TheWorks.co.uk PLC Ratification and Release of Interim Dividend (4639K)
August 28 2019 - 10:48AM
UK Regulatory
TIDMWRKS
RNS Number : 4639K
TheWorks.co.uk PLC
28 August 2019
28 August 2019
TheWorks.co.uk plc (the "Company")
Smaller Related Party Transaction - Ratification and Release of
Interim Dividend
At the Company's 2019 AGM held today, shareholders passed a
special resolution to ratify the appropriation of profits to the
payment of the Company's first interim dividend paid on 14 March
2019 (the "Interim Dividend"), waive any rights of the Company
against both past and present shareholders of the Company who
received the Interim Dividend, waive any rights of the Company
against past and present Directors of the Company in respect of the
Interim Dividend and approve the Company entering into deeds of
release in favour of such shareholders (the "Shareholders' Deed of
Release") and Directors (the "Directors' Deed of Release"). Further
information relating to the technical infringement of the Companies
Act 2006 which required the Company to seek shareholder approval
for these steps is set out in the 2019 Notice of AGM available on
the Company's website (www.theworksplc.co.uk).
Following shareholder approval, the Company confirms that it has
now executed the Shareholders' Deed of Release and Directors' Deed
of Release (together the "Deeds of Release"). As each of the
Directors of the Company is deemed to be a 'related party' of the
Company under the Listing Rules, the entry by the Company into the
Deeds of Release is deemed to be a 'smaller related party
transaction' under the Listing Rules and is therefore subject to
the requirements of LR11.1.10. The amount of the liability released
for each Director and their 'associates' (as defined for the
purposes of the Listing Rules) is capped under the Directors' Deed
of Release at an amount equal to 4.9% of the Company's market
capitalisation as at today's date (including the amount of any
claim the Company may have against such person(s) in their capacity
both (as the case may be) as a Director and as a shareholder).
Enquiries:
TheWorks.co.uk plc via Teneo
Kevin Keaney, CEO
Gavin Peck, CFO
Teneo
Ben Foster
Haya Herbert-Burns +44 20 7420 3190
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END
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