Wolfson chairman cashes chips

published 24 August 2011

Michael Ruettgers, chairman of the semiconductor supplier Wolfson Microelectronics, has pocketed nearly £190,000 from the sale of shares.He offloaded 120,683 shares at 155.4p a pop, and now has 479,317.Wolfson, whose chips are used in smartphones and tablet computers, issued two profit warnings last month, sending the share price sharply lower.It said many of its customers have reduced their near term forecasts amid weak consumer demand. Wolfson's customers include Blackberry maker Research in Motion, Korean television maker LG and the US computer giant Hewlett-Packard. Ruettgers joined Wolfson as chairman in 2008. He also sits on the board of US defence and aerospace group Raytheon.Top Director BuysEnQuest (ENQ) Director name: Mr Amjad BseisuAmount purchased: 2,056,402 @ 109.60p Value: £2,253,817Energy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount purchased: 5,000 @ $24.00 Value: $120,000Invensys (ISYS) Director name: Mr Wayne EdmundsAmount purchased: 25,000 @ 243.75p Value: £60,938Banco Santander SA (BNC) Director name: Mr Francisco Luzon LopezAmount purchased: 8,265 @ 529.68p Value: £43,778SEGRO (SGRO) Director name: Mr David J R SleathAmount purchased: 20,000 @ 248.60p Value: £49,720Energy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount purchased: 2,000 @ $24.04 Value: $48,090F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 51,541 @ 67.66p Value: £34,873SEGRO (SGRO) Director name: Mr Nigel RichAmount purchased: 13,500 @ 249.70p Value: £33,710Energy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount purchased: 1,000 @ $24.05 Value: $24,053Energy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount purchased: 1,000 @ $24.05 Value: $24,053Top Director SellsWolfson Microelectronics (WLF) Director name: Mr Michael RuettgersAmount sold: 120,683 @ 155.44p Value: £187,590