Letter of Claim

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.

Ends

For further information please contact:

Tribal Group plc	Tel: [phone]
Richard Last, Executive Chairman
Mark Pickett, Acting Chief Executive & Chief Financial Officer
Investec Bank plc	Tel: [phone]
Sara Hale
Andrew Pinder
William Godfrey
N+1 Singer Capital Markets Limited	Tel: [phone]
Shaun Dobson
Tulchan Communications LLP	Tel: [phone]
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.

 

END

 

 

MSCUSOURKWAAUUR