Not everybody on the Jones shareholders' register seems delighted with the plans by Mr Pat Nevin and Mr Aidan McKeever to buy out the group's oil business. Any deal with the two directors will certainly be scrutinised to make sure that it makes just as much sense for the shareholders as it does for Messrs Nevin and McKeever and their backers.

For that reason, it was interesting to note the comments from Mr Pierce Casey, the investor and venture capitalist who built up a 6 per cent stake in Jones over recent months. Mr Casey said this week: "Obviously I was surprised when Jones announced it had done selling the bulk of the business so shortly after reaffirming its intention to maintain its listing and grow. The absence of a price has created an impression of a sweetheart management deal and if this is true, it is likely other bidders will emerge."

In response to The Irish Times story reporting the planned buyout, Jones said that heads of agreement had been reached with the management team for the purchase of Jones Oil and also that discussions were in progress for the sale of the company's 63 per cent stake in Blugas.

If other buyers do emerge for Jones Oil and Blugas then the Jones board and advisers, IBI, will presumably feel obliged to give them full consideration before settling any deal with the management group. There is intense speculation that venture capital groups are interested in bidding for Jones, but what about Mr Jim Flavin and the highly acquisitive DCC?

Jones Oil and Blugas seem perfect fits for DCC's energy division, which has expanded dramatically with the £13.5 million acquisition of Burmah Castrol (Ireland)'s fuel division. Add Jones Oil to DCC's Emo and the Burmah Castrol business, and Blugas to Flogas, and you have an ideal match on paper.