Nidec announces Stock Split, Modification to Share Repurchase Program, and Notice Regarding Revision of Dividend Projection
2024年7月23日 - 3:15PM
ビジネスワイヤ(英語)
Nidec Corporation (TOKYO:6594; OTC US:NJDCY) (the “Company”)
today announced that the Board of Directors of the Company, at a
meeting held on July 23, 2024, made the following decisions
regarding a stock split, and a modification to the Company’s share
repurchase program resolved on May 24, 2024. Furthermore, the
Company hereby announces that the Company, in accordance with this
stock split, has also revised the dividend projection for the
fiscal year ending March 31, 2025.
1. Purposes of the Stock Split
The Company has decided to implement a stock split to enhance
the liquidity of the Company’s common stock and expand its investor
base by reducing the trading price per share of the Company’s
common stock.
2. Outline of the Stock Split
(1) Method of the Stock Split
Each share of the Company’s common stock held
by shareholders included or recorded in the final register of
shareholders, as of the record date of September 30, 2024 (Monday),
will be split into two shares.
(2) Increase in Number of Shares in Connection with the Stock
Split
Total issued shares prior to
stock split:
596,284,468 shares
Increase in shares in connection
with stock split:
596,284,468 shares
Total issued shares following
stock split:
1,192,568,936 shares
Total number of shares authorized
to be issued following stock split:
1,920,000,000 shares
(3) Schedule for the Stock Split
Public notice of record date:
Friday, September 13, 2024
Record date:
Monday, September 30, 2024
Effective date:
Tuesday, October 1, 2024
3. Modification to the Share Purchase Program
(1) Purpose of the Modification
The total number of shares authorized to be
repurchased under the Company’s share repurchase program shall be
modified in connection with the planned stock split.
(2) Details of the Modification
Current Program
Amended Program
Total number of shares to be
repurchased:
Up to 5,000,000 shares
Total number of shares to be
repurchased:
Up to 10,000,000 shares
(Reference)
Details of the Company’s share repurchase program as adopted at
the meeting of the Board of Directors on May 24, 2024:
1.Class of shares:
Common stock
2.Total number of shares to be
repurchased:
Up to 5,000,000 shares (0.87% of
total number of shares issued, excluding treasury stock)
3.Total repurchasable amount:
Up to 35 billion yen
4.Period of repurchase:
May 27, 2024 through May 26,
2025, which the Company announced on May 24, 2024
4. Revision of Dividend Projection
As a result of the stock split, the year-end dividend projection
for the fiscal year ending March 31, 2025, which was announced on
April 23, 2024, has been revised as follows. The revision is in
line with the split ratio and there is no substantial change in the
dividend projections
Dividends per share (yen)
Second Quarter
Year-end
Total
Previous Projection
(April 23, 2024)
40.00
40.00
80.00
Revised Projection
(pre-split conversion)
40.00
20.00
(40.00)
-
(80.00)
(Reference) Previous fiscal
year
(ended March 31, 2024)
35.00
40.00
75.00
(Note) We are not displaying the total annual amount of
dividends per share for the revised projection this time, as it
cannot be simply aggregated due to the stock split. As the stock
split is scheduled to take effect on October 1, 2024, the dividend
payment at the end of the second quarter with a record date of
September 30, 2024, will be based on the number of shares before
the stock split.
5. Other Information
The planned stock split will not result in any change in the
Company’s paid-in capital.
Cautionary Statement Concerning Forward-Looking
Information
This press release contains forward-looking statements regarding
the Company’s current intent, plans, expectations, targets 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, the Company’s ability to obtain any
necessary approval from regulatory bodies, including securities
exchanges, as planned, changes in general economic conditions and
business and regulatory environments, and available funds. The
Company assumes no obligation to, and does not intend to, update
these forward-looking statements, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240722540309/en/
Teruaki Urago General Manager Investor Relations +81-75-935-6140
ir@nidec.com