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Tribal Group plc announced it has reached a settlement agreement with Nanyang Technological University (NTU) regarding a contract terminated on March 17, 2023. Tribal Group plc has agreed to pay NTU £3.1m (SGD 5.3m) in full and final settlement, to be paid over the next 18 months. An exceptional charge of £0.6m (SGD 1m) was recognized in 2023, and a further exceptional charge of £2.5m (SGD 4.3m) will be recognized in the first half of 2024.
| Date | 24 May 2024 |
| Time | 07:00:06 |
| Category | Acquisitions and alliances |
| ID | 7468P |
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.
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Tribal Group plc |
Tel: +44 (0) 117 311 5293 |
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Mark Pickett, Chief Executive Officer Diane McIntyre, Chief Financial Officer |
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Investec Bank plc (NOMAD & Joint Broker) |
Tel: +44 (0) 20 7597 5970 |
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Virginia Bull, Nick Prowting, Alice King |
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Singer Capital Markets (Joint Broker) |
Tel: +44 (0) 20 7496 3000 |
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Shaun Dobson, Tom Salvesen, Alex Bond |
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Alma Strategic Communications |
Tel: +44 (0)203 405 0205 |
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Caroline Forde, Hannah Campbell |
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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.