On April 24, 2014 David P. Emmens announced his intention to retire effective April 30, 2014 from his position as Corporate Counsel and Secretary of The Gorman-Rupp Company (NYSE MKT: GRC). Mr. Emmens joined the Company as Corporate Counsel in 1997 and served as Assistant Corporate Secretary from 1999 to 2002. He was elected as Corporate Secretary in 2002. The Board of Directors of the Company has elected Brigette A. Burnell as Corporate Counsel and Secretary effective May 1, 2014. Ms. Burnell previously served as Corporate Counsel of Red Capital Group from 2011 to 2013 advising the company on legal matters in all areas of business, including corporate governance, labor and employment, intellectual property and litigation oversight. Ms. Burnell served as an Associate at Jones Day from 2002 to 2011. David P. EmmensCorporate SecretaryThe Gorman-Rupp CompanyTelephone (419) 755-1477NYSE MKT: GRC For additional information, contact Wayne L. Knabel, Chief Financial Officer, Telephone (419) 755-1397.
Shareholders of Gorman-Rupp Co. looking to boost their income beyond the stock's 1.4% annualized dividend yield can sell the June covered call at the $30 strike and collect the premium based on the $1.70 bid, which annualizes to an additional 16.8% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 18.2% annualized rate in the scenario where the stock is not called away.