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Tribal Group PLC (TRB)

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Friday 25 January, 2019

Tribal Group PLC

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: 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 experienceWorking 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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