Source - LSE Regulatory
RNS Number : 0979S
Playtech PLC
01 November 2023
 

NOT 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.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

1 November 2023

 

Playtech plc

 

("Playtech", the "Company", the "Group" or the "Playtech Group")

 

 Update re: Caliplay

 

On 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.  

 

Caliplay 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.

 

The 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.

 

On 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. 

 

One 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 understands that the fees due to the Playtech Group for August (in part) and September have been paid into this Court-mandated trust account. Other interim measures the Mexican Court granted include the suspension of many rights and protections under the agreements.

  

In order to protect its position and ultimately progress towards a resolution with Caliplay, Playtech has taken the following steps:

 

-     In England, PT Services Malta has applied for and obtained interim anti-suit injunctions from the English Court against Caliplay. These injunctions compel Caliplay to stop taking any further steps in the Mexico proceedings, as litigation should not have been commenced in that jurisdiction.

-     In Mexico, PT Services Malta has obtained separate interim measures from a Mexico court ordering Caliplay to discontinue the case it commenced in Mexico against the relevant Playtech entities, so that the dispute can be resolved in the appropriate and agreed forum in England. Those measures also include orders for Caliplay to comply with the terms of the Framework Agreement between the parties (which contains most of the provisions which had been suspended by the Mexican Court).

 

 

Playtech will continue to take such other steps as it considers necessary to enforce its rights under its agreements with Caliplay and to lift the interim measures obtained by Caliplay.

 

Caliplay remains a highly important customer for Playtech, and the Company is determined to resolve this matter as quickly as possible. In order to do so, Playtech is committed to maintaining an open dialogue with Caliplay to discuss a path forward.

 

The Company will update shareholders further as appropriate and necessary.

 

- Ends -

 

For further information contact:

 

Playtech plc

Sandeep Gandhi, Head of Investor Relations

c/o Headland

 

+44 (0) 20 3805 4822

 

 

 

 

Headland (PR adviser to Playtech)

Lucy Legh, Jack Gault

+44 (0) 20 3805 4822

 

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 7,300 employees across 19 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCNKDBPABDDCDK
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Playtech PLC (PTEC)

-0.60p (-0.13%)
delayed 18:06PM