SYMBOL: MARMITE.RATIONING
Long description:
This contract pays 1$ if, before 1 August 2012, Foodstuffs and/or Progressive Enterprises publicly announces or confirms to iPredict, that restrictions are being placed on the amount of Marmite a customer may purchase on a single visit to a Countdown, PAK'nSAVE, and/or New World supermarkets.
Judging Criteria
The purpose of this contract is to measure the likelihood that stocks of Marmite will need to be rationed in New Zealand supermarkets, following reports of manufacturing difficulties as at [www.nzherald.co.nz], [www.stuff.co.nz] and [www.radionz.co.nz]
The contract refers solely to:
• the Marmite product manufactured in New Zealand by Sanitarium. It does NOT refer to any substitute product, such as Vegemite or Marmite manufactured outside of New Zealand.
• announcement(s) or confirmation(s) made by Foodstuffs and/or Progressive Enterprises. It does NOT refer to announcements or confirmations made by Sanitarium or by individual supermarkets.
• restrictions at Countdown, PAK'nSAVE, and/or New World supermarkets. It does not refer to any other brands owned by Foodstuffs and/or Progressive Enterprises, such as Write Price or Shoprite
The contract pays $1 IF AND ONLY IF Foodstuffs and/or Progressive Enterprises announce or confirm formal restrictions on the amount of Marmite a customer may purchase on a single visit to a supermarket and not to restrictions caused by a lack of stock. That is, should consumers be unable to purchase Marmite because stocks have run out, the terms of the contract are NOT satisfied.
Formal restrictions, that are announced or confirmed by Foodstuffs and/or Progressive Enterprises, need affect only ONE Countdown, PAK'nSAVE, and/or New World supermarket in New Zealand. That is, the restrictions need not be nationwide across a brand.
The contract is unaffected by restrictions placed on the sale of Marmite for discounting purposes (eg, an announcement that the product will sell for lower than its usual price but with consumers restricted on the number of jars they can buy).
The following will be used by iPredict to determine the closure price of the contract:
• a media statement issued by Foodstuffs and/or Progressive Enterprises announcing restrictions that meet the tests for this contract
• media reports at www.nzherald.co.nz AND www.stuff.co.nz reporting an authoritative spokesperson for Foodstuffs and/or Progressive Enterprises announcing or confirming restrictions that meet the tests for this contract
• inquiries by iPredict to Foodstuffs and/or Progressive Enterprises which lead to authoritative confirmation of the presence of lack of restrictions that meet the tests for this contract
In all cases, iPredict’s decision on the closure price shall be final and, in trading this contract, traders acknowledge some degree of measurement uncertainty.
All dates and times are in NZ time.
Image sourced from trademe.co.nz