TheWorks.co.uk PLC Director/PDMR Shareholding (1740P)

TIDMWRKS

RNS Number : 1740P

TheWorks.co.uk PLC

15 February 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 15 February 2021, the Company granted an award 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            847,457 
                      -------------------  ------------------  ----------------- 
 

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

 
 Measure          Weighting   Threshold (20%   Maximum (100% 
                               vesting)         vesting) 
 EPS(1)           50%         3.1 pence        13.1 pence 
                 ----------  ---------------  -------------- 
 Share Price(2)   50%         GBP0.50          GBP2 
                 ----------  ---------------  -------------- 
 

(1) B asic EPS for the company's 2022/2023 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 2022/2023 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 notification 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    847,457 
                                                           ---------- 
           -------------------------  ------------------------------------------------ 
       d)   Aggregated information 
 
             Aggregated volume           N/A - single transaction 
 
             Price 
           -------------------------  ------------------------------------------------ 
       e)   Date of the transaction    2021-02-15 
           -------------------------  ------------------------------------------------ 
       f)   Place of the transaction   Outside a trading venue 
           -------------------------  ------------------------------------------------ 
 

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February 15, 2021 12:47 ET (17:47 GMT)