Mexican online casino and sports betting business Caliplay, known in the market as Caliente Interactive, has responded to Playtech’s decision to approach the English courts over a dispute between the two parties, noting it had “no warning” over the filing.
Caliplay’s new statement follows Playtech Malta’s decision last week to file an action seeking clarification on a disagreement over a redemption option in the strategic partnership between the two parties. The disagreement relates to whether the Mexican company still holds an option to redeem the additional services fee element of their strategic agreement.
The companies had agreed that the amount payable by Caliplay to Playtech upon exercise would be determined either by mutual agreement between the two parties or, if not possible, by an independent investment bank valuing Playtech’s current entitlement to receive the additional services fee until December 31, 2034.
Playtech stated that the option to purchase Caliplay was exercisable for 45 days following the approval of Caliplay’s audited accounts for the year ending December 31, 2021. This option has since expired, as stated in Playtech’s interim report for the six months ending June 30, 2022.
Caliplay has acknowledged the option to redeem the services fee element payable to Playtech Malta as part of its strategic agreement. This option is exercisable for 45 days after its board approves Caliplay’s 2021 fiscal year audited accounts, according to the business. However, Caliplay said this is yet to take place.
Caliplay argues Playtech failed to include a reference to board approval in its announcement or its interim report for the six-month period ended 30 June 2022, published on 22 September 2022.
“As Playtech correctly notes, Caliplay believes the option has not expired,” Caliplay said in a statement. “Caliplay made this clear to Playtech on 23 December 2022 when it challenged the accuracy of its 22 September 2022 announcement.”
“This (court) claim was filed without warning and despite both sides being currently engaged in a mutually agreed resolution process. Contrary to Playtech’s announcement, Caliplay is not aware that any claim has been issued against it by Playtech, as opposed to its subsidiary, Playtech Malta,” added the company “Caliplay remains keen to resolve this matter swiftly and is committed to the ongoing discussions.”
