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Contract Details

Fonterra Final Payout per kilogram of milk solids for the 2017/18 financial year (before retentions) is MORE than $7.000

Fonterra Final Payout per kilogram of milk solids for the 2017/18 financial year (before retentions) is MORE than $7.000

FONT.1718.7000
Contract Info 
  • Symbol: FONT.1718.7000
  • Last Trade Price: $0.2315
  • Last Trade Time:
    2 Nov 15 8:43am
  • Today’s Volume: 0
  • Average Daily Volume: 0.0
  • Today’s Change:
    NC (0.00%) 
  • Start Date: 26 May 15
  • Close Date: 25 Sep 18
  • Status: Active

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Long Description

This contract pays $1 if the Fonterra Final Payout per kilogram of milk solids for the 2017/18 financial year (before retentions) is more than $7.000. Otherwise this contract pays $0.

Judging Criteria 

For the purposes of this contract, Final Payout is defined to be:
- Return to a 100 percent share-backed supplier for Fonterra's 2017/18 financial year; and
- Includes the Milk Price and the Distributable Profit; and
- EXCLUDES retentions and excludes any other addition or deduction; and
- is expressed per kilogram of Milk solids.

The comparable total final dairy payout for the 2009/2010 season (before retentions) was NZ$6.70 (source)

The contract will close when Fonterra announces the total final dairy payout for 2017/18. This contract is not affected by any forecast final payout issued by Fonterra or any other organisation. iPredict reserves the right to delay closing this contract to seek clarification.

Payments in New Zealand dollars. iPredict will make no adjustment for inflation. iPredict will not apply rounding to the payout.

Changed Payout Structure Procedure

In the event Fonterra changes the announced payout structure, iPredict will suspend trading on all Fonterra 2017/18 payout contracts, then attempt to recover Final Payout calculated as the sum of Milk Price and Distributable Profit per kilogram of milk solids for the 2017/18 financial year, and will close this contract based on this calculation. iPredict's calculation is at its sole discretion.

If iPredict cannot calculate the sum of Milk Price and Distributable Profit per kilogram of milk solids for the 2017/18 financial year, then iPredict may declare No Result. iPredict will then close all Fonterra 2017/18 payout contracts at market prices as they were at a time immediately prior to when, in iPredict's sole opinion, the revised structure a) first became public knowledge; or b) when that knowledge first substantially influenced iPredict prices, whichever is earlier. The purpose of this procedure is to close contracts at fair prices which preceded the arrival of information which caused No Result to be declared. iPredict's decision to declare No Result, and to select a time for closing prices, is at iPredict's sole discretion.

For Reference

At this contract's launch Fonterra was forecasting final payout of $4.95 - $5.05 for 2014/15(source)

Formal 2009/10 payout announcement was (here).

This contract will be closed no later than 3 working days after the Close Date. The Close Date may be extended if the event outcome cannot be determined by that date.