REG - TheWorks.co.uk PLC - AGM – Update on Proxy Votes

Works co ukAnnouncement

02/10/2023 11:00

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RNS Number : 3680O  TheWorks.co.uk PLC  02 October 2023

TheWorks.co.uk plc (the "Company")

2 October 2023

AGM - Update on Proxy Votes

Following the deadline of Monday 2 October 2023 for the receipt of proxy
voting instructions in relation to the Company's Annual General Meeting
("AGM"), to be held on Wednesday 4 October 2023 at 9.00am, the Company today
announces an update on votes cast in relation to the declaration of final
dividend (Resolution 2).

As of 9.00am on Monday 2 October 2023, votes over a total of 23,366,016
(c.68.97% of total votes cast) Ordinary Shares had been cast by proxy against
Resolution 2, the proposed Final Dividend of 1.6 pence per share, as set out
in the AGM Notice published on 8 September 2023. Resolution 2 is an ordinary
resolution requiring more than 50% of votes cast to be in favour in order to
pass.

Based on the current proxy votes cast, Resolution 2 is not expected to pass at
the AGM. However, shareholders should note that the instructions as to how
proxy votes should be cast may be changed at any time until voting on the
resolution has closed. Accordingly, the final voting position may be different
to that indicated by the proxies cast to date.

As noted in the preliminary results announcement on 30 August 2023, ( 1 ) the
Board carefully considered its approach to capital distribution for FY23. In
seeking to achieve a reasonable compromise between returns to shareholders and
prudence, the Board proposed a final dividend, with some shareholders
subsequently expressing a preference for share buybacks over dividends.

Should Resolution 2 not pass at the AGM, the Board will make the appropriate
announcements in accordance with the UK Corporate Governance Code and will
consult further with Shareholders regarding alternative capital distributions,
including consideration of share buybacks which form part of the Company's
recently updated capital distribution policy.

 Resolution  In favour (including at Chair's discretion)     Against                   Withheld
             Votes                   % Votes Cast            Votes       % Votes Cast  Votes
 2           10,513,679              31.03%                  23,366,016  68.97%        1,854

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (596/2014/EU) as the same has been retained in UK
law as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI
2019/310).

Notes:

 1  https://ir.design-portfolio.co.uk/viewer/101/59882
(https://ir.design-portfolio.co.uk/viewer/101/59882)

 Enquiries:

 TheWorks.co.uk plc     via Sanctuary Counsel

 Gavin Peck, CEO

 Steve Alldridge, CFO

 Sanctuary Counsel

 Ben Ullmann            0207 340 0395

 Rachel Miller          theworks@sanctuarycounsel.com (mailto:theworks@sanctuarycounsel.com)

 Kitty Rider

 

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