- Sienna Senior Living’s President and CEO, Lois Cormack, outlined the company’s plan to combat COVID-19’s threat to the aged-care industry
- Sienna has implemented stringent quarantine and cleaning protocols, but a COVID-19 outbreak at a facility is still becoming more likely
- This could be potentially devastating to the Sienna’s residents, who are among the highest risk group for COVID-related deaths
- To further reduce outbreak risks, the company will be applying for the Government of Ontario’s C$50 million aged-care assistance fund
- Sienna Senior Living (TSE:SIA) is down 11.7 per cent, trading for $9.36 per share, with a $627.5 million market cap
Lois Cormack, President and CEO of Sienna Senior Living (TSX:SIA), has addressed concerns surrounding COVID-19 and the aged-care industry.
The company has not yet reported any cases of COVID-19 cases in any Sienna Senior Living facilities. Lois began from this fact and assured the public that health and safety was the company’s top priority.
To that end, Sienna is taking measures to limit the chance of an outbreak among the company’ s residents. As a high-risk group, Sienna’s elderly communities would suffer severe impacts in an outbreak.
Lois did concede that, while Sienna is taking action, the virus’ rapid spread means that aged-care outbreaks are approaching fast.
To keep stakeholders informed, Lois directed them to a dedicated COVID-19 update centre, now available on the Sienna website.
On the business side, Lois assured investors that the company’s ample liquidity will maintain dividends moving forward.
Furthermore, she brought attention to the $50 million emergency fund, set up by the Government of Ontario for aged-care support. The government has allocated a further $5 million specifically for retirement residences, to help manage the COVID-19 crisis.
Sienna intends to access these funds to sustain operations and cover the large costs required to prevent and control potential outbreaks.
Lois did state that occupancy at the company’s facilities could be impacted in the coming months, if the residents’ health begins to deteriorate rapidly.
Lois closed out her address by thanking Sienna’s healthcare staff, and other healthcare workers who are tackling the ongoing pandemic.
“I want to express my sincere admiration and gratitude to our team members, the many dedicated healthcare workers, and all other essential workers who go to work every day to meet the basic needs of our society,” she said.
Sienna Senior Living (TSE:SIA) is down 11.7 per cent, with shares trading for $9.36 at 3:22pm EST.