Well, good morning, ladies and gentlemen, and welcome to the virtual annual general meeting of Omni Bridgeway Limited for 2021. My name is Michael Kay and I'm the Chairman of Omni Bridgeway Limited. This is the seventh year I've had the privilege to chair your company's AGM. As today's meeting is being hosted online via webcast, should we experience any technical issues, we may need to seek a short recess or an adjournment. If this should occur, we will, of course, advise you accordingly. Before we commence with the formal business of this meeting, I'd like to take the opportunity to introduce to you my fellow directors. Andrew Saker, Managing Director and CEO. Hugh McLernon, Executive Director. Michael Bowen, Non-Executive Director. Karen Phin, Non-Executive Director. Christine Feldmanis, Non-Executive Director, and Raymond van Hulst, Executive Director and Managing Director of Europe, the Middle East, and Africa. Our Group Chief Financial Officer, Stuart Mitchell, and Jeremy Sambrook, our Company Secretary and Group General Counsel, are also in attendance. The company's auditor is BDO. Mr. Glen O'Brien from BDO is in attendance and will be available to answer questions concerning the company's financial statements. Representatives from the company's share registry, Computershare, who are overseeing the registration process and are responsible for the recording of all voting with respect to the meeting, are in attendance. As mentioned, today's meeting is being held virtually through an online meeting platform powered by Lumi Global. This allows shareholders and proxies to attend the meeting virtually, and the ability to ask questions and submit votes online. Shareholders will be able to ask their questions by submitting them online or via the audio link. Please note this meeting is being recorded. Before we get to the formal parts of the meeting, I want to remind shareholders that today our founder, Hugh McLernon, retires from the company and the board. Hugh founded the company 30 years ago. Indeed, in deciding there was a future in investing in litigation, Hugh not only founded a company, but an industry. As I observed last year when Hugh's impending retirement was announced, very few of us can claim to have founded an ASX-listed company, much less a global business. To have founded an industry is rarefied air indeed. From humble beginnings in an office in Western Australia all those years ago, the company now has 18 offices in 12 countries across the globe, as well as providing a livelihood for 189 team members worldwide. From an original capital base of virtually nothing, the company now manages in excess of AUD 2 billion in its own and investor funds, and has a book of business which, measured by estimated portfolio value, or EPV, as we call it, has grown from nothing to over AUD 22 billion today. This is an extraordinary achievement. Hugh, you are a pioneer, and like all pioneers, you have a contrarian and rebellious instinct, which was crucial in sustaining you through those early years. You also have a strong social conscience, which inspired you to build a business that has provided access to justice for thousands of individuals who otherwise could not seek redress against large and well-funded defendants. Congratulations on an extraordinary career. From all of us at Omni Bridgeway, we wish you a happy and fulfilling retirement. Before we move to the formal matters in the notice of meeting, the CEO, Andrew Saker, and I will address the meeting. I will now deliver my address. I'll provide a brief overview of some of the company's activities over the 2021 financial year, but I will particularly focus on the company's significant potential cash generation as the very considerable book of legal assets we have built is harvested. Let me start by saying FY 2021 was a frustrating yet successful year for Omni Bridgeway. Successful, because I believe the business has performed strongly and management has executed our strategy well. Frustrating, because it seems evident we've been unable to communicate effectively to the market the inherent value of the company and its book of business. I can assure you it has not been for lack of trying. However, today, Andrew and I will attempt anew to demonstrate the strength of the business, the rightness of its strategy and business model, and the size of the potential cash flows over the medium term and beyond. It'll be no secret to shareholders that the share price has deteriorated over the past 12 months and that we've been the subject of some short selling. Your board believes this deterioration in no way reflects the performance of management or the value of the business. That said, based on the voting thus far received, and subject, of course, to the voting today, it would seem likely that we will receive a first strike on the remuneration report. Now, this might surprise some shareholders, as our remuneration report was supported by all proxy advisors and has historically been strongly supported by shareholders with more than 99% voting in favor of that resolution over the last several years. There's no material difference in this year's remuneration report that would easily explain the decision of some shareholders to vote against it. Between Andrew and me, we've had the opportunity to speak to major shareholders prior to the AGM, including most of those who appear to have voted against the remuneration report and one or more of the other proposed resolutions. Based on these discussions, it seems that this is a protest vote at the steady decline in the share price in recent months and the view that this has been caused, at least in part, by our inability to communicate to the market the intrinsic value of the business. We accept that criticism in the constructive fashion it was offered, and starting today, we'll try to do better. During these discussions with shareholders, other issues about the company and its governance were also raised, where there appears to be, at least in our view, confusion or a knowledge gap in the market. Perhaps this confusion is at least partially responsible for the recent weakness in the share price and the short-selling. The areas we've identified through those discussions are the prospective returns in Fund 1, the structure and prospective returns in Fund six, whether the merger that created the current entity will add value, the Long-Term Incentive Program or LTIP and the consequent dilution upon the issued shares to staff, the appropriate skill set on the board, the cash flow and value in the business and the perception that we need to raise capital to continue to fund the business. Of course, I'm talking here about in the Omni Bridgeway corporate entity itself, not the various funds we manage. Finally, regulatory reform in Australia. I refer to there being confusion because despite the disclosures we've made on these issues, some of which have been over many years, a number of shareholders have asked for greater clarity, and in some cases, less complexity in the disclosures. If there is indeed confusion, we do take responsibility for that. Today, and henceforth, as I said before, we will try to do better to assist stakeholders more clearly understand the company. To this end, we've recently appointed Mel Buffier as Head of Investor Relations. Mel has more than 20 years of finance and capital markets experience and has held a number of senior roles at top 50 ASX-listed companies. The board also notes there have been requests which have been made by shareholders to provide a level of financial guidance in the future, and we will continue to evaluate this and seek to work towards it while operating, of course, within the rather stringent legal requirements relating to forward-looking financial statements. Andrew will expand upon some of the issues I've mentioned in further detail in his presentation, but I'm going to take the opportunity to make some observations on some of those identified areas. First, let me say the board is confident the company will achieve good returns in Funds one and six. After recent completions in Fund one, the total amount owing to our external fund investor has reduced to just $12.5 million. If the portfolio was realized today, in line with our past performance over 20 years, we would expect to generate approximately AUD 130 million-AUD 270 million for Omni Bridgeway. At a midpoint of that range, this would equate to a return on invested capital of 2.7x. I trust that clears up any confusion on the prospective returns in that fund. The board is equally confident the merger between IMF and Omni Bridgeway will continue to create value. In the two years since the merger, the legacy Omni team has easily exceeded the two-year growth target of future investment income of EUR 16 million. Remember, this is the target which was approved by shareholders on 14th February 2020. The collections from the European balance sheet and Fund six portfolio of investments have been equally strong, with EUR 42 million recovered, of which over EUR 14 million has been directly received by Omni Bridgeway by way of its case-specific investment profit share. The balance of the investment recoveries, EUR 28 million, are payable to Fund six, from which the company will earn future investor and performance fee returns. I refer shareholders to the company's previous disclosures concerning how the Fund six European waterfall works. We have also received EUR 13 million in management fees. I think this demonstrates the highly attractive manager return structure of Fund Six. Additionally, we've successfully bid for many merits funding and enforcement actions using the skill sets of the two legacy businesses, something neither business could have done prior to the merger. We are confident that these are sound investments as they've been vetted through our rigorous investment committee process, a process that has been proven over many years of successfully investing in legal assets. I'll talk further about the investment committee structure and process later in my address. Now, the board is somewhat surprised at the concerns raised on the LTIP scheme, noting that it's been in place since 2015, has undergone a number of approvals from shareholders, and has been strongly supported through the years via the voting on the remuneration report. We engaged Mercer in 2021 to review our remuneration structure. The LTIP proposals, which are before the meeting today, reflect the outcome of that review and will, if approved, reduce. Let me repeat that. Reduce the future performance rights entitlements by differentiating between key performers, creating a greater direct alignment with shareholder interest by making 80% of the outcome subject to the company exceeding a three-year relative total shareholder return hurdle, and adding forfeiture and clawback provisions. Some shareholders have noted that the LTIP approval is to approve the grant of up to 30 million performance rights over three years. I'll make a couple of observations on this. First, this is a cap which ASX has required to be inserted into the approvals. It is not the number of rights which the company is planning to issue. The actual number of rights issued to a participant is calculated as a percentage of a participant's salary, which is generally between 30%-60%. In the last three financial years, the aggregate number of LTIP performance rights issued was 14.1 million. In hindsight, the proposed increase we made in the notice of meeting appears perhaps unnecessarily conservative, even allowing for the continuing strong growth of the company. I should also mention that the company's employees have embraced these changes as being in the best interests of all stakeholders, notwithstanding that they may well reduce their own ultimate financial outcome. In terms of the board skillset, I would refer shareholders to the biographies of our directors. With global, legal, accounting, funds management, managed investment scheme, investment banking, and CEO-level commercial skills on the board, we do believe we have the right matrix of skills and experience for the company. Of course, with our founder, Hugh McLernon, leaving us today, there's an inevitable loss of corporate memory. Hugh's departure gives us the opportunity, however, to look at board renewal and perhaps consider a non-executive director from the Northern Hemisphere, where the majority of our business now resides. That said, between the remaining non-executive directors, there's approximately 33 years of Omni Bridgeway experience, and our CEO has been in place for almost seven years. In terms of the perception some have that we need to raise equity capital, I will now look at the possible cash flow scenarios in the current book of business and highlight the potential of the business in circumstances where it achieves its stated goal of AUD 5 billion in funds under management by FY 2025. If the balance sheet and Funds One, Two, and Three portfolios were realized today, in line with past performance, we would expect to generate approximately AUD 470 million at the low end to AUD 1 billion for Omni Bridgeway. I'll repeat that. On Funds One, Two, and Three in the balance sheet, based on previous performance, we're expecting to generate between AUD half a billion and a billion Australian dollars for OBL. Let me also note here, the portfolio of Funds four, five, and six has an embedded value of AUD 2 billion. These funds, as shareholders will know, are still open and they're growing, and hence the ultimate implied embedded value will be well in excess of the AUD 2 billion figure. With the returns I outlined just from the balance sheet and Funds one to three, the board considers that the current market capitalization materially undervalues the cash generation potential of this business. If you consider it realistic that the company's future performance will be consistent with its historical performance in terms of conversion from EPV, the current market capitalization appears to us to attribute little or no value to Funds four, five, and six or to the future capacity of the business, notwithstanding its strong growth trajectory. Furthermore, as the transition from on-balance sheet funder to funds manager completes, the Omni Bridgeway business will be fully self-funding through management fees, performance fees, and profit share. In other words, these cash flows suggest that other than refinancing our debt, in the absence of very significant delays in resolution of matters or very significant increases in adverse outcomes, the business will not need to raise capital other than from investors in our managed funds. Additionally, with the transition to funds manager and co-investor complete, and with the benefit of non-recourse capital from fund investors, we can continue to grow the business at a lower risk and with higher returns on equity. I trust that this and what Andrew has to say clears up some of the confusion that I referred to earlier. I'd like to move on now to our activities and achievements during FY 2021. The demands of managing our business through the pandemic have been significant. Despite these challenges, we've remained focused, adapted our approach when necessary, and executed on strategic priorities. While our broad business model and geographic diversification provided some resilience to the impact of COVID-19, the biggest disruption, as shareholders know, was to our U.S. business due to the closing of the U.S. courts. This extended the duration of our U.S. investments, most notably in Fund one, as well as impacted, to some extent, our ability to write new business in the region. Most courts and arbitrations in other jurisdictions were adaptable in the use of technology and COVID-safe protocols to enable trials to continue. Despite this and through the recovery we've seen since then in the U.S., our business remains in a strong position. During FY 2021, our team delivered upon the priority of scaling our portfolio, further enhancing the global platform created from the merger with Omni Bridgeway in FY 2020. Reflecting the strategic transformation of our business over the last six years, from initially investing on our own balance sheet to now bringing in third-party capital, our funds under management have grown to AUD 2.4 billion. In the last six years, the estimated portfolio value has grown tenfold, from AUD 2 billion- AUD 22.2 billion at 30 September 2021. I'll repeat that, too. In the last six years, the EPV has grown from AUD 2 billion- AUD 22.2 billion. The carrying value of our investments, our EPV, and annual commitments have each delivered a compound annual growth rate of more than 35% over the last five years. We have just 10 investments that remain on balance sheet, and that makes up just 4% of our pipeline as it relates to EPV. The transition from non-balance sheet funded to a fund manager and co-investor model is almost complete. Non-recourse funding throughout the funds management model improves our risk-adjusted returns, and as our funds mature, we will generate recurring management fees, meaningful performance fees, and share significant profits from our interest in the funds. We've now established seven funds, and the marketing of our eighth is well progressed. These funds have provided the capacity and the flexibility to invest in a diverse range of litigation finance opportunities, numbering over 300 global investments across four legal asset classes, dispute resolution finance, legal working capital finance, enforcement finance, and claims monetization. We are a pioneer and an innovator in financing and managing legal risks, and we've been a global leader of this emerging asset class for the past 20 years as a listed entity in Australia and for 30 years in Europe through the legacy Omni Bridgeway business. We have 189 specialists across 12 countries managing our portfolio in our primary regions in APAC, Europe, and North Africa, and North America. The board is confident that the significant embedded value of our business will come to fruition in the coming years as those investments continue to perform in line with our expectations and with our historical performance. Firstly, as the balance sheet investments complete and return waterfalls start to run off for Funds one, two, three, and six, and secondly, as our second-generation funds mature. I want now to talk about how we manage one of the key risks in our business, namely the selection and management of our investments. The rigor around our investment selection and management process, which has been refined and optimized over decades of experience, has contributed to our enviable track record of achieving a successful legal outcome for 86% of the cases that we fund. I believe this is the key to our ability to deliver successful investment outcomes in the future. Our robust investment and risk management framework obliges investment managers and the chief investment officers to take a conservative view on investment value. Opportunities are primarily originated through potential clients, advisors, law firms, or formulated internally before an approach from a third party. Through the application review, numerous factors are assessed, including legal risk, the type and strength of case, financial analysis, legal fee arrangements, the likely length of time to resolution, an estimate of the amount of investment capital required to completion, and the defendant's ability to satisfy a judgment. We also use external due diligence counsel where we think it makes sense. We have three global investment committees in Europe, U.S., and APAC, complemented by a global team of 89 investment managers and highly qualified support staff. Each investment committee comprises a combination of internal and external independent members. The latter are typically senior legal practitioners or former judges. Unless the committee's decision is unanimous, no investment is made. This, as you would imagine, is a high hurdle and one of the reasons our success rate has been so high for so many years. Our post-investment management process, which is an inception to completion offering, results in a better overall success rate as well as our investment managers work alongside the claimants and lawyers to provide input into and oversee key strategic decisions. Ladies and gentlemen, I believe Omni Bridgeway has one of the best platforms in the world, with access to non-recourse capital through our current funds and proposed new fund structures to drive profitable growth. We have a global footprint, a presence in all the major legal markets in the world, and a broad scope of products and services to offer clients. Our substantial pipeline of investments is expected to generate significant cash and profits as those investments mature. Today, 70% of our business is in North America and Europe, with the Northern Hemisphere representing 80% of the total addressable market. The board has supported and encouraged Andrew's move to the United States to ensure he is closer to broader sources of capital on offer, both in the private and public equity markets. We've endorsed a two-year strategic plan focused on the U.S., which is, of course, the largest legal market in the world, and as such, our greatest opportunity for further growth and penetration. We've developed our business in Asia to leverage the enormous opportunities across the Asian region as it leads global economic growth. We're at the point where our transition to fund manager is almost complete, and as mentioned earlier, our longer-term objective is to increase funds under management from AUD 2.4 billion today to AUD 5 billion with AUD 1 billion in commitments by FY 2025. In closing, I'd like to thank the Omni Bridgeway team around the world. Notwithstanding the ongoing disruption caused by the pandemic, they've simply continued to deliver with passion and dedication. They have demonstrated great resilience and commitment through these challenging times. I'd also particularly like to pay tribute to Andrew and his executive team, who've exhibited outstanding leadership over the past two years of COVID-19. Andrew and his wife, Marina, did not hesitate to move to New York in the middle of the pandemic from the relative safety of Australia. Andrew is an outstanding businessman and leader, and his commitment to the company, its goals, and its people are out of the very top drawer. Finally, I'd like to thank my colleagues on the board for their guidance and counsel. Like other boards, we've had little face-to-face time over the past two years. That notwithstanding, every board member has exhibited extraordinarily high levels of energy, interest, and personal engagement with the business, with management, and with each other. It's now my very great pleasure to introduce you to our CEO and Managing Director, Andrew Saker, who will deliver his address. Thank you, Michael. Good morning. I'd like to start by acknowledging the traditional custodians of the lands on which we live, work, and operate. We pay respect to their connections to the land, sea, and community, and to the elders past, present, and emerging. On behalf of the management team and staff, I would like to welcome you to the annual general meeting for Omni Bridgeway Limited to the financial year ending 30 June 2021. Firstly, I would like to thank our board for their support and valuable counsel throughout this year. I would also like to acknowledge the significant contribution of our talented team at Omni Bridgeway, who demonstrate their commitment to achieving business goals and maximizing investment outcomes for all stakeholders. This year, again, they did so while navigating an uncertain and challenging landscape created by COVID-19. I would also like to address upfront a number of factors influencing how we believe the market is currently valuing our business. Firstly, the regulatory landscape. Queries have been raised regarding how regulatory changes introduced for funding Australian class actions will impact the group's future earnings from a historically productive area. Let me explain why we feel comfortable in the dynamic landscape. While we have earned a good proportion of our historical income from Australian class action funding, our historical investment concentration in this area bears little comparison to today's portfolio of 300+ investments split across multiple jurisdictions and claim types. We continue to reduce concentration risks across our business, and Australian class actions now represent only 14% of our global EPV. The Australian government introduced proposed new legislation into Parliament in October, and although the bill is yet to be passed, Omni Bridgeway is well-placed to adapt to the potential changes. The new legislation governing funder returns is not inconsistent with our earnings track record in this area. While we have earned income from class actions which exceeded 30% of the gross recoveries, which is the ceiling for funders and legal fees proposed in the legislation, we note that the proposed legislation contains a rebuttable presumption enabling the court to assess the distribution of proceeds on a case-by-case basis, as it has always done in its role approving class action distributions. Accordingly, funders are able to demonstrate why entitlements beyond this are just and reasonable and rebut the legislative presumption. We are confident of being able to do this in the appropriate circumstances. If a minimum 70% return to class action members is introduced, it may impact smaller class actions and legal cost management, and we may see a shakeout among peers in the Australian funding market. Regulatory changes to date have seen a decrease in competition for Australian class action funding. Omni Bridgeway is the one leading international funder with an AFSL license, which has launched a number of funded class actions since the application of the managed investment scheme regime. We have funded no less than seven class actions since the adoption of the new regulatory framework. While the economics of smaller funded class actions may be placed under pressure by the regulatory changes, the larger class actions, such as the Brisbane floods or the PFAS toxic chemical claims, where damages are in the hundreds of millions of AUD, will, in our view, be unimpacted. Recent changes to continuous disclosure laws will also not materially impact the cases we typically consider. Regulatory review is to be expected in any industry, and ours is no different. As you know, the class action regime in Australia is approximately 30 years old, and it is not surprising that it is the subject of reform by the federal government. Omni Bridgeway has been engaging constructively with the government throughout its 3-year review, and it appears that process is now coming to an end. We are better positioned than our peers due to our long expertise in the sector, established infrastructure in the form of a 10-person strong client liaison team to book build in the proposed class closed class environment, extensive industry relationships, our financial strength, acknowledged market leadership, and our diversified portfolio. To summarize, we are highly confident that our business has adapted and will continue to adapt smoothly and strategically to the revised Australian regulatory regime, as we have done throughout our history. Across Europe, the most important reform for our business and sector is the harmonization of the collective redress regimes. EU member states have until the end of calendar year 2022 to ensure domestic laws meet specified minimum standards. There are preliminary discussions on potential regulation and a more expansive EU regulatory framework, which Omni Bridgeway is monitoring and will participate in, as we do in each of our jurisdictions. In the U.S., attempts to regulate legal finance are predominantly proposed at the state level, typically influenced by the U.S. Chamber of Commerce. So far, these initiatives have obtained little traction. U.S. case law also continues to develop positively in favor of litigation financing and preventing disclosure of litigants' funding arrangements. The second item I'd like to address is the profile of investment completions within our portfolio. We have a long track record of providing an estimated portfolio value, or EPV, for our investments in the proportion of this which we receive as income at the conclusion of investments. This conclusion, which includes all losses, has held steady at around 15% for a long period of time. What is far less predictable with any degree of precision is when an investment will complete. We appreciate the market looks to the company for our best indication, and that is why we provide the possible completion period. We do not and never will control the timing of completions. There are a myriad of factors outside the funder's influence which impact the duration of the dispute finance investment. We hear stakeholder feedback regarding disappointment with what is sometimes seen as recurrent EPV slippage, the term which is used to refer to the possible completion date for an investment moving from one period to a later period. This should not be taken as a negative development for the company. Invariably, our investments increase over the duration of, our entitlements increase over the duration of an investment, and a later completion may well yield a better final return for all stakeholders. We have always encouraged investors in this regard to take a longer-term view than for an investment business with a shorter investment cycle. Having said this, we have encouragingly seen several Fund one investments accelerate into FY 2022 earlier than their expected FY 2023 completion. Such is the nature of our business. What have we done to invest to address the impact of investment concentration with duration risk? In essence, the more investments within the portfolio, the less reliance is placed on any one investment with regard to the earnings for a particular financial period. While our balance sheet's portfolio remains in harvest mode, this remains work in progress to some extent, but the impact can be seen for future periods. An extraneous factor impacting our investments in the last 18 months has been the effects of the COVID-19 global pandemic. While we closely monitored our operations and our teams, some Fund 1 completions extended in duration due to the U.S. court closures and delays associated with the pandemic. However, since April 2021, U.S. courts have reopened, and we're pleased to report we've seen a rebound in jury trials, advancing settlement discussions, and an increase in case completions. In those eight months between April and November 2021, we completed cases which earned us AUD 83 million in income, which is a very pleasing comparison to the AUD 19 million for the 12 months to the end of March 2021 during the acute pandemic closures. Fund one was our inaugural fund, which launched in February 2017, and it is now fully committed. There are 18 remaining investments in Fund 1, which are in harvest mode. In the last four weeks, since we released our first quarter update, we have completed or partially settled five Fund one cases, which will generate income totaling approximately $22.7 million. Further, we have received a summary judgment ruling in another Fund one investment that will generate an estimated $4.4 million in income. Subject to the receipt of all of these proceeds and the payment of distributions, there is approximately $12.5 million of non-controlling interests outstanding prior to OBL receiving its called capital, accumulated management fees, and 85% profit share. If Fund 1 portfolio was realized today in line with past performance, we would expect to generate approximately AUD 130 million-AUD 270 million for OBL. At a midpoint range, this would equate to a return on invested capital of 2.7x. Funds 2 and 3, which launched in October 2017, are also in harvest mode and are now 99% committed with AUD 189 million funds under management across 27 current investments. There is approximately AUD 95 million of non-controlling interests outstanding in Funds two and three. If the portfolio was realized today in line with past performance, we would expect Funds two and three to generate approximately AUD 260 million-AUD 590 million for OBL. It is our opinion that Funds four, five, and six will provide a superior return to Omni Bridgeway than these first generation funds, both on an absolute and risk-adjusted basis. The significant balance sheet investments that had not progressed as we had expected relates to the Brisbane floods class action known as Wivenhoe Dam. A AUD 440 million partial settlement with two of the three defendants for a combined 50% of their apportioned liability was approved by the Supreme Court of New South Wales in May 2021. In FY 2021, we recognized income of AUD 95 million relating to this, and anticipate a further income of AUD 18 million in FY 2022 subject to the settlement distribution process. This amounts to a 4.2x multiple on invested capital and a 31% IRR on our AUD 27 million investment over the nine-year life of the case. The remaining 50% liability against the third defendant, Seqwater, is subject to the High Court of Australia granting special leave for appeal. If granted, we expect the appeal to be scheduled in FY 2023. At 30 September 2021, we posted an impairment charge of AUD 21 million relating to the carrying value of the second portion of the Wivenhoe investment, with less than AUD 1 million balance remaining on the balance sheet. While the High Court application process continues, this investment continues to be considered a funded case with an EPV of AUD 253 million and a possible completion in FY 2023. We had previously indicated to the market that based on certain assumptions, estimated income of AUD 85 million would be recognized if this appeal was successful. Thirdly, I'd like to cover our capital position. We have close to AUD 2.4 billion in funds under management across our seven funds. With Fund six approaching capacity, we are ready to raise additional fund capital to maintain our growth trajectory and are in the process of marketing to raise capital for Fund eight, targeted to be a EUR 300 million global enforcement strategy. We've explored the opportunity to refinance our debt currently due in 2023 and 2026. We have identified a potential lender, and we'll be looking to finalize our arrangements early in calendar year 2022. The targeted facility will provide sufficient capital for refinancing the existing debt and a standby credit line to maximize capital efficiency. Finally, turning to EPV, a key metric used to assess performance and the trajectory of our business. Although settlement timing and completions are outside of our control, we are very good at predicting the quantum of EPV. For more than 15 years, historic EPV forecasting has been accurate or conservative to 72% of completed investments. We attribute this to our robust investment and risk management framework, which requires investment managers overseen by chief investment officers to take a conservative view on the investment value. Our highly experienced investment committees are complemented by a global team of 89 investment managers and extremely qualified support staff. Next, I would like to discuss our financial results. Earnings in FY 2021 were AUD 88 million before provisions for non-cash impairments were expensed at AUD 121 million. For the impairment of two material investments, our IFRS results would more closely match our cash outcome. Material growth was achieved in all key metrics. We recognized a record income of AUD 286 million, which translated at a rate of 22% EPV conversion rate. We processed over 1,700 funding applications, and we increased our funding commitments by 32% over FY 2020. Whilst our EPV conversion rate for FY 2021 was higher than our long-term conversion rate of 15%, we remain of the view that the latter is the appropriate rate and that the result from the previous year was an anomaly. We invested a record AUD 413 million into investments funded from private equity funds and our co-investment invested contribution from our balance sheet resources. The carrying value of our investments increased to AUD 525 million net of impairments, and we had strong cash and receivables position of AUD 360 million. We have kept our operational cash expenses relatively flat on a year-on-year basis, while consistently growing the carrying value of our investments, our estimated portfolio value and annual commitments, with each delivering a compounded annual growth rate of more than 35% over the last five years. Building on the foundation of FY 2021 results was a solid quarter, demonstrating the positive performance of our funds have continued into the current financial year and reflects the balance of our diversification, the benefits of our diversification strategy. At 30 September 2021, we maintained our strong financial position with the group's balance sheet, cash, and receivables of AUD 198 million, sufficient to support our operational expenditure and corporate initiatives. The first quarter of FY 2022 has been one of our best quarters yet. We reported AUD 29 million income recognized from investment completions, AUD 126 million of commitments in line with our AUD 520 million FY 2022 target, and 11% growth in estimated portfolio value to AUD 22.2 billion. I'm pleased to report that since our Q1 2022 report was released to the market on 29th October 2021, we've recognized a further income of AUD 38 million. In summary, we are off to a strong start for FY 2022. For the financial year to date, we have achieved AUD 150 million of recognized and yet to be recognized income. Now turning to the future. In accordance with our business plan, we expanded our investment management team throughout the year with additions in each jurisdiction. We remain the largest dispute finance team in the world, with over 180 professionals sourcing investments across APAC, EMEA, and the Americas, surpassing our peers with expertise that spans common law, civil law, merits funding, asset tracing and enforcement, acquisition of claims, judgments and awards, funding law firm receivables, and downside risk management. Our particular focus is on building our team in the U.S. to capitalize on the significant growth opportunities we see in the largest legal market in the world. We currently have a team of 31 in our four offices and intend to grow the team to 40 by the end of 2021 and reaching up to 50 by the end of June 2022. This year, in addition to Hugh McLernon's retirement, our U.S. Chief Investment Officer, Allison Chock, is retiring after eight years with the business. Fortunately, Allison will continue her involvement with the company in the role of a U.S. investment committee member. I'd like to take the opportunity to formally welcome long-standing senior employees Jim Batson and Matt Harrison as the new co-Chief Investment Officers for the U.S. business. As our platform continues to grow and to facilitate more effective engagement with our stakeholders, we've made a number of key hires, with the appointment of a head of investor relations, a global chief marketing officer, and a head of client services. Since July, our investor relations activity has included more than 80 one-on-one meetings with new and existing investors. Broker-hosted group presentations and onboarding a sell-side analyst who has initiated research through Taylor Collison. We are simplifying the way we articulate key metrics and cash flows of the business to increase the market's understanding of the earnings power of our platform. Subject to operating within the legal requirements relating to forward-looking financial statements, we intend to disclose this at our interim result in February 2022. During FY 2021, our geographic footprint expanded with a combination of remote and on-the-ground services for Japan, India, Latin America, New Zealand, and Spain. We are now exploring further office opening and local resourcing options for the U.S., Asia and EMEA. As the U.S. is the largest legal market in the world, it represents our greatest opportunity for future growth and penetration. Our two-year strategic plan for the U.S. includes expanding our headcount and geographic footprint in the market, improving our efficiency ratios of days in due diligence and funds committed per investment manager, employing risk management tools such as portfolio insurance products, and exploring secondary market opportunities to improve the liquidity of our investments. At a group level, we've identified key goals for FY 2022 to include achieving $520 million in new commitments, including doubling of our U.S. target to $225 million, earning management fees from the deployment of capital, refinancing our debt facilities to remove restrictive covenants and to provide greater flexibility and additional liquidity for our fund management business, and launching our eighth fund up to EUR 300 million focused on a global enforcement strategy. We are committed to delivering our AUD 5 billion in funds under management and annual commitments of AUD 1 billion by FY 2025 through the disciplined management of our investment in high quality specialized assets that will create long-term value for our stakeholders. Thank you for your time today. Well, thank you, Andrew. Okay, we will now deal with the formal business as set out in the notice of meeting. At the close of the formal business, my fellow directors and I will answer any general inquiries. I've been advised that a quorum of shareholders is present and I therefore declare the meeting open. The notice of meeting has been made available to all shareholders and all directors. The only items on the agenda are the seven items set out in the notice of meeting following the withdrawal of Resolution four. I take the notice of meeting as being read. In order to vote at this meeting, please follow the instructions on screen to register. Please consult the online meeting guide, which has been made available to all shareholders. Proxy holders will need to register using a username and password, which will have been provided by Computershare prior to the meeting. To view the webcast, you must tap the Broadcast arrow on your screen and press the Play button. Prior to voting on a resolution, I will allow an opportunity for shareholders to ask questions pertaining to the applicable resolution. If you'd like to submit a question online, tap on the Question icon, tap your question in the text box at the top of the screen, and select the Send icon. Please note you'll only be able to ask a question after you have registered to vote. Shareholders are requested to confine questions to matters relevant to the particular item of business that's being considered. Please note that your questions may be moderated or, if we receive multiple questions on the one topic, amalgamated and responded to together. For procedural efficiency, I request that all general questions be left until the formal part of the meeting has been concluded. The company did not receive any written questions prior to the meeting. Voting will be conducted by poll, and I now declare the poll open. At the conclusion of the meeting, any votes you will have placed will automatically be submitted. If you require assistance during the meeting, please call the number shown at the top of the webcast. Please refer to the total number of proxies received in the presentation. The proxies are available for inspection. The minutes of the last annual general meeting of the company, held on 27 November 2020, are available from the company secretary if any shareholder wishes to inspect them. I table the financial statements of the company for the year ending 30 June 2021, together with the directors' declaration, the directors' report, and the auditors' report. Are there any questions on the financial statements or are there any questions for the auditors in relation to the conduct of the audit? Chairman, there are no questions that have been received. If there are no questions in relation to the annual financial statements, I'll now proceed on the basis that the meeting has received the financial statements and move on to the resolutions to be put to shareholders today. Moving then to Resolution one, which relates to the remuneration report. The remuneration report relating to directors' and executives' remuneration in the financial year ended on 30 June 2021 must be submitted for adoption by resolution of shareholders. The remuneration report is in the annual report, and I confirm that the company has received valid proxy votes in relation to Resolution one, as displayed on the screen. All discretionary votes in favor of the chair will be voted in favor of the resolution, and the directors recommend that shareholders vote in favor of this resolution. I move Resolution one as displayed on the screen. Are there any questions? Chairman, there are no questions in relation to this item of business. If there are no further questions, I now put the resolution to a vote. I'll pause for a moment to allow that voting to occur. Resolution two relates to me, and I'll now hand over the conduct of the meeting in relation to this resolution to Mr. Bowen. Thank you, Michael. Resolution two relates to the re-election of Michael Kay as a director of the company. Mr. Kay was elected by shareholders at the 2018 AGM. In accordance with listing rules, Mr. Kay must retire at this annual general meeting and seeks re-election by the shareholders as a director. Mr. Kay has been the Non-Executive Chairperson since 1 July 2015. He brings a wealth of commercial experience with a solid track record of building successful businesses. Mr. Kay's experience and credentials are included in the notice of meeting. I confirm that the company has received valid proxies in relation to Resolution two, as displayed on the screen. All discretionary votes in favor of the chair will be voted in favor of the resolution. I confirm that all of the board, other than for Mr. Kay supports the election of Mr. Kay and recommends very strongly that shareholders vote in favor of this resolution. I ask, are there any questions in relation to this resolution? There are no questions in relation to this, resolution. Thank you. If as there are no questions, I now put the resolution to a vote. That concludes Resolution 2, and I pass the chair back to Mr. Kay. Thank you, Michael. We now move to Resolution three. Resolution three relates to the re-election of Christine Feldmanis as a director of the company. Ms. Feldmanis was elected by shareholders at the 2018 annual general meeting. In accordance with the ASX listing rules, Ms. Feldmanis must retire at this annual general meeting and seeks re-election by shareholders as a director. Christine is a qualified accountant, investment, governance, and risk management specialist with over 30 years experience in the finance and investment industry. She was previously managing director of an ASX listed boutique funds management incubator, as well as chief financial officer of the New South Wales Treasury Corporation. Ms. Feldmanis holds a Bachelor of Commerce from the University of Wollongong, Australia, and Master of Applied Science from Macquarie University. She's a fellow of the Australian Institute of Company Directors, trustee fellow of the Association of Superannuation Funds of Australia, senior fellow of the Financial Services Institute of Australasia. Ms. Feldmanis' additional experience and credentials are set out in the notice of meeting. Ms. Feldmanis also serves as a director of Omni Bridgeway Management Limited, which is our AFSL licensed entity, which serves as the regulated entity to each of our class action litigation funding schemes under the new MIS regulations in Australia. Ms. Feldmanis' knowledge and experience has been a major contributor to the company's ability to transition seamlessly to the managed investment scheme regime, and her knowledge, experience, and attention to detail make her an excellent fit for our company. I confirm the company has received valid proxy votes in relation to resolution three as displayed on the screen, and all discretionary votes in favor of the chair will be voted in favor of the resolution. I confirm that the board, excluding Ms. Feldmanis, supports the election of Ms. Feldmanis and recommends that shareholders vote in favor of this resolution. Are there any questions? Chairman, there are no questions in relation to the resolution. There are no questions, and I now put the resolution to a vote, and I'll pause to allow that to occur. We now move to resolution four, and as noted in our announcement to the ASX yesterday, the board has decided to withdraw resolution four following concerns expressed by shareholders and proxy advisors regarding the ability of the company to hold a virtual only AGM in the future. That then takes us to resolution five, which relates to the amendments to OBL's long-term incentive plan. Resolution five seeks shareholder approval to make certain amendments to the company's long-term incentive plan, under which eligible participants are offered the opportunity to apply for performance rights to attract, motivate, and retain such persons and provide them with an incentive to deliver growth and value to all shareholders. A summary of the amendments are set out in the notice of meeting. I confirm that the company has received valid proxy votes in relation to resolution five, as displayed on the screen, and all discretionary votes in favor of the chair will be voted in favor of the resolution. The directors recommend that shareholders vote in favor of this resolution, and I move resolution five as displayed on the screen. Are there any questions? There are no questions in relation to the resolution. If there are no questions, I will now put the resolution to a vote, and I'll pause for a moment to allow that to occur. Moving into resolution six. This seeks shareholder approval for the grant of performance rights in accordance with the LTIP to Mr. Saker or his nominee over a three-year period commencing from the date of the meeting, which will cover LTIP awards for the financial years ending 30 June 2022, 2023, and 2024. I confirm that the company has received valid proxy votes in relation to resolution six, as displayed on the screen, and all discretionary votes in favor of the chair will be voted in favor of the resolution. The directors recommend that shareholders vote in favor of this resolution, and I move resolution 6 as displayed on the screen. Are there any questions? There are no questions. There are no questions. I now put the resolution to a vote, and we'll pause for a moment to allow that to occur. Moving then to resolution seven. This seeks shareholder approval for the grant of performance rights in accordance with the LTIP to Mr. van Hulst or his nominee over the three-year period commencing from the date of the meeting, which will cover LTIP awards for financial years ending on 30 June 2022, 2023, and 2024. I confirm that the company has received valid proxy votes in relation to resolution seven, as displayed on the screen, and all discretionary votes in favor of the chair will be voted in favor of the resolution. The directors recommend that shareholders vote in favor of this resolution. I move resolution seven as displayed on the screen. Are there any questions? There are no questions in relation to the resolution. There are no questions. I now put the resolution to a vote, and we'll pause for a moment to allow that to occur. Resolution eight seeks shareholder approval in relation to the company's deeds of indemnity, insurance, and access. I confirm that the company has received valid proxy votes in relation to resolution eight, as displayed on the screen. All discretionary votes in favor of the chair will be voted in favor of the resolution. The directors recommend that shareholders vote in favor of this resolution, and I move resolution eight as displayed on the screen. Are there any questions on resolution eight? There are no questions on this resolution. There are no questions. I'll now put the resolution to a vote, and we'll pause to allow that to happen. Well, ladies and gentlemen, that concludes the formal items on the agenda, and I'll now close the meeting. Please, could all persons who have not voted but intend to vote, you should vote now, and I will announce when the poll formally closes. The announcement of results of the resolutions conducted by poll will be notified to the ASX, and it will be placed on the Omni Bridgeway website following the closure of the meeting. I now invite members to ask questions, and if you could please ask your questions by submitting them through the question icon on screen. Are there any questions? At the present time, there are no questions, Chairman. Ladies and gentlemen, if there are no questions, it's just for me now to thank you all very much for your attendance. Thank you for your support of OBL. I hope we've managed to convey to you today how frustrating it is that the company's embedded value in the company is not recognized. I hope we've managed to convey to you today our determination to fix that. I thank you all for your attendance and look forward to your continued support through this financial year. Thank you.