After Balance Date Events On 16 March 2017, Sienna became aware that Bostwick, a significant customer of the Company, had filed for chapter 11 bankruptcy protection in the United States on 15 March 2017. As part of an auction and sale process facilitated by the bankruptcy courts, Poplar Healthcare PLLC completed the acquisition of the assets of Bostwick on 4 May 2017. Sienna has registered invoices for product incomes earned in December 2016, January 2017, February 2017 and the first 15 days of March 2017, representing USD155,370 of revenue, with the courts as an unsecured creditor of the chapter 11 filing. The Company has since received payment of invoices for product incomes earned post the chapter 11 filing date and has also received an offer to purchase part of its chapter 11 claim from a third party. In light of these developments, product revenue for December 2016 was not recognised in the financial report for the half-year ended 31 December 2016.
SDX Price at posting:
14.5¢ Sentiment: Hold Disclosure: Not Held
