P.O.S.E.N.I. Secondary Housing Co-operative of the Traders of Heraklion

Home News News To the members of POSENI 1/3/2023
To the members of POSENI 1/3/2023

Heraklion 1/3/23
To the members of POSENI

Dear member,
After almost 30 years of existence of POSENI, we have reached an important turning point,
where most of us should alter our relationship with the cooperative.
In general we inform you, that after the approval of the urban planning study and having
taken the necessary actions (land register, concession of common areas to the municipality
etc.), we commissioned the application studies infrastructure projects (road construction,
water supply, drainage, irrigation, biological, lighting, electrical etc).
It is a fact that there has been a delay in their completion up till now – and the much-desired
raffle of the portions as we had informed you. This delay is mostly due to the two-year
pandemic, which drastically altered the human relations, creating a general relaxation to
everybody, which is partially justified.
After 4 months of waiting for the study of the extension of the network of the Water
Company - research paper by the Water Company – we have just been informed, that it has
been completed and it is being sent to us. Without this study of the extension of the water
network, the studies for the research application for the Electrical studies could not have
been completed, and submitted for approval, because there had to be an extension of
PPC's networks to our area, given that there is still no network available to serve us, due to
saturation of the area. We believe that, barring any unforeseen circumstances, within two
months will have been completed and submitted for approval.
After the approval of the whole package of the application studies, we will be able to
informally proceed with the raffle of the shares.
We expect this period – which is also a pre-election period – the settlement (i.e. reduction)
of the percentage of the initial projects, from 70% to 30 or 40% according to our request to
the government.
We are also waiting for the sewage, the irrigation and biological networks of the
municipality of Agios Nikolaos to join the ESIF, in interdependence of the 2 neighboring
cooperatives the POSENI and the POSYOTE. If these two targets are achieved then the cost
of participation of the members, for the public works will be drastically decreased. (roads -
networks – Greenery etc.) that the participation per portion may fall below 8,000 euros.
Therefore, preparing for the realization – finally – of our vision, we realized for one more
time, that the different circumstances of the last years, have led us to a dire financial
situation. There are also shareholders who declare complete weakness and wish to leave the
We have partially analyzed our financial data, in an accounting manner and found the
- The cooperative has no debt, but has meager finances for its next
- 92% of the members, (570 members ) owe between 0 and 2500 Euros

- 5% of the members (31 members ) owe between 2500 and 5.000 Euros
- 3% of the members (22 members) owe between 5.000 and 12.000 Euros
We believe that even though there is a general financial weakness, compared to 15 years
ago and at the same time an increase to the cost of living, if we meet up some of the reasons
– goals, that have been aforementioned as well as a more organized and fair collection
method, we have many chances to see the beginning of the realization of our vision.
Of course, we do not think that the group of 3% members (22 members) can contribute
anymore and it is logical that they should be liquidated as members, as our statute provides.
Also the group of 5% members (31 members) will find it quite difficult to zero their debt and
they must be asked if they wish to remain.
It must be noted that there is a slight interest regarding the purchase of shares.
However we believe that the group of the 92% members (570 members), will be able with
the appropriate settlement, to pay off their debts over a period of at least two years.
It should be noted that at this time there is some faint interest in buying shares.
With this analysis, any weakness is clear, which in our opinion cannot be completely
negative regarding the course of our cooperative.
We would also like to inform you, that there is a recently spreading proposal, which refers to
the sale of the entire area of the cooperative, but without the existence of the existence –
preservation of the urban study. This choice is not easy – despite the fact that some of the
members state that they want it – because it requires the canceling of the urban study
(which is a state law) selling our land as a plot of land!! and many others which will clearly
be analyzed in our General Assembly.
We all understand that this Assembly has a pivotal nature regarding the course of the
cooperative. Any dealing of the upcoming stages of our cooperative cannot be loose. It will
be a real battle for the realization of our initial dream or its abolition.
Let us see what the majority of the members ask …… it is the time for the ultimate
responsibility of all of us.
It is the time for the responsibility of the many.