Nidec To Apply For Voluntary Delisting Of Its ADSs From NYSE

(RTTNews) - Nidec Corp. (NJ) said that it will apply for voluntary delisting of its American Depositary Shares ("ADSs") from the New York Stock Exchange and intends to file for the termination of registration of its ADSs under the U.S. Securities Exchange Act of 1934, as amended , that the Company will notify the New York Stock Exchange on April 11, 2016 (Eastern Standard Time in the U.S.), and that the Company will apply for voluntary delisting of its ADSs from the NYSE.

While the Company believes the initial objectives of the U.S. ADS listing were mainly achieved, it has judged that the continued listing on the NYSE is not economically justified, taking into account the market changes as stated above and the fact that the trading volume of its ADSs on the NYSE accounts for only a small fraction of the total trading volume of its shares. Therefore, the Company has decided to apply for voluntary delisting of its ADSs from the NYSE and for termination of registration of its ADSs with the U.S. Securities and Exchange Commission under the Exchange Act.

The company noted that it will maintain its listings on the Tokyo Stock Exchange.

After the delisting of its ADSs from the NYSE, the Company intends to maintain its American Depositary Receipt Program in the United States, and therefore anticipates that its ADSs will continue to be traded in the United States on the over-the-counter market.

Separately, Nidec said it has decided to voluntarily adopt IFRS to its consolidated financial statements in lieu of the current US-GAAP following the board resolution made at a meeting of the Board of Directors on April 9, 2016 to strengthen and improve the efficiency of financial reporting. The company is due to disclose its consolidated financial statements according to IFRS from the first quarter of the fiscal year ending March 2017.