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Playtech Limited (PTEC)

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Friday 13 May, 2011

Playtech Limited

Agreement between William Hill and Playtech

RNS Number : 6149G
Playtech Limited
13 May 2011
 



 

 

 

Playtech Limited

 

"Playtech" or "the Company"

 

 

Agreement between William Hill and Playtech

 

 

William Hill PLC (William Hill) and Playtech Limited (Playtech) jointly announce that they have today reached an amicable resolution of their dispute relating to Playtech's interests in William Hill Online. As a consequence, the parties are applying for the injunction secured by William Hill against certain Playtech group companies to be discharged and the related court hearing scheduled for next week to be vacated with the court's permission.

 

In arriving at this resolution, including the discharge of the injunction, the exit provisions of the existing shareholders agreement have been confirmed to the parties' satisfaction, including William Hill's call option rights exercisable in early 2013 and 2015.

 

In addition, the parties have agreed to certain changes to the agreement which grant greater flexibility to their respective operations, including William Hill Online, and which may open up further commercial opportunities for the parties.  These include increased flexibility for William Hill Online to provide betting services to William Hill's Retail business and the cancellation of the sole restriction regarding Playtech's ability to license its software, which restriction related to a UK land-based gambling operator.  The existing restrictions on UK Marketing Services provision remain in place, running through to the first call option date.

 

As reported in William Hill's preliminary results announcement on 25 February 2011 and first quarter Interim Management Statement on 21 April 2011, the performance of William Hill Online remains strong.

 

- Ends -

 

 

For further information contact:

 

Playtech Ltd

Roger Withers, Chairman

Mor Weizer, Chief Executive

Ross Hawley, Director of Investor Relations

c/o Pelham Bell Pottinger

 

+44 (0) 20 7861 3232

 

 

 

Collins Stewart

Piers Coombs / Bruce Garrow

 

+44 (0) 20 7523 8350

 

 

Deutsche Bank

Andrew Smith

 

+44 (0) 20 7545 8000

 

 

Pelham Bell Pottinger

David Rydell / Olly Scott / Guy Scarborough

+44 (0) 20 7861 3232

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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