SkyCity has received a favourable judgment from the High Court of New Zealand regarding the termination of its car park concession agreement with MPF Parking.
The court ruled in SkyCity's interpretation of the agreement and rejected MPF's alternative interpretation.
This means that the consideration payable to MPF by SkyCity, known as the compensation sum, will be calculated according to SkyCity's valuer's methodology.
The dispute between the two parties had led to the suspension of the umpire process, which was being used to determine the compensation sum.
With the court judgment, SkyCity is now looking forward to resuming the umpire process and resolving the matter with MPF.
The company has already arranged financing for the payment of the compensation sum.
However, there is still uncertainty about the timing of the reacquisition of the Auckland car park assets and its impact on earnings for the 2024 financial year.
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