Tribal agrees £3.1m settlement with Nanyang Technological University

24th May 2024 12:36

(Sharecast News) - Tribal Group announced a settlement agreement with Nanyang Technological University (NTU) on Friday, following mediation over their terminated contract.

The AIM-traded firm said the agreement resolved all outstanding issues between the parties, with Tribal agreeing to pay NTU £3.1m, without admitting liability.

It said the payment would be made from Tribal's cash flow over the next 18 months.

As part of the settlement, Tribal said it recognised an exceptional charge of £0.6m in 2023, and would recognise an additional exceptional charge of £2.5min the first half of 2024.

At 1135 BST, shares in Tribal Group were up 5.26% at 60p.

Reporting by Josh White for Sharecast.com.