MARKHAM, Ontario, March 18, 2020 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna”) (TSX: SIA) announced today that the Company will be temporarily suspending its Dividend Reinvestment Plan (“DRIP”) until further notice.
Shareholders enrolled in the DRIP will receive dividend payments in cash, instead of common shares, starting with the dividend payable to shareholders of record as at March 31, 2020. At such time as the Company elects to reinstate the DRIP, shareholders that were enrolled in the DRIP at the time of suspension and remain enrolled at the time of reinstatement will automatically resume participation in the DRIP. The DRIP is subject to reinstatement at the discretion of the Board of Directors of the Company.“The safety and well-being of all of our residents, their families and our team members is our first priority and we are drawing on our extensive experience in infection prevention and our strengths as a company to navigate through the current COVID-19 pandemic. I am deeply grateful for the tremendous work the team is doing and for the understanding of families in the measures taken to safeguard our residents. We believe that Sienna is well positioned to navigate the current economic environment, with a balanced portfolio, investment grade “BBB” credit rating, and a strong balance sheet and liquidity. Today our Board of Directors approved a temporary suspension of the DRIP so that we do not issue common shares at the current depressed prices.” For more information on Sienna’s management of COVID- 19 please visit the Company website at www.siennaliving.caAbout Sienna Senior LivingSienna Senior Living Inc. (TSX:SIA) is a leading seniors’ living provider with 83 seniors’ living residences in key markets in Canada. Sienna offers a full range of seniors’ living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna also provides expert management services. Sienna is committed to national growth, while driving long-term value for shareholders. The Company’s approximately 12,000 employees are passionate about helping residents live fully every day, and were the driving force behind Sienna being named one of Canada’s Most Admired Corporate Cultures. For more information, please visit www.siennaliving.ca.Forward-Looking InformationCertain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals” or other similar words and include, among other things, statements with respect to the reinstatement of the dividend reinvestment plan at a future time. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.For further information, please contact:
Nitin Jain
Chief Financial Officer & Chief Investment Officer
(905) 489-0787
nitin.jain@siennaliving.ca
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