The chief executive of Over Fifty Group (OFG) has assured his shareholders the company will adopt a conservative and transparent business approach under his leadership.
In a letter to company shareholders, the newly elected chief John McBain said that while he intended to generate strong cash flows for the group he was also cautious of the state of the market.
The board is enthusiastic and committed to the strong ongoing operation of all the divisions of the group and in particular the friendly society, funds management and reverse mortgage businesses, McBain said.
"I am very conscious of the current global financial conditions and in that context I wish to assure you that you are a shareholder in a conservatively operated, well managed and diversified company." McBain said.
"As such, you can expect transparent reporting of steady future growth with emphasis on business activities that generate strong cash flows."
McBain was officially made chief of the listed financial services firm late last week. He previously held the position as acting chief after former chief Chris Martin departed OFG late last year.
Following Martin's departure, McBain restructured OFG's board with a number of new directors.
Earlier this year the new directors, lead by McBain, undertook a review of all the group's activities.
As part of the review the board threw out the old company board's review alliance with Macquarie Group.
It also announced the sale of its small financial planning division.
Late last week OFG finalised the sale on its Lifetime Planning to Citrofresh International.
OFG recorded a net profit after tax of $3.5 million for the six months to December 31, 2007, which was up $500,000 from the corresponding period in the previous year.
It has funds under management of $1.776 billion as at December 31, 2007.
