REG - TheWorks.co.uk PLC - Director/PDMR Shareholding

Works co ukAnnouncement

10/10/2023 10:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231010:nRSJ6393Pa&default-theme=true

RNS Number : 6393P  TheWorks.co.uk PLC  10 October 2023

TheWorks.co.uk plc

(the "Company")

Director/PDMR Shareholding

TheWorks.co.uk plc, the multi-channel value retailer of arts, crafts, toys,
books and stationery, today announces that on 9 October 2023, the Company
granted awards over ordinary shares of 1 pence each in the Company under the
TheWorks.co.uk 2018 Long Term Incentive Plan ("LTIP Award") as follows:

 

 Name of individual  Position / status                    Type of award                 Number of shares subject to LTIP Award
 Gavin Peck          Chief Executive Officer              LTIP Award - nil cost option  1,216,687
 Rosie Fordham       Chief Financial Officer (Designate)  LTIP Award - nil cost option  450,000

 

The vesting of the LTIP Award is subject to the achievement of performance
conditions based on (1) earnings assessed following the end of a three year
performance period ending with the 2025/2026 financial year and (2) share
price performance. The earnings measure and the share price measure will have
an equal weighting. The share price performance measure is set out below:

 

 Measure         Weighting  Threshold (20% vesting)  Maximum (100% vesting)
 Share Price(2)  50%        £0.50                    £1.00

(2)Average share price over the period of four weeks beginning with the
announcement by the company of its Full Year Trading Update for its 2025/2026
financial year.

 

The earnings measure will be finalised once the Remuneration Committee has
finished its review of the implications for LTIP awards of the prior year
adjustments (described in the company's 2023 Annual Report and Accounts).

 

The whole LTIP Award is subject to an underpin condition in accordance with
which the Remuneration Committee may adjust the formulaic vesting outturn
having regard to the overall financial performance of the group over the
performance period and whether any value in the LTIP Award at assessment of
the performance condition represents a "windfall gain".

 

The LTIP Award will vest following the assessment of the performance
conditions (to the extent that the conditions have been satisfied) and, in
accordance with the Company's Remuneration Policy, then be subject to a
further two-year holding period.

 

The notifications below, made in accordance with the requirements of the UK
Market Abuse Regulation, provide further detail:

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                      Gavin Peck
 2.  Reason for notification
 a)  Position / status                         Chief Executive Officer
 b)  Initial notification / amendment          Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                      TheWorks.co.uk plc
 b)  LEI                                       894500W7PWBCCWBN9R03
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument;

(ii) each type of transaction; (iii) each date; and (iv) each place where
     transactions have been conducted
 a)  Description of the financial instrument   Ordinary shares of £0.01 each

                                               ISIN: GB00BF5HBF20
 b)  Nature of the transaction                 Grant of nil-cost options over ordinary shares under the Company's Long Term
                                               Incentive Plan
 c)  Price(s) and volume(s)

Price(s)        Volume(s)
                                               Nil cost award   1,216,687

 d)  Aggregated information

     Aggregated volume                         N/A - single transaction

     Price
 e)  Date of the transaction                   2023-10-09
 f)  Place of the transaction                  Outside a trading venue

d)

Aggregated information

 

Aggregated volume

 

Price

 

 

N/A - single transaction

 

e)

Date of the transaction

2023-10-09

f)

Place of the transaction

Outside a trading venue

 

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                      Rosie Fordham
 2.  Reason for notification
 a)  Position / status                         Chief Financial Officer (Designate)
 b)  Initial notification / amendment          Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                      TheWorks.co.uk plc
 b)  LEI                                       894500W7PWBCCWBN9R03
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument;

(ii) each type of transaction; (iii) each date; and (iv) each place where
     transactions have been conducted
 a)  Description of the financial instrument   Ordinary shares of £0.01 each

                                               ISIN: GB00BF5HBF20
 b)  Nature of the transaction                 Grant of nil-cost options over ordinary shares under the Company's Long Term
                                               Incentive Plan
 c)  Price(s) and volume(s)

Price(s)        Volume(s)
                                               Nil cost award   450,000

 d)  Aggregated information

     Aggregated volume                         N/A - single transaction

     Price
 e)  Date of the transaction                   2023-10-09
 f)  Place of the transaction                  Outside a trading venue

d)

Aggregated information

 

Aggregated volume

 

Price

 

 

N/A - single transaction

 

e)

Date of the transaction

2023-10-09

f)

Place of the transaction

Outside a trading venue

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHFIFSAIILILIV