Director/PDMR Shareholding

RNS Number : 6214N

TheWorks.co.uk PLC

30 September 2021

 

TheWorks.co.uk plc

(the "Company")

Director/PDMR Shareholding

TheWorks.co.uk plc, the multi-channel value retailer of gifts, arts, crafts, toys, books and stationery, today announces that on 30 September 2021, 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	638,297
Stephen Alldridge	Chief Financial Officer	LTIP Award - nil cost option	446,808

The vesting of the LTIP Award is subject to the achievement of performance targets as set out below:

Measure	Weighting	Threshold (20% vesting)	Maximum (100% vesting)
EPS1	50%	5.6 pence	15.6 pence
Share Price2	50%	£0.57	£2

¹ B asic EPS for the company's 2023/2024 financial year, pre-IFRS16 and subject to such adjustments as the Remuneration Committee determines to ensure that performance is assessed on a fair and consistent basis

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 2023/2024 financial year.

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 638,297
d)	Aggregated information Aggregated volume Price	N/A - single transaction
e)	Date of the transaction	2021-09-30
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Stephen Alldridge
2.	Reason for notification
a)	Position / status	Chief Financial 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 446,808
d)	Aggregated information Aggregated volume Price	N/A - single transaction
e)	Date of the transaction	2021-09-30
f)	Place of the transaction	Outside a trading venue

 

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