A director of Independent Newspapers has sold 25,000 shares, which he bought at 206p each, for 505p each. This means he has made a paper profit of almost £75,000. However, according to a statement to the stock exchange, Mr Brendan Hopkins's own retirement benefit scheme bought 15,000 shares at 505p each an outlay of £75,750.

Mr Hopkins's benefit scheme now holds 31,600 ordinary shares. He also holds 362,500 share options of 25p each.