Five directors of Woodchester Investments have made substantial capital gains after exercising share options prior to the completion of the 263p per share offer to takeover the company by GE Capital. The directors exercised their options at various prices but all the option prices were well below the 263p offer price from GE Capital.

The chairman and chief executive, Mr Craig McKinney, stands to make a profit of over £476,000 on the additional options he has exercised while the deputy chief executive, Mr Dan O'Connor, stands to make a profit of almost £263,000 on the additional options.

Other directors will also benefit from the options they exercised yesterday, including Mr Roger McGreal (over £198,000), Mr Arnie Iversen (£84,000) and Mr Michael Stirling (£60,139).

Meanwehile, in another option deal, Adare Printing director Mr Jim Coll is sitting on a paper gain of over £317,000 after exercising options over 50,000 Adare shares at 85p each. Adare shares are currently trading in the market at 720p.