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Carpenter Tan (0837): what not to do with surplus cashPreventing cash shells
Company announcement, 12-Jul-2017
The comb maker says it's been sitting on surplus cash since its 2009 IPO, so rather than return the money to shareholders, it is buying wealth management products from Bank of Jiangsu. Net cash was 69% of net assets at 31-Dec-2016, so it meets our definition of a cash shell (exceeding 50%) and the excess (or more) should be paid out unless minority shareholders veto the payout, as proposed in our 2016 article "Preventing cash shells".

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