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Tribal Group PLC - Bristol-based educational software and services provider - Says it has reached a settlement agreement with Nanyang Technological University, Singapore. Without admission of liability, Tribal has agreed to pay to NTU GBP3.1 million in full and final settlement, over the next 18 months.
Tribal in March last year that Singapore's NTU decided to terminate its contract with Tribal and had reserved rights to claim damages. NTU demanded payment of USD9.9 million for damages on account of alleged loss, costs and expenses. Tribal rejected this demand and has since been engaged in private settlement negotiations with the university.
Current stock price: 60.00 pence, up 5.3% in London on Friday
12-month change: up 54%
By Sophie Rose, Alliance News senior reporter
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