Independent Newspapers director, Mr Gerry McGuinness has made a profit of almost £436,000 after exercising share options and then selling some of the shares into the market at the current price.

Mr McGuinness bought 188,019 options at 120 1/2p, a further 213,658 shares at 81 1/2p and then sold 188,000 shares into the market at 445p. As well as the cash gain of £436,000, the 213,000 option shares Mr McGuinness has retained - worth over £836,000 at the current market price - have increased his total stake in Independent to 3.35 million shares. This stake is worth just under £15 million.