Business
Singapore Contract Update and Revised Results Date
Singapore Contract Update and Revised Results Date.
About this update from Tribal Group Plc
[{"type":"text","content":"\n \n \n 20 March 2023\n \n \n Tribal Group plc\n \n (\"Tribal\" or \"the Group\")\n \n \n \n \n \n \n \n \n Singapore Contract Update and Revised Date for Full Year Results\n \n \n \n \n \n \n \n \n Further to the announcement released on 23 February 2023, regarding the Nanyang Technological University (\"NTU\") contract, Tribal received notification on 17 March 2023 that NTU has purported to terminate the contract and reserved its rights to claim damages.\n \n \n Tribal rejects NTU's right to terminate and is considering its options regarding appropriate next steps. The contract requires the parties to participate in mediation in an attempt to achieve a resolution. A further update will be provided as and when appropriate.\n \n \n \n Revised Date for Full Year Results\n \n \n The Company now expects to release its audited results for the year ended 31 December 2022 on 24 March 2023. This allows appropriate time to consider the impact of the contract termination, in particular the accounting treatment of a £4.5m onerous contract provision contained within previous expectations, set out at the time of the trading update released on 23 February 2023.\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for making this disclosure on behalf of the Company is Diane McIntyre, Chief Financial Officer.\n \n \n \n \n \n \n \n \n \n \n Tribal Group plc\n \n \n \n \n \n Tel: +44 (0) 117 311 5293\n \n \n \n \n \n \n Mark Pickett, Chief Executive Officer\n \n \n Diane McIntyre, Chief Financial Officer\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investec Bank plc\n \n (NOMAD & Joint Broker)\n \n \n \n \n Tel: +44 (0) 20 7597 5970\n \n \n \n \n \n \n Virginia Bull, Will Godfrey, Nick Prowting\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Singer Capital Markets\n \n...