Business
Update on strategic agreement with Caliplay
Update on strategic agreement with Caliplay.
About this update from Playtech Plc
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR\n \n \n INDIRECTLY IN, INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO\n \n \n WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH\n \n \n JURISDICTION\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n \n 6 February 2023\n \n \n \n \n \n \n \n \n \n Playtech plc \n \n \n \n \n ('Playtech' or the 'Company')\n \n \n \n \n Update on strategic agreement with Caliplay\n \n \n \n \n \n \n As part of ongoing discussions with Caliplay in relation to the parties' strategic agreement, Playtech plc (LSE: PTEC) announces today that it\n is seeking a declaration from the English Courts\n to obtain clarification on a point of disagreement between the parties.\n \n \n \n \n \n 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.\n For the six months ended 30 June 2022, the amount of this services fee was €34.4 million\n (€22.3 million for the six months ended 30 June 2021) and the business has continued to perform strongly since then.\n \n \n \n \n \n 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.\n \n \n \n \n \n P...