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                                                 +44 (0) 20 7420 3190

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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