Independent Newspapers finance director, Mr Jim Parkinson, is sitting on a paper gain of almost £412,000 (€523,132) after buying shares at an option price. Mr Parkinson bought 130,000 Independent shares at an option price of €1.03 (81 1/2p) - Independent shares closed on the Dublin market yesterday at €5.05 (£3.98).

Following the purchase, Mr Parkinson holds 601,738 Independent shares.