REG - Tribal Group PLC - NTU Settlement Agreement

TribalAnnouncement

24/05/2024 07:00

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RNS Number : 7468P  Tribal Group PLC  24 May 2024

24 May 2024

Tribal Group plc
("Tribal", "the Group" or "the Company")

 

NTU Settlement Agreement

 

The Board of Tribal is pleased to announce that, following a mediation with
Nanyang Technological University ("NTU"), Tribal and NTU have reached a
settlement agreement resolving all outstanding issues in relation to the
contract between Tribal and NTU which was terminated on 17 March 2023.

 

Without admission of liability, the Company has agreed to pay to NTU the sum
of £3.1m (SGD 5.3m) in full and final settlement, to be paid out of the
Company's cash flow over the next 18 months.

 

An exceptional charge of £0.6m (SGD 1m) was recognised in 2023 and a further
exceptional charge of £2.5m (SGD 4.3m) will be recognised in the first half
of 2024.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the public domain.
The person responsible for making this disclosure on behalf of the Company is
Diane McIntyre, Chief Financial Officer.

 

 Tribal Group plc                                 Tel: +44 (0) 117 311 5293
 Mark Pickett, Chief Executive Officer

 Diane McIntyre, Chief Financial Officer

 Investec Bank plc (NOMAD & Joint Broker)       Tel: +44 (0) 20 7597 5970
 Virginia Bull, Nick Prowting, Alice King

 Singer Capital Markets (Joint Broker)          Tel: +44 (0) 20 7496 3000
 Shaun Dobson, Tom Salvesen, Alex Bond

 Alma Strategic Communications                  Tel: +44 (0)203 405 0205
 Caroline Forde, Hannah Campbell

 

About Tribal Group plc

 

Tribal Group plc is a pioneering world-leader of education software and
services. Its portfolio includes Student Information Systems; a broad range of
education services covering quality assurance, peer review, benchmarking and
improvement; and student surveys that provide the leading global benchmarks
for student experience. Working with Higher Education, Further and Tertiary
Education, schools, Government and State bodies, training providers and
employers, in over 55 countries; Tribal Group's mission is to empower the
world of education with products and services that underpin student success.

 

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