Playtech PLC Update on strategic agreement with Caliplay (9472O)
February 06 2023 - 2:00AM
UK Regulatory
TIDMPTEC
RNS Number : 9472O
Playtech PLC
06 February 2023
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
6 February 2023
Playtech plc
('Playtech' or the 'Company')
Update on strategic agreement with Caliplay
As part of ongoing discussions with Caliplay in relation to the
parties' strategic agreement, Playtech plc (LSE: PTEC) announces
today that it is seeking a declaration from the English Courts to
obtain clarification on a point of disagreement between the
parties.
Caliplay is a highly valued customer and partner of Playtech,
and has been a highly successful and rapidly growing business. A
declaration is being sought in order to provide clarity for both
parties. The matter in disagreement relates to whether Caliplay
still holds an option to redeem the additional services fee element
of the strategic agreement (the "Option"). The Option was
structured such that the amount payable by Caliplay to Playtech
upon exercise would either be agreed between the parties, or
failing which, determined by an independent investment bank valuing
Playtech's current entitlement to receive the additional services
fee until 31 December 2034. For the six months ended 30 June 2022,
the amount of this services fee was EUR34.4 million (EUR22.3
million for the six months ended 30 June 2021) and the business has
continued to perform strongly since then.
The Option is stated as being exercisable for a period of 45
days following the approval of the audited accounts of Caliplay for
the year ended 31 December 2021. Playtech believes the Option has
expired and referred to its expiry having taken place in its
interim report for the six-month period ended 30 June 2022, which
was published on 22 September 2022. Whilst Caliplay has not sought
to exercise the Option to date, Caliplay has made it clear that it
considers the Option has not yet expired.
Playtech hopes to obtain clarification from the English courts
and further updates will be provided, as required.
- ENDS -
IMPORTANT NOTICE:
This announcement contains inside information as defined under
the UK version of the Market Abuse Regulation (EU) No. 596/2014,
which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018.
This announcement has been issued by, and is the sole
responsibility of, Playtech.
Enquiries
Playtech plc +44 (0) 20 3805 4822
Sandeep Gandhi, Head of Investor Relations
Headland (PR adviser to Playtech) +44 (0) 20 3805 4822
Lucy Legh, Stephen Malthouse, Jack Gault
About Playtech
Founded in 1999 and premium listed on the Main Market of the
London Stock Exchange, Playtech is a technology leader in the
gambling industry with over 7,000 employees across 20
countries.
Playtech is the gambling industry's leading technology company
delivering business intelligence driven gambling software,
services, content and platform technology across the industry's
most popular product verticals, including, casino, live casino,
sports betting, virtual sports, bingo and poker. It is the pioneer
of omni-channel gambling technology through its integrated platform
technology, Playtech ONE. Playtech ONE delivers data driven
marketing expertise, single wallet functionality, CRM and
responsible gambling solutions across one single platform across
product verticals and across retail and online.
Playtech partners with and invests in the leading brands in
regulated and newly regulated markets to deliver its data driven
gambling technology across the retail and online value chain.
Playtech provides its technology on a B2B basis to the industry's
leading retail and online operators, land-based casino groups and
government sponsored entities such as lotteries. Playtech directly
owns and operates Snaitech, the leading sports betting and gaming
company in online and retail in Italy.
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