REG - Playtech PLC - Update on strategic agreement with Caliplay

PlaytechAnnouncement

06/02/2023 07:00

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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 €34.4 million (€22.3
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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