Jones Group shareholders should get the first tranche of a £2-plus per share payout by the end of this year, the company's a.g.m. was told yesterday. The payout follows a management buyout of the company.

The company would first have to apply to the High Court to sanction a reduction in share capital, Jones chairman Mr Eugene Greene said. The application would be made within the next month, he said.

Mr Greene rejected criticism from one shareholder over what the member felt was a delay in making the application. The shareholder said the company had known this would have to be done months ago. He said the directors were "making problems".

Mr Greene said he did not agree at all. Directors had carried out their duties very diligently and, over two years, the company had sold off all its businesses, reduced staff from 600 to one and doubled its market capitalisation from £15 million to £30 million in that time.