Jagmeet Singh ‘Appalled’ Extendicare Planning $10M Payout Amid COVID-19 Crisis

Article Link: https://www.huffingtonpost.ca/entry/extendicare-coronavirus-investor-payout-jagmeet-singh_ca_5ee2931ac5b62d56fb4d99fa

Discussion posted by: David McNamara

NDP Leader Jagmeet Singh is “appalled” a for-profit long-term care company has committed to pay $10.7 million in dividends to shareholders so far this year, while it spent only $300,000 of its own money on its response to the COVID-19 pandemic. Extendicare is a Markham, Ont.-based company that owns 69 long-term care and retirement homes in Ontario, Manitoba, Saskatchewan and Alberta and provides contract services to 53 other Canadian long-term care homes. Extendicare made $1.13 billion in revenue in 2019 and is on track to make more this year, even as the novel coronavirus devastates some of its homes.