THREE directors of Adare Printing have made substantial profits partly through share disposals and partly through the exercise of share options and then selling the option shares into the market.

Adare finance director Mr Peter Lynch has sold 50,000 shares at 560p each to realise a total of £336,000. The sale of the 50,000 shares reduces Mr Lynch's stake in Adare to 150,000 shares, or 1.4 per cent of the total.

In a more complicated series of transactions, Adare chief executive Mr Nelson Loane has made a profit of £115,000 and also increases his shareholding in the company by 290,000 shares. Mr Loane exercised an option against a former Adare director for 370,000 shares at 90p each - a total of £333,000.

Mr Loane then sold 80,000 of the shares into the market at 560p at 90p for a total of £448,000 "in order to fund the acquisition", according to an Adare statement. The 290,000 shares he retained increased his total interest in Adare to 965,000 shares, or 9 per cent of the total equity. These 965,000 shares are worth £5.4 million at the current market price.

Another director, Mr Patrick Crean, exercised options over 50,000 shares at 85p at a total cost of £42,500. He then sold 50,000 shares at 560p to realise £280,000 but also bought a further 20,000 shares in the market at 560p at a total cost of £112,000. Mr Crean increased his holding in Adare by 20,000 shares making a net gain of £122,500.