Source - Alliance News

Playtech PLC on Monday said it is seeking a declaration from the English Courts for clarification on a point of disagreement with its strategic partner Caliplay.

The Isle of Man-based gambling software development company said the matter of the disagreement is whether Caliplay still holds an option to redeem the additional services fee element of the agreement.

Playtech claims the option was exercisable for a period of 45 days after the approval of Caliplay’s audited accounted for the year ended December 31, 2021 - Playtech said this option has expired, and that it mentioned this in its interim report for the first half ended June 30.

Caliplay is a Mexico-based betting company.

Playtech noted that Caliplay does not consider the option to have expired, but has not yet tried to exercise the option.

The option stipulates that the amount payable by Caliplay to Playtech up exercise would either be agreed by the two parties, or determined by an independent investment bank, based on Playtech’s entitlement to receive the additional services fee until December 31, 2034. The additional services fee was €34.4 million for the first half ended June 30, 2021.

Playtech shares were down 0.9% trading at 578.50 pence per share on Monday morning in London.

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