Independent News & Media' deputy chairman Mr John Meagher has sold more than a quarter of his shares in the newspaper group, realising in excess of £2.2 million (€2.79 million) in the process. Mr Meagher sold 600,000 shares at €4.70 (£3.70), but still retains more than 1.5 million shares worth around £5.5 million. A spokesman for Independent said Mr Meagher's share sale was for "personal reasons". This is the second time in past two and a half years that Mr Meagher has sold large amounts of Independent shares. In May 1997, he sold in excess, of £700,000 worth of shares.