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Nidec Corporation reports governance, financial reporting and shareholder-related developments for its operating company and U.S. OTC ADR ticker, NJDCY. Recent company updates have centered on an improvement plan and status reports submitted to the Tokyo Stock Exchange, third-party and internal investigations into improper accounting, and corrective measures for the company’s internal management system.
News also addresses postponed financial-result disclosures, corrections to prior financial statements, board and nomination committee processes, shareholder requests involving director liability and related remedies, dividend determinations, and culture-transformation initiatives within the Nidec Group.
Nidec (TOKYO:6594; OTC US:NJDCY) announced that its Board of Directors approved a share repurchase plan during a meeting on May 24, 2024. The company may repurchase up to 5 million shares, equivalent to 0.87% of its total issued shares, excluding treasury stock. The total repurchasable amount is capped at 35 billion yen. This repurchase is aimed at maintaining financial discipline and enabling agile capital management in response to market trends or changes in the business environment. The repurchase period spans from May 27, 2024, to May 26, 2025. As of April 30, 2024, Nidec had 574,598,568 shares issued and 21,685,900 shares held in treasury.
Nidec (TOKYO: 6594; OTC US: NJDCY) announced on May 24, 2024, that its Board of Directors approved a dividend payout from retained earnings. The annual dividend for the fiscal year ending March 31, 2024, is set at 75 yen per share, including a year-end dividend of 40 yen per share and an interim dividend of 35 yen per share. This represents an increase from the previous year's total annual dividend of 70 yen per share. The total dividend amount is approximately 23,003 million yen, with an effective date of June 3, 2024. Nidec emphasizes stable dividend payments and aims for a dividend payout ratio around 30% of consolidated net profit.
Nidec (TOKYO: 6594; OTC US: NJDCY) announced the completion of its share repurchase plan as authorized on January 24, 2024. Despite authorization to repurchase up to 2,000,000 shares (0.34% of total shares) for up to 11 billion yen from January 25 to May 24, 2024, no shares were repurchased. The company attributed this to the market share price remaining within a range deemed appropriate. The repurchase window was from May 1 to May 24, 2024, with zero shares repurchased during this period.
Nidec announced the status of its own share repurchase plan under the Companies Act of Japan. The company repurchased 0 shares for 0 yen during the period from April 1, 2024, through April 30, 2024. The total number of shares that may be repurchased is up to 2,000,000 shares with a total repurchasable amount of 11 billion yen.
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