Jones Group has announced details of the planned cash payout to shareholders following the asset sales programme, which left it with a cash surplus of £21 million.

It now plans to return £18.3 million of that through the repurchase of 7,793,917 ordinary shares, representing 60 per cent of the group's issued share capital.

Shareholders are being offered 235p per share for 60 per cent of their holdings. The shares were last dealt-in at 190p. The offer is by way of a tender.

Shareholders can tender for more than 60 per cent provided other shareholders either do not accept the offer, or accept the tender for less than their 60 per cent entitlement.

The deal will have to be approved by shareholders.