THE Jones Group now has more than £14 million (€17.8 million) in cash on hand, having sold off all its assets.

It is unclear, however, if shareholders will get the first tranche of a £2-plus per share payment to shareholders by the end of this year, despite indications in the summer that they would.

Jones, which has been selling off all its businesses over the past two years, published its results to June 30th yesterday.

The group said there were outstanding warranties and indemnities of £14 million connected to the sale of its businesses over the last two years. These "will not fully expire for some years", it said.

In a statement, Jones chairman Mr Eugene Greene said the directors were continuing to examine various options to enable the group to return cash to shareholders in the "most expeditious" and tax-efficient way. "It is intended that the directors will make a further statement on this is sue before the end of the year," he said.

A Jones Group spokesman said it was not certain whether a payment would be made before the end of the year, but conceded it was unlikely.

Earlier this year, at the company's annual meeting there was some criticism of directors over delays in paying out the surplus cash.

The results for the six month to end June are largely historical. They show the £3.8 million operating profits on discontinued operations, includes a £3.3 million cash surplus from the wind-up of the company's pension fund.

Jones said it had made progress addressing its contingent liabilities, including £2.8 million associated with the completion of contracts by Enviroquip a former US subsidiary. In addition it has settled litigation initiated by Commercial Union involving Jones Manufacturing.

It has also sold the premises which housed Runtalrad, the radiator manufacturer in Thomastown, Co Kilkenny, which closed in July with the loss of 45 jobs. The sale price is understood to exceed £300,000.