Update on strategic agreement with Caliplay

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	[phone]
Sandeep Gandhi, Head of Investor Relations
Headland (PR adviser to Playtech)	[phone]
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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