THREE Independent Newspapers directors with the biggest personal shareholdings declined to take scrip shares for their final dividend and instead opted for cash.

Deputy chairman Mr John Meagher, who has recently sold about £700,000 worth of Independent shares, received cash dividends totalling over £99,000. Yesterday, Independent also disclosed that Mr Meagher's wife, Judith, sold 93,000 Independent shares at 330p each to raise almost £307,000.

Mr Gerry McGuinness received cash dividends of over £144,000 while non-executive director Mr Bartle Pitcher received cash dividends of almost £89,000.

Only five of the 22 directors opted for the scrip dividend. These include chairman Dr Tony O'Reilly, Mr Peter Cosgrove, Mr J.P. Gilroy, Mr Brendan Hopkins and Mr David Palmer.