KYOTO, Japan, Feb. 16, 2015 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") announced that it has decided the specific method of own share repurchase of its common stock. A repurchase is conducted as a part of the share repurchase plan authorized at the meeting of Board of Directors held on January 22, 2015 pursuant to Article 156, Paragraph 1, and Nidec's Articles of Incorporation based on Article 459, Paragraph 1, Item 1 of the Company Law of Japan. Details of the method of repurchase are as follows:
- Method of Repurchase:
The Company will place purchase orders for its shares through brokerages on the Tokyo Stock Exchange Trading Network System for Off-Auction Own Share Repurchase Trading (ToSTNeT-3) for the 8:45 a.m. session on February 17, 2015 at the closing price of 8,207 yen as of today, February 16, 2015. No other changes to the trading system or trading time will be made. The purchase order will be valid only at the time designated for the transaction.
- Details of Repurchase:
(1) Class of shares to be repurchased: Common stock
(2) Number of shares to be repurchased: 250,200 shares
(3) Announcement of results of repurchase: To be made after completion of the repurchase at 8:45 a.m. on February 17, 2015
(Note 1) The maximum number of shares to be repurchased will not change. However, there is a possibility that the Company will not make any purchase, or will only make a partial purchase, depending on market conditions.
(Note 2) The purchase will be made by matching sell orders equivalent to buy orders according to the allocation method.
(Note 3) The Company has been informed by Japan Trustee Services Bank, Ltd. (Trust account for retirement benefits by Nidec Corporation) that they desire to sell all of their holdings of the Company's common shares.
The following details were resolved by the Company's Board of Directors on January 22, 2015:
- Class of shares: Common stock
- Total number of shares to be repurchased: Up to 4,000,000 shares
(1.42% of total number of shares issued, excluding treasury stock)
- Total repurchase amount: Up to 24 billion yen
- Period of repurchase: From January 27, 2015 through January 26, 2016