Independent options sold

THE departing chief executive of Independent Newspapers' Australian offshoot, APN, is leaving the company with a £200,000 plus profit on the exercise and sale of Independent share options. Independent disclosed yesterday that the former APN chief executive, Mr John Reynolds, exercised 50,000 options on Thursday at 88p each and then sold the shares into the market at 500p, realising a profit of £206,000. Mr Reynolds is leaving Independent to become head of the Fairfax's group's operation in Melbourne.