CPPGroup Agrees GBP2.5 Million Payment To Terminate IT Platform Deal

LONDON (Alliance News) - Loss protection insurer CPPGroup PLC said Friday it has agreed a GBP2.5 million settlement to terminate its IT platform agreement with current partner SSP Ltd.

The news follows CPP's statement in September it intends to develop its own IT platform, at the cost of a GBP6.5 million write-off on capital expenditure and a cash payment to SSP.

The payment to SPP will be completed by Saturday, said CPP.

Shares in CPPGroup closed up 1.7% at 14.50 pence Friday.

By Adam Clark; adamclark@alliancenews.com

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