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

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Maguire Investment, a major shareholder of Yatra Online (NASDAQ:YTRA) with 7.4% ownership, issued an open letter highlighting potential for Yatra's share price to reach $6 based on projected $100 million sales in 2022. Concerns were raised regarding poor investor returns, governance issues, and subpar operational performance. The letter outlined a 'Yatra 2022 Plan' aimed at addressing these issues and called for unity among shareholders to push for improvements, including a prompt announcement for the 2021 annual general meeting.

Positive
  • Maguire Investment projects Yatra's share price could reach $6 with $100 million in sales in 2022.
  • The letter outlines actionable strategies in the 'Yatra 2022 Plan' aimed at enhancing shareholder value.
Negative
  • Yatra's investor returns significantly lag competitors and industry standards.
  • Concerns about the need for a corporate governance overhaul and lack of transparency in executive compensation.
  • Subpar operational performance and questionable decisions regarding the failed merger with Ebix, Inc.
  • Management and Board possibly lack necessary operational and industry experience.

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/maguire-investment-delivers-open-letter-to-shareholders-of-yatra-online-inc-301341356.html

SOURCE Maguire Asset Management, LLC

FAQ

What is the projected share price for Yatra Online in 2022?

Maguire Investment projects Yatra's share price could reach $6 based on anticipated sales.

What percentage of Yatra Online shares does Maguire Investment own?

Maguire Investment owns approximately 7.4% of Yatra Online's outstanding shares.

What are the main concerns raised by Maguire Investment regarding Yatra Online?

Concerns include poor investor returns, governance issues, and subpar operational performance.

What is the 'Yatra 2022 Plan' mentioned in the letter?

The 'Yatra 2022 Plan' outlines actions for Yatra's management and Board to improve shareholder value.

What is the call to action in Maguire Investment's letter to Yatra's shareholders?

Maguire urges shareholders to unite and push for the announcement of the 2021 annual general meeting and implement the 2022 Plan.

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