INDEPENDENT Newspaper director and part owner of the Sunday World, Mr Gerry McGuinness, has sold another £1 million worth of Independent shares. He has now sold more than £6 million worth of Independent shares in the past three years.
Mr McGuinness has told the Stock Exchange that he sold 200,000 shares at 510p each on Monday, bringing his, shareholding in Independent down to 2.03 million shares, or 1.67 per cent of the total equity. Mr McGuinness sold 200,000 shares earlier this month at the same price of 510p.
Mr McGuinness has been a consistent seller of Independent shares and in 1993 and 1994 he sold about £3 million worth in a number of different tranches. Last December he sold over 300,000 shares for £1.16 million. Also last December Mr McGuinness made a profit of £222,000 when he bought 140,000 Independent shares at an option price and then sold them into the market. At the same time, he sold another 140,000 shares directly into the market.
In June 1993, Mr McGuinness sold 500,000 Independent shares at 370p each, realising £1.85 million.
As a director of Independent, Mr McGuinness is only able to sell shares in specific "window periods", twice a year after the publication of the interim and final results.
