2 May 2023
Tribal Group plc
("Tribal" or "the Group")
NTU Contract Update
Further to the announcement released on 20 March 2023 that Nanyang Technological University ("NTU") had purportedly terminated its contract, Tribal received an interim demand for payment of damages on 28 April 2023 from NTU ("NTU Demand").
The NTU Demand is in the amount of S$9,943,419.71 (SGD) on account of alleged loss, costs and expense. It asserts that the full extent of damages is being assessed, with further amounts to be notified. Payment is requested within 14 days.
The Company has sought legal advice regarding NTU's Demand and intends to dispute NTU's Demand and to defend any legal action that NTU may care to pursue.
| Tribal Group plc | Tel: +44 (0) 117 311 5293 |
| 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 |
| Virginia Bull, Will Godfrey, Nick Prowting | |
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| Singer Capital Markets (Joint Broker) | Tel: +44 (0) 20 7496 3000 |
| Shaun Dobson, Tom Salvesen, Alex Bond | |
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| Alma PR | Tel: +44 (0)203 405 0205 |
| Caroline Forde, Hannah Campbell, Will Ellis Hancock | |
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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