Caliplay claims Playtech filed court proceedings “without warning”
Caliente Interactive and Playtech’s joint venture online casino brand has responded to Playtech’s decision to settle a dispute in court around a point of disagreement
Caliplay, the joint venture between Mexican operator Caliente Interactive and Playtech, has requested clarification on omitted information in a Playtech announcement published last week.
On February 6, Playtech announced its subsidiary Playtech Malta has commenced court proceedings in England and is seeking a declaration from the court on the point of disagreement concerning a redemption option in the agreement between Caliplay and Playtech Malta.
Caliplay states that Playtech’s claim was filed without warning despite both sides being engaged in a mutually agreed resolution process.
The operator also said that despite Playtech’s announcement, it was unaware any claim has been issued against it by Playtech or its subsidiary.
The disagreement is over whether Caliplay holds an option to redeem the additional services fee element payable to Playtech Malta, pursuant to the strategic agreement between the two companies.
This option was structured so that the two companies would agree on the amount payable to Playtech by Caliplay upon exercise, or if that were not possible, it would be determined by an independent bank valuing Playtech’s current entitlement to receive the additional services fee until 31 December 2034.
In its announcement last week, Playtech said the option is stated as exercisable for 45 days following approval of the audited accounts of Caliplay at the end of 2021. However, the tech giant stated that this option has now expired and said it referenced this in its interim report published in September 2022.
However, Caliplay said the accounts are yet to be approved and that Playtech did not include a reference to board approval in its announcement or interim report.
In a statement, Caliplay said: “As Playtech correctly notes, Caliplay believes the option has not expired. Caliplay made this clear to Playtech on 23 December 2022 when it challenged the accuracy of its 22 September 2022 announcement.
“Caliplay remains keen to resolve this matter swiftly and is committed to the ongoing discussions.”