KYOTO, Japan, Feb. 10, 2009 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced the specific method for repurchasing its own shares with regard to the Company's own-share repurchase plans announced on November 21, 2008. This announcement was made pursuant to Article 459, Paragraph 1, Item 1 of the Company Law of Japan.
The details are as follows:
1. Method of repurchase The Company will instruct its agent to purchase its own shares on the Osaka Securities Exchange in off-hours trading (through the J-NET trading system) at 8:45 a.m. on February 12, 2009, at today's (February 10, 2009) closing price of JPY 4,410 per share. The purchase orders will not be placed through another system or at any other time. Transactions will be restricted to the designated transaction period. 2. Details of repurchase Class of shares to be repurchased: Common stock Number of shares to be repurchased: Up to 3,500,000 shares (Note 1) The number of shares to be repurchased is fixed. However, a part or all of these shares may not be purchased due to market conditions or other factors. (Note 2) Purchases will be made based on sell orders corresponding to the number of shares to be repurchased. 3. Announcement of the result The result of the repurchase will be announced after the time designated for transactions at 8:45 a.m. on February 12, 2009.
(Reference 1)
Details of the resolution at the meeting of the Board of Directors (announced on November 21, 2008)
Class of shares to be repurchased: Common stock Total number of shares to be repurchased: Up to 5,000,000 shares Total repurchase amount: Up to 25 billion yen Period of repurchase: Between November 25, 2008 and November 24, 2009 Progress as of February 9, 2009 -Number of shares repurchased:1,232,600 shares -Accumulated repurchase cost: 4,390,020,000 yen
(Reference 2)
Total number of shares issued and treasury stock as of February 9, 2009:
- Total number of shares issued (excluding treasury stock): 42,792,442 shares - Treasury stock held: 2,282,638 shares
Disclaimer Regarding Forward-looking Statements
This press release contains forward-looking statements that are based on the Company's current expectations, including statements regarding the Company'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. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements.
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