Director/PDMR Shareholding

RNS Number : 7246Y

TheWorks.co.uk PLC

23 August 2018

 

23 August 2018

TheWorks.co.uk plc

(the "Company")

Notification of Transactions of Directors and Persons Discharging Managerial Responsibilities

TheWorks.co.uk plc, one of the UK's leading multi-channel specialist retailers of value gifts, arts, crafts, toys, books and stationery, announces that on 22 August 2018, the Company granted awards over ordinary shares of 1 pence each in the Company under the The Works.co.uk 2018 Long Term Incentive Plan ("LTIP Award") and the The Works.co.uk 2018 Long Term Incentive (CSOP Options) Plan ("CSOP Award"):

Name of Director / PDMR	Position / status	Type of award	Number of shares subject to LTIP Award
Kevin Keaney	Chief Executive Officer	LTIP Award - nil cost option	181,286
Gavin Peck	Chief Financial Officer	LTIP Award - nil cost option	116,959
Andrea Bennett	Trading Director - PDMR	LTIP Award - nil cost option	66,885

On the same date, each individual set out above was granted a tax qualifying CSOP Award over 17,543 shares at a per share exercise price of 171 pence under the The Works.co.uk 2018 Long Term Incentive (CSOP Options) Plan.  The CSOP Awards are linked to the LTIP Award such that, at the time of exercise, to the extent that there is a gain in the CSOP Award, the LTIP Award will be forfeited to the value of that gain to ensure that the total pre-tax value of the original LTIP Award delivered to the participant is not increased by the grant of the CSOP Award.  

The release of all the above awards is subject to the achievement of performance targets. In respect of these grants the performance conditions will be determined by reference to the Company's Earnings per Share (EPS) over a three year performance period. The release of the awards will be subject to an additional underpin performance condition, such that the awards will only become capable of release if the Board determines that the level of release reflects the overall financial performance of the Company over the performance period. If the underpin performance condition is not met, the awards will lapse in full.

The awards granted to Kevin Keaney and Gavin Peck are subject to a two year holding period beginning on the date on which the awards vest and will be released immediately following the end of the holding period.

The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of Dealing Form

1.	Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA")
a)	Name	Kevin Keaney
2.	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/ amendment	Initial Notification
3.	Details of the Issuer
a)	Name	TheWorks.co.uk plc
b)	LEI code	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 Identification code	Ordinary shares of 1 pence each ISIN: GB00BF5HBF20
b)	Nature of the transaction	Grant of awards over ordinary shares under the Company's Long Term Incentive Plan
c)	Price(s) and volumes(s)	LTIP Award Price Volume Nil cost award 181,286 CSOP Award Price Volume 171p (per share exercise price payable to exercise the option in due course) 17,543
d)	Aggregated information -   Aggregate volume -   Price	Awards granted over 198,829 ordinary shares in total N/A
e)	Date of the transaction	2018-08-22
f)	Place of the transaction	Outside a trading venue

1.	Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA")
a)	Name	Gavin Peck
2.	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/ amendment	Initial Notification
3.	Details of the Issuer
a)	Name	TheWorks.co.uk plc
b)	LEI code	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 Identification code	Ordinary shares of 1 pence each ISIN: GB00BF5HBF20
b)	Nature of the transaction	Grant of awards over ordinary shares under the Company's Long Term Incentive Plan
c)	Price(s) and volumes(s)	LTIP Award Price Volume Nil cost award 116,959 CSOP Award Price Volume 171p (per share exercise price payable to exercise the option in due course) 17,543
d)	Aggregated information -   Aggregate volume -   Price	Awards granted over 134,502 ordinary shares in total N/A
e)	Date of the transaction	2018-08-22
f)	Place of the transaction	Outside a trading venue

1.	Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA")
a)	Name	Andrea Bennett
2.	Reason for the notification
a)	Position/status	Trading Director - PDMR
b)	Initial notification/ amendment	Initial Notification
3.	Details of the Issuer
a)	Name	TheWorks.co.uk plc
b)	LEI code	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 Identification code	Ordinary shares of 1 pence each ISIN: GB00BF5HBF20
b)	Nature of the transaction	Grant of awards over ordinary shares under the Company's Long Term Incentive Plan
c)	Price(s) and volumes(s)	LTIP Award Price Volume Nil cost award 66,885 CSOP Award Price Volume 171p (per share exercise price payable to exercise the option in due course) 17,543
d)	Aggregated information -   Aggregate volume -   Price	Awards granted over 84,428 ordinary shares in total N/A
e)	Date of the transaction	2018-08-22
f)	Place of the transaction	Outside a trading venue

For further information, please contact:

Enquiries:

TheWorks.co.uk plc

Kevin Keaney, Chief Executive Officer                           via Teneo Blue Rubicon

Gavin Peck, Chief Financial Officer

Teneo Blue Rubicon                                                 [phone]

Ben Ullmann

Shona Buchanan                                                      

Notes to Editors:

The Works is one of the UK's leading multi-channel specialist retailers of gifts, arts & crafts, stationery, toys and books - offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Works sells its quality products at affordable prices across four specialist categories comprising Kids; Arts, Craft & Hobbies; Stationery; and Family Gifts, which are supplemented by both seasonal and regional offerings.

The Group operates a network of over 447 stores in the UK & Ireland. Stores can be found on high-streets, in retail parks, shopping centres, factory outlets and as concessions in various locations. The Works also has a significant and growing online presence that enables customers to shop any time of the day, with an extended range of products not available in stores. This multi-channel offering is one of the first of its kind in the value retail sector and includes a popular Click & Collect service, driving additional footfall and sales in store.

 

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