Tribal Group PLC Letter of Claim

Fecha : 25/01/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Tribal Group Plc (TRB)
Cotización : 69.5  -0.25 (-0.36%) @ 10:35
Tribal Cotización de acciones Gráfica

Tribal Group PLC Letter of Claim

Tribal (LSE:TRB)
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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 GBP15 million and GBP30 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.

Ends

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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