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THEWORKS.CO.UK PLC
Remuneration Information • Nov 21, 2022
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 0947H
TheWorks.co.uk PLC
21 November 2022
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 17 November 2022, 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 | 936,363 |
| Stephen Alldridge | Chief Financial Officer | LTIP Award - nil cost option | 655,454 |
The vesting of the LTIP Award is subject to the achievement of performance targets as set out below:
| Measure | Weighting | Threshold (20% vesting) | Maximum (100% vesting) |
| EPS1 | 50% | 5.6 pence | 15.6 pence |
| Share Price2 | 50% | £0.43 | £1.40 |
1Basic EPS for the company's 2024/2025 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
2Average share price over the period of four weeks beginning with the announcement by the company of its Full Year Trading Update for its 2024/2025 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 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;
(ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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)
| Price(s) | Volume(s) |
| Nil cost award | 936,363 |
d)
Aggregated information
Aggregated volume
Price
N/A - single transaction
e)
Date of the transaction
2022-11-17
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Stephen Alldridge
2.
Reason for notification
a)
Position / status
Chief Financial 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;
(ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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)
| Price(s) | Volume(s) |
| Nil cost award | 655,454 |
d)
Aggregated information
Aggregated volume
Price
N/A - single transaction
e)
Date of the transaction
2022-11-17
f)
Place of the transaction
Outside a trading venue
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