issued, excluding treasury stock.

How many shares did Nidec Corporation have outstanding as of December 31, 2022?

As of December 31, 2022, Nidec Corporation had 574,760,302 shares issued.