Maguire Investment Delivers Open Letter to Shareholders of Yatra Online, Inc.
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
