Synlait welcomes Supreme Court judgment

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com

NZX: SML
ASX: SM1


22 December 2020

Synlait welcomes Supreme Court judgment
The Supreme Court of New Zealand has released its judgment regarding the historic covenants at
Synlait’s Pokeno site.

Synlait, New Zealand Industrial Park Limited and Karl Ye reached a reasonable settlement before the
judgment was issued, which resulted in the removal of the historic land covenants. The judgment does not
therefore affect the parties’ rights. The Supreme Court made the decision to release its judgment today in
order to provide greater clarity in this area of law.

The Supreme Court considered there was no reason to decline to exercise the Court’s discretion to modify
the covenants. It would therefore have allowed the appeal and modified the covenants by deleting the
clauses that limited the use of the burdened land owned by Synlait to lifestyle farming, grazing and
forestry. The Court would also have declined New Zealand Industrial Park Limited’s request to remit the
case back to the High Court for an award of compensation for the loss of the covenants.

The Supreme Court judgment can be accessed here
.

For more information contact:
Hannah Lynch
Corporate Affairs Manager
P: +64 21 252 8990
E: hannah.lynch@synlait.com