Business
Update re: Caliplay
Update re: Caliplay.
About this update from Playtech Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFOR IMMEDIATE RELEASE\n \n1 November 2023\n \nPlaytech plc\n \n(\"Playtech\", the \"Company\", the \"Group\" or the \"Playtech Group\")\n \n Update re: Caliplay\n \nOn 5 October 2023, Tecnologia en Entretenimiento Caliplay, S.A.P.I. de C.V. ('Caliplay') announced that Caliplay had issued legal proceedings in Mexico against, amongst others, Playtech and some of its subsidiaries. \n \nCaliplay has been and remains a very highly valued customer of the Playtech Group. During the past nine years, both parties have worked closely together to create a successful and rapidly growing digital business in Mexico. This has been an extremely productive relationship for both parties, and resolving the commercial dispute is a priority for Playtech.\n \nThe disagreement initially centred on whether an option held by Caliplay to redeem the additional services fee element of the strategic agreement has lapsed, and this is the subject of ongoing proceedings in the English Courts, with Playtech seeking a declaration from the Court on whether the option has expired. The trial of that issue is scheduled to take place in London in October 2024.\n \nOn 5 October 2023, Playtech noted Caliplay's announcement that it had issued legal proceedings in Mexico against members of the Playtech Group. Playtech has now accepted service of those proceedings to enable the Group to respond to them and is now able to update on the content of the Court filings in Mexico. The actions taken by Caliplay in the Mexican Court proceedings contravene the contractual agreements in place since the strategic agreement was originally established in 2014, in particular the agreement between the parties that any disputes would be resolved in England. \n \nOne of the primary interim measures that the Mexican Court granted was that all fees due to the Playtech Group under its arrangements with Caliplay are to be paid into a Court-mandated trust account in Mexico rather than paid directly to the Group. Consequently, the Company un...