REG - Tribal Group PLC - Letter of Claim

TribalAnnouncement

25/01/2019 07:05

RNS Number : 0716O
Tribal Group PLC
25 January 2019
 


25 January 2019                                       
Tribal Group plc
("Tribal" or the "Group")
 
Tribal (AIM: TRB), a leading provider of software and services to the international education management market, today announces the following.
Further to the business update which the Group provided yesterday and the reference in that announcement to a potential claim, the Group has yesterday evening received a letter of claim from lawyers acting for a provider of a software platform on which a number of the Company's material products are based.  The letter claims that Tribal Education Limited has failed to account properly for royalties under the terms of a Value Added Reseller Agreement dated 1 April 2000 and has breached the terms of that agreement.  Whilst no specific amount is claimed the letter of claim estimates the losses at between £15 million and £30 million.  These claims date back over a period of more than 18 years during which the Group has regularly made royalty payments and the Board does not consider the claims to be justified.  The Board intends to defend these claims vigorously.
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For further information please contact:



Tribal Group plc


Tel: 0117 313 6371




Richard Last, Executive Chairman








Mark Pickett, Acting Chief Executive & Chief Financial Officer 


















Investec Bank plc


Tel: 020 7597 5970




Sara Hale








Andrew Pinder








William Godfrey


















N+1 Singer Capital Markets Limited


Tel: 0207 496 3000




Shaun Dobson


















Tulchan Communications LLP


Tel: 0207 353 4200




James Macey White








David Ison



























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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