NTU Settlement Agreement
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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.
| Tribal Group plc | Tel: +44 (0) 117 311 5293 |
Mark Pickett, Chief Executive Officer Diane McIntyre, Chief Financial Officer
| Investec Bank plc (NOMAD & Joint Broker) | Tel: +44 (0) 20 7597 5970 |
| Virginia Bull, Nick Prowting, Alice King | |
| Singer Capital Markets (Joint Broker) | Tel: +44 (0) 20 7496 3000 |
| Shaun Dobson, Tom Salvesen, Alex Bond | |
| Alma Strategic Communications | Tel: +44 (0)203 405 0205 |
Caroline Forde, Hannah Campbell
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