Silicom Ltd. (Nasdaq:SILC; TASE:SILC) founder and director Yehuda Zisapel sold most of his holding in the company, reducing his stake from 6.8% to 1.9%, according to a company filing with US Securities and Exchange Commission (SEC) yesterday.
Silicom's share price fell 5.7% in heavy trading on Nasdaq yesterday to $19.98, giving a market cap of $137 million, after rising 13.7% since the beginning of 2011. The share price fell 5.4% by mid-afternoon on the TASE today to NIS 73.15.
Zisapel now owns 131,000 shares in Silicom, currently worth $2.6 million, after selling 325,000 shares over the past year. He benefited from the rise in the share price, which has doubled over the past 12 months. Based on the average share price in this period, he made $4.2 million on the sales.
Kfar Saba-based Silicom is part of the Zisapel's RAD Group. The company develops network connectivity solutions. The company's revenue rose 48% in 2010 to $30.4 million, and its net profit doubled to $5.7 million.
Yehuda Zisapel's brother, Zohar Zisapel, is Silicom's largest shareholder with a 22.5% stake.
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011