TIDMWRKS

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 
                       Chief Executive         LTIP Award - nil 
 Gavin Peck             Officer                 cost option           1,216,687 
                      ----------------------  ------------------  ---------------- 
                       Chief Financial         LTIP Award - nil 
 Rosie Fordham          Officer (Designate)     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%   Maximum (100% 
                               vesting)         vesting) 
 Share Price(2)   50%         GBP0.50          GBP1.00 
                 ----------  ---------------  -------------- 
 

(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       Initial notification 
             / amendment 
           -------------------------  ------------------------------------------------ 
 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             Ordinary shares of GBP0.01 each 
             the financial 
             instrument                 ISIN: GB00BF5HBF20 
           -------------------------  ------------------------------------------------ 
       b)   Nature of the              Grant of nil-cost options over ordinary 
             transaction                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 
           -------------------------  ------------------------------------------------ 
 
 
 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       Initial notification 
             / amendment 
           -------------------------  ------------------------------------------------ 
 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             Ordinary shares of GBP0.01 each 
             the financial 
             instrument                 ISIN: GB00BF5HBF20 
           -------------------------  ------------------------------------------------ 
       b)   Nature of the              Grant of nil-cost options over ordinary 
             transaction                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 
           -------------------------  ------------------------------------------------ 
 

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END

DSHFIFSAIILILIV

(END) Dow Jones Newswires

October 10, 2023 05:42 ET (09:42 GMT)

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