The conclusion of Jones Group's assets disposal programme would leave it with a cash surplus of £21 million or 165p per share, its chief executive said yesterday. Mr Pat Nevin said the sale of the last of the group's non-core businesses was likely to be finalised with an Irish buyer later this month and a cash payout to shareholders would be made "in the third quarter". The final asset to be sold, Tube Rollers, a Co Kilkenny engineering company, was a "marginally profitable" business employing 16 people, he said.

At yesterday's e.g.m., the £1.2 million sale of its Runtalrad and Thermal Radiators business to the Swiss group, Zehnder, a 21 per shareholder of Jones, was formally approved.

Asset sales have generated more than £28 million, of which £7 million were borrowings, Mr Nevin added. He said the group's core oil, gas and fastener distribution, with an £85 million turnover, would be developed. With a 100p per share payout mooted by some analysts, the group would have a net £7 million fund for investment purposes.

According to a recent bulletin from NCB, the group's plans provide the prospect of realising the book value of its remaining assets. "The alternative scenario of Jones running these businesses without a significant capital injection carries the real risk of value being lost over time," the report states.