FOLLOWING the news in June 2014 that the Incinerator proposed for Saltend will definitely not be built, campaign group HOTI (Hull and Holderness Opposes The Incinerator) has set about the task of winding up its affairs. One of the outstanding issues is that of returning HOTI Bonds to Bondholders.
The HOTI Bonds were raised back in the Summer and Autumn of 2009 when the campaigning body faced the likelihood of making an expensive legal challenge to the validity of contracts awarded to the incinerator company. If HOTI had gone through the entire process of a legal challenge and lost the case, it would have been liable for the legal costs.
At the time, in a flyer issued in September 2009 for a public meeting, HOTI said:
“HOTI’s legal challenge MAY need serious funding to contest. If the organisation’s legal challenge fails then the costs to HOTI could be in the region of £5,000 – £20,000 pounds. So people are being asked to support the organisation by buying a HOTI Bond. The funding raised will be deposited in a special bank account and ONLY USED to pay for legal fees. Any monies left after the legal action is complete will be returned to the Bondholders on a pro rata basis.”
A Family bond was available for £50, an Adult bond for £20 and a Junior bond £10 – although HOTI said it would actually accept any amounts.
The process of returning HOTI Bonds to Bondholders is now scheduled to start at an event on Saturday 16th August 2014 from 10am – 12 noon at the Hedon Town Hall.
The Bonds will eventually be paid out taking into account actual expenditure incurred at a rate of 60% (60p in the pound). So an Adult Bondholder of £20 should expect a return of £12.
MORE INFORMATION on the event is expected – but the purpose of this notice is so that interested people can get the date in their diaries!