SP Discussion, page-826

Angry shareholders protest at annual shareholder meetings by voting. Extraordinary shareholders meetings may be called. But what are you going to protest? There's no crimes here. Just choosing an inappropriate strategy.

The strategy they chose was a fashionable thing of late: losing money for a long time to conquer the consumer space. Think Uber.

"A land-grab" as PB put it in one interview. Unfortunately, agriculture and manufacturing does not scale up and down as quickly and as easily as a computer app with non-employee drivers. Uber can and does adjust its revenue model second by second. They can lay drivers on and off at the click of a mouse. In agriculture and manufacturing, you can't scale up and down and fine tune pricing second by second.

So "land grab" was an inappropriate model, and the stock price is being punished for over capacity and missed sales goals due to evolving market conditions and continuous competition and an ever changing regulatory environment that will take years to settle.

So what are you going to protest? Bad decisions? They sincerely believed they were being modern and cutting edge following the "unicorn" model. But they forgot they were running and old fashioned grow stuff and make stuff and deliver physical stuff business. Not a fleeting service where pricing and capacity can be managed on the fly second by second.

This business requires a more conservative growth strategy than EXL attempted. So they are constantly out of money.

Call an extraordinary meeting and vote directors in and out. That's how shareholders protest.