HT&E have settled an ongoing taxation dispute with the Australian Taxation Office for $71M.

The dispute centres around a New Zealand branch for the financial years ended December 31, 2009, to December 31, 2016, and involved $102.5M of tax adjustments, $49M of penalties and $43M interest, together totalling $195M.

HT&E says the settlement amount of $71M was made in consultation with their tax advisers, and that the board views the settlement as in the best interests of shareholders after taking into consideration the length of any ongoing dispute, potentially costly litigation and the overall level of ongoing uncertainty.

The company had already paid a deposit of $50.7M with the balance of $20.3M to be paid from their existing cash reserves.

The market reacted positively to the news this morning with shares opening at $1.70 and finishing the day at $1.93