(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, Dec. 20, 2016 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE:6594) (OTC US:NJDCY) (the “Company”) announced today that its Board of Directors has authorized a modification to its own share repurchase plan resolved at a meeting of the Board of Directors held on January 21, 2016, pursuant to the provision of Article 156, Paragraph 1 of the Company Law of Japan, in accordance with the provision of Article 459, Paragraph 1, Item 1 of the Company Law. The authorization increases the number of own shares purchasable under the plan from 3,000,000 shares to 5,000,000 shares, raising the total authorized amount from 24 billion yen to 50 billion yen.
The decision to expand the own share repurchase plan is part of the Company’s efforts to ensure capital flexibility in the fast-changing business environment. As of December 19, 2016, no shares had been repurchased under the current plan.
Details of the Modification to Own Share Repurchase Plan
| Previous Plan | Modified Plan | |
| (1) Class of shares: | Common Stock | Common Stock |
| (2) Total number of own shares | Up to 3,000,000 shares | Up to 5,000,000 shares |
| that may be repurchased: | (1.01% of total number of shares issued, | (1.69% of total number of shares issued, |
| excluding treasury stock) | excluding treasury stock) | |
| (3) Total repurchase amount: | Up to 24 billion yen | Up to 50 billion yen |
| (4) Period of repurchase: | From January 27, 2016 | From January 27, 2016 |
| through January 26, 2017 | through January 26, 2017 |
Reference
A) The accumulative number of own shares repurchased up to December 19, 2016, pursuant to the Board of Directors resolution above:
- Accumulative number of own shares repurchased: 0 shares
- Total accumulative repurchase amount: 0 yen
B) Total number of shares issued and treasury stock as of December 19, 2016,:
- Total number of shares outstanding (excluding treasury stock): 296,598,906 shares
- Treasury stock: 1,543,328 shares
Disclaimer Regarding Forward-looking Statements
This press release contains forward-looking statements that are based on Nidec's current expectations, including statements regarding Nidec's plans and expectations with respect to its share repurchase program. Factors that could cause actual results to differ materially from those contained in such forward-looking statements include, but are not limited to: future alternative uses for cash, future competing investment opportunities, and general economic, business and market conditions. Nidec assumes no obligation to, and does not currently intend to, update these forward-looking statements.