Phone up chairman Roger Withers to discuss the gaming software group's latest strategic U-turn and he hangs up. "I'm not having this conversation with you, thank you very much, goodbye," was Wednesday's response to a requests for more information.
Withers says he is "not particularly impressed" with reporting about Playtech, a company 48pc-owned by Teddy Sagi, its Israeli founder. But with each new announcement, the same issues crop up: related-party transactions, transparency and governance. Just the sort of stuff that any company shooting for a main market listing has to get right.
No one is quibbling with Playtech's products or client list, which includes Bet365, Gala Coral and Sportingbet. But, in the City, even buyers of the stock – such as Peel Hunt analyst Nick Batram – admit "Playtech is not straightforward".
The main issue is not the fact that here is a company founded in Israel, incorporated in the British Virgin Islands, headquartered in the Isle of Man and operating mainly out of Estonia, Bulgaria, the Philippines and Israel. No, the key conundrum is Sagi.
Since March 2006's float, he has taken more than £500m out of the company, largely from selling businesses he owns back to the quoted group. That will rise if, as Playtech suggested on Wednesday, he pockets his earnout from March 2011's sale of PT Turnkey Services (PTTS), a clutch of gaming services businesses. That's almost half Playtech's £1.1bn value.