(Repurchases of Shares Pursuant to Item 1 of Article 459 (1) of the Companies Act of Japan)
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 May 24, 2024, 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
Our priority issue is to secure financial discipline. However, we intend to enable agile capital management as necessary in response to our stock price diverges significantly from market trends more than expected or changes in the business environment.
Details of Authorized Share Repurchase Plan
- Class of shares: Common stock
- 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)
- Total repurchasable amount: 35 billion yen
- Period of repurchase: From May 27, 2024 through May 26, 2025
Reference
Total number of shares issued and outstanding shares held in treasury as of April 30, 2024:
- Total number of shares issued (excluding treasury stock): 574,598,568 shares
- Shares held in treasury: 21,685,900 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.
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