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 Price2 | 50% | £0.50 | £1.00 |
2Average 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; | |||||
| 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)
|
| ||||
| 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; | |||||
| 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)
|
| ||||
| 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
| ||||
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