Reached agreement with Maguire Investment Trust
Gurugram, India and New York, New York–(Newsfile Corp. – Jan 19, 2022) – Yatra Online, Inc. (NASDAQ: YTRA), India’s leading provider of corporate travel services and one of India’s leading online travel companies, today announced that it has entered into a partnership agreement with Maguire Investment Trust (“Maguire Investment”), which holds 7.4% of the outstanding common stock. owned by the company. As part of the agreement, Roshan Mendis will join Yatra’s Board of Directors (the “Board”) as an independent director effective January 17, 2022. The company also announced that Sean Aggarwal will be retiring on January 18 due to other pressing reasons. obligations. Mr Aggarwal has been a valuable member of the Board of Directors since March 2018 and has served on numerous committees during his tenure. His retirement is not the result of any disagreement with the Company or any of its affiliates on matters related to the Company’s business, policies or practices.
Mr. Mendis brings over 20 years of travel technology experience to Yatra’s Board of Directors. He is currently Chief Commercial Officer of Saber Travel Network. Prior to that, he was president of Travelocity and Zuji, both consumer-focused brands that were part of the Saber portfolio.
“We are delighted to reach this agreement with Maguire Investment and further strengthen our Board of Directors with the addition of Roshan,” said Yatra Chairman of the Board Muralidhara Kadaba. “Roshan brings significant operational and leadership expertise in the travel industry that will complement the significant experience already present on our Board of Directors and we look forward to capitalizing on Roshan’s perspectives as Yatra continues to execute its strategies to enhance shareholder value. long-term. On behalf of the Board, I would also like to thank Sean Aggarwal for his many contributions as a non-executive director and wish him the best.”
Yatra’s CEO Dhruv Shringi said: “I look forward to working with Roshan and the other directors on our board as we continue to advance our multi-channel strategy and deliver results for shareholders. We are ready to take advantage of the accelerated shift by consumers to online travel booking and well positioned to deliver post-pandemic growth and profitability.”
Tim Maguire, Managing Partner at Maguire Asset Management stated: “Roshan is a proven leader in the travel industry who will bring valuable expertise to Yatra’s board. We are delighted to achieve this constructive solution with the company, and we are confident that these changes help further our shared goal of creating long-term shareholder value. We look forward to the future at Yatra.”
Under the terms of the partnership agreement, Maguire Investment has also agreed to comply with certain customary standstill and voting provisions for a period of 18 months from the date of signature of the agreement. The entire agreement will be filed by the Company on Form 6-K with the United States Securities and Exchange Commission (“SEC”).
About Roshan Mendis
Roshan Mendis is Chief Commercial Officer and Executive Vice President Travel Solutions at Sabre. Based in London, Mr. Mendis is responsible for overseeing global commercial activities and business development for Saber’s Travel Solutions client portfolio – which includes both agency and airline sales.
In his previous role as Chief Commercial Officer for Travel Network, Mr. Mendis a strong global team overseeing sales activities for Saber’s global customer base.
Prior to that, he also led the successful integration of Abacus, a leading GDS in the Asia-Pacific region, which Saber acquired in 2015. Under his leadership, Saber’s business in the region expanded significantly through strategic customer gains and innovations.
Prior to his leadership role at Travel Network, Mr. Mendis was president of Travelocity and Zuji, both consumer-focused brands that were part of the Saber portfolio.
Born in Sri Lanka, Mr. Mendis completed his undergraduate studies at Chaminade University of Honolulu and University of Cambridge (UK). He later received his MBA from Rice University in Houston, Texas.
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (formerly known as Yatra Online Private Limited) headquartered in Gurugram, India, and is India’s leading provider of corporate travel services with over 700 major corporate clients and one of India’s leading online travel companies and operates the website https://www.yatra.com/. The company provides information, prices, availability and booking facilities for domestic and international air travel, domestic and international hotel bookings, vacation packages, buses, trains, in-city activities, intercity and point-to-point taxis, homestays and cruises. With approximately 94,000 hotels and homestays in approximately 1,400 cities across India and more than 2 million hotels worldwide, the company is India’s largest domestic hotel platform. The company recently launched a freight forwarding company called: Yatra Freight to further expand its range of business services.
About Maguire Asset Management
Maguire Asset Management is a value-oriented investment firm focused on creating long-term shareholder value by working constructively with the directors and boards of undervalued publicly traded companies.
Safe Harbor Statement
This press release contains certain forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. In general, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” and similar expressions. Such statements include management’s beliefs, our strategic and operational plans, and our response to the letter to shareholders of Maguire Asset Management, LLC. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those in a forward-looking statement. Potential risks and uncertainties include, but are not limited to, the outcome of the legal proceedings we have initiated against Ebix and any other legal proceedings that may be initiated against us and others in connection with the termination of the pending merger agreement between us and Ebix ; the effect that the termination of the merger agreement may have on the price of our common stock, and our business, financial condition and results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the adequacy of our operating cash flow to meet our liquidity needs; our future financial performance, including our revenues, costs of income, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other downturns or disruptions in the Indian economy in general and the travel industry in particular, including disruptions caused by security problems, terrorist attacks, regional conflicts, pandemics and natural disasters, our ability to negotiate successfully our contracts with airlines suppliers and suppliers of global distribution systems and mitigating any negative impact on our revenues resulting from reduced commissions, incentive payments and compensation we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay us for the sale of airline tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other major travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the expected benefits of past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for members of our senior management team or other employees who may seek alternative employment as a result of certain cost-saving initiatives we have taken in response to the COVID-19 pandemic; actions of activist shareholders; and our ability to successfully implement new business initiatives. These and other factors are discussed in our reports filed with the US Securities and Exchange Commission. All information in this press release is provided as of the date of this press release, and we assume no obligation to update any forward-looking statements, except as required by applicable law.
For more information, please contact:
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
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