Last checked at 23 Aug 2018 13:45
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
CSOP Award
| ||||||||
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
CSOP Award
| ||||||||
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
CSOP Award
| ||||||||
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.