NEW YORK, July 27, 2021 /PRNewswire/ -- The 2020
Timothy J. Maguire Investment Trust (together with its affiliates,
"Maguire Investment"), a significant shareholder of Yatra Online,
Inc. ("Yatra" or the "Company") (NASDAQ:YTRA) with an aggregate
ownership of approximately 7.4% of the Company's outstanding
shares, today issued an open letter to the Company's
shareholders.
In the letter, Maguire Investment explained that it invested in
Yatra because of its belief the Company is well positioned to
benefit from the post-COVID travel recovery and its share price
could reach $6 per share on
$100 million in sales in 2022 if it
aggressively pursues certain sales and margin growth opportunities
detailed in the letter.
Maguire Investment also expressed its serious concerns with the
disappointing investor returns at Yatra, which severely lag those
of its local competitors and global online travel agencies.
Maguire Investment attributed the Company's stock price
underperformance to a number of reasons including (i) the need for
an overhaul of the Company's extremely shareholder-unfriendly
corporate governance profile and a lack of transparency in its
executive compensation packages, (ii) its subpar operational
performance to date, (iii) questionable decision-making behind the
failed merger with Ebix, Inc., and lastly, (iv) a lack of
operational and industry experience among members of the Board and
management, which may be a contributing factor to each of the
aforementioned issues.
The letter concludes with Maguire Investment's outline of a
series of actions readily within the control of Yatra's senior
management and the Board to address these issues and create
shareholder value, referred to in the letter as the "Yatra 2022
Plan" and calls on the Company's unaffiliated shareholders to unite
and let their voices be heard in unison by urging Yatra's CEO
Dhruv Shringi (email:
dhruv.shringi@yatra.com) and its other Board members (including
outside director Steven Schifrin,
email: sschifrin@terrapinpartners.com) to immediately announce a
date for the 2021 annual general meeting of shareholders and to
enact the three key precepts of the Yatra 2022 Plan outlined in the
letter.
The full text of the letter to Yatra's shareholders can be
viewed at the following link:
https://mma.prnewswire.com/media/1581416/YTRA_Letter_to_Shareholders.pdf
Investor contact:
Maguire Asset Management, LLC
Timothy J. Maguire
(610) 517-6058
tm@maguirefinancial.com
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SOURCE Maguire Asset Management, LLC