Caliplay has reiterated that it believes the option allowing it to redeem an additional services fee related to a JV with Playtech is still valid and has not expired.
The Mexican online casino and sports betting operator owned by Caliente has responded to a Playtech statement last week noting that it sought English court intervention on a dispute.
The dispute relates to an option that Caliplay held to redeem an additional service fee on a strategic agreement between the two parties. The option would mean Caliplay would pay up to $37m in additional fees.
Whilst Playtech claims that the option has expired, Caliplay is adamant and has reiterated its position that it has not, and has made that point clear to Playtech.
Updating stakeholders, Caliplay stated: “Both sides are currently engaged in a mutually agreed resolution process. Contrary to Playtech plc’s announcement, Caliplay is not aware that any claim has been issued against it by Playtech plc, as opposed to its subsidiary, Playtech Malta.
“The Option allows Caliplay to redeem the additional services fee element payable to Playtech Malta pursuant to the strategic agreement. The Option remains exercisable for a period of 45 days following the approval of Caliplay’s audited accounts for the fiscal year 2021 by Caliplay’s board of directors.”
The Mexican firm noted that it does not believe the option has expired and that it is eager to solve the issue swiftly.
Last week Playtech told its investors that it is taking the matter to English courts, noting: “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 Dec 31, 2034.
“For the six months ended June 30, 2022, the amount of this services fee was €34.4m ($37m) and the business has continued to perform strongly since then.”
