BEI - Being AI Group

[Left Field]

BEI - Being AI Group

Mention AI in your name and you are bound to get a meme stock multi bagger..... already up over 300% !!??  Top of the leader board at the time of writing. Up 40% today alone. Crikey what a star.

https://www.nzx.com/announcements/428792

Ascension Capital Limited (NZX: ACE) has completed the acquisition of the Being Group of Companies and has issued all shares authorised by shareholders for allotment today at our Special Meeting of Shareholders held this morning.

Accordingly, the Company now has 1,868,018,828 shares on issue.

The changes to the Board recorded in the Notice of Meeting have also been made. Our Board now comprises:

- Sean Joyce, Executive chair
- David McDonald, Executive Director – Group Chief Executive
- Katherine Allsopp-Smith, Executive Director
- Roger Gower, Independent Director
- Joe Jensen, Independent Director

With effect from commencement of trading on Tuesday 2 April 2024, the Company will change its name on NZX systems to Being AI Limited and trade under the ticker code BAI.

ACE Chairman Sean Joyce comments: "The completion of the acquisition of the Being Group of Companies represents an unique opportunity for the Company. The Being executive team, and the new Board of Directors, are focused on executing the Company's business strategy, creating shareholder wealth, and contributing positively to the New Zealand capital markets. We recognise that the listing of the Being Group on the NZX Main Board through the reverse takeover with Ascension Capital represents a privilege and provides us with an enormous opportunity. We look forward to sharing our journey with our team, our shareholders and the market."

Being AI Group CEO, David McDonald comments: "The public listing of Being AI writes a new chapter in the history of AI in New Zealand. Our listing is validation of this moment in time as AI transitions from software technology to business transformation superpower. We believe in a prosperous future for New Zealand, enabled in part by the global opportunities AI offers. Through the combination of capital markets and the growth of our exceptional team, we will create an expert ecosystem to help New Zealand companies re-engineer themselves using AI, reimagine AI itself with patentable developments, and invest in the reinvention of industries through the deployment of AI."

Trading in the shares to date has little to do with revenue or profitability and has already been the subject of an NZX speeding enquiry. Take care.

[Fiordland Moose]

Board a real 'who's who' of 'who's that?'

Bit harsh...Gower on the Board of Me Today.

[kiwi2007]

Just went onto their home page and my PC crashed within 10 seconds. Something that hasn't happened for God knows how long, even though it's Win11 and Chrome ).
Looked pretty awful on a PC the little I saw of it.

[Azz]

Trading in the shares to date has little to do with revenue or profitability and has already been the subject of an NZX speeding enquiry. Take care.

Take extreme care.

[Left Field]

NZ RegCo urges investor and potential investors to exercise caution when dealing in the shares of Being AI Limited (BAI).

The share price of BAI has risen from $0.017 on 2 April 2024 to $0.075 currently.

On 4 April 2024, NZ RegCo Surveillance issued an Issuer Price Enquiry to BAI asking it to confirm that it was not in possession of any material information which had not been disclosed to the market, and that it remained in compliance with the continuous disclosure provisions of the NZX Listing Rules. BAI confirmed that it remained in compliance with these listing rules.

BAI listed on 2 April 2024, following a reverse listing transaction. Under that transaction, the Being AI group of companies was acquired by Ascension Capital Limited (ACE) following shareholder approval on 28 March 2024.

The acquisition of the Being AI group of businesses was undertaken at a valuation equivalent to $0.025 per share.

The independent appraisal report published on that transaction concluded that, when the transaction was viewed as a whole, the terms and conditions of the transaction were fair to the independent ACE shareholders. NZ RegCo notes that assessment included the profile and valuation of the Being AI group businesses being acquired.

Investors are strongly urged to access and consider the information relevant to the recent reverse listing transaction of BAI, in support of any investment decisions. That information includes the listing profile of the Being AI Group, and the independent appraisal report. That information can be accessed at: https://www.nzx.com/companies/BAI/documents

or here; https://nzx-prod-c84t3un4.s3-ap-southeast-2.amazonaws.com/documents/companies/bai/Being_AI_-_Independent_Appraisal_Report.pdf

[Left Field]

Crikey BAI showing no sign of listening to NZX.... now trading at .11c

Top of the NZX leader board last two days...... market value up around $200 mill..... what could possible go wrong.

Great for traders tho'!!

[KW]

https://www.nzherald.co.nz/business/being-ai-chair-defends-criticism-of-its-artificial-intelligence-branding/BSHTTBIHUNCZVLX5RTE4U5BSKA/

Joyce has hit back after comments made by Clare Capital in a research note issued on April 8 which questioned why Being AI was marketing itself in that fashion, given the "unusual" make-up of the group.

"We feel the need to call out how Being AI is presenting itself," Clare Capital said.

"Being AI may grow into a successful AI business - but as it currently stands, it's a legacy mail services business with a small school attached."

[Mos]

No barge pole long enough for this one.

[Hectorplains]

https://www.nzherald.co.nz/business/being-ai-chair-defends-criticism-of-its-artificial-intelligence-branding/BSHTTBIHUNCZVLX5RTE4U5BSKA/

Joyce has hit back after comments made by Clare Capital in a research note issued on April 8 which questioned why Being AI was marketing itself in that fashion, given the "unusual" make-up of the group.

"We feel the need to call out how Being AI is presenting itself," Clare Capital said
"Being AI may grow into a successful AI business - but as it currently stands, it's a legacy mail services business with a small school attached."

Chairman Sean Joyce is also a director at Blackwell International, and he only twigged after a mere four months that another of that company's directors, Michael Chai, had been arrested in January 2024, and is imprisoned in the Philippines. Didn't really have a finger on that pulse.  Perhaps Being could AI up a defense lawyer for his mate? 

[SCOTTY]

At the current SP of $0.07, BAI has a market capitalisation of $130.76m. Is there any justification for this valuation? Nothing in the annual report that I can see. What am I missing here?

[Ferg]

What am I missing here?

Nothing.

[Hectorplains]

What am I missing here?

Heartache, regret and the near certain loss of your capital. 

[SCOTTY]

Reminds me of the 1970s and floating rusty buckets

[Left Field]

Progress???

https://www.nzx.com/announcements/435574

[Mos]

New heights in corporate technobabble. I think it means we lost a ton of money and we are fluffing around with unprofitable ventures in education and tourism.

Half year results
29/11/2024, 16:47 NZDT, HALFYR
As AI infrastructure becomes increasingly competitive and commoditised,
 we look to the future value creation of platforms and applications. Our first
 six months as a company have focused on protocol and application layer
 development in two AI verticals—international tourism and education.
 
 At our September AGM we announced Project Treehouse. This project
 leads our drive into a future where autonomous agents will transact
 on behalf of their human counterparts. Our initial focus here is on
 tourism - transforming tourism aggregator marketplaces and providing
 tourism operators with the technology to optimise traveller engagement
 and resources. Treehouse architecture includes next generation global
 payments infrastructure such as AI-native agent integration with Ripple's
 XRP Ledger and multi-currency settlement with the XRP payments and
 Ripple's regulated stable coin (RLUSD) ecosystem.
 
 The second pillar of our agentic strategy is education building upon the
 Fingerprint and Blueprint technologies outlined at our September AGM.
 Our vision is to empower learners and teachers in an open network—
 amplifying teaching efficacy and allowing each individual to learn what
 they need, in the way that works best for them. The personalised multimodal
 learning platform provides immersive learning experiences,
 leveraging content partnerships with some of our most loved institutions.
 
 Having completed our launch stage as a public company, we reconstituted
 our Board to better reflect the two agentic marketplace pillars above.
 Thanking Sean Joyce, Roger Gower and Joe Jensen for their service, we
 welcomed two new independent directors, Andy Higgs and Brett O'Riley.
 Andy Higgs has subsequently been voted our new independent chair,
 and Brett O'Riley the independent chair of our Audit Committee.
 This strategic focus demonstrates our commitment to our agentic
 commerce and learning initiatives and we look forward to expanding
 this board with specialised skillsets in the coming months.
 
 We are pleased to report that our Portfolio investments have developed
 well. We have capped our investment in Tymestack.com in order to
 focus our resources on our intelligent tourism and education strategies.
 We are extremely pleased to report that Send Global delivered a solid
 interim result and would especially like to thank this experienced team for
 delivering that great result.
 
 Due to headwinds and increasing strategic focus we have agreed to
 return Being Consultants to 2384 LP in return for cancelling their
 Contingent Consideration. The fair value adjustment to Contingent
 Consideration ($32.13m) means the loss recorded in our financial
 statements for the period does not reflect our trading position. IFRS
 accounting standards require that we must recognise a loss of ($35.619m)
 in the first six months. The impact of the fair value adjustment will be
 reversed in the second six months.
 
 "Driven by the purpose of empowerment, our company focus underscores
 the growing global demand for innovative agentic technologies that
 simplify and enrich everyday experiences," said David McDonald, Being
 AI CEO. "We are proud of the innovative technologies we developed in
 a short six months and are looking forward to delivering solutions that
 not only drive results for our partners but also empower individuals and
 organisations to thrive in a rapidly evolving digital landscape."
 
 Our impact portfolio, Manawaroa Education, remains committed
 to growth and innovation despite delays in the application for its first
 charter school. We continue to advance our existing private and state-integrated
 schools, fostering agile environments that drive educational
 progress. Through a hands-on approach, we are passionate about
 accelerating the adoption of equitable, personalised learning solutions,
 enabling the rapid scaling of innovations and curricula that address
 systemic challenges and prepare students for a purpose-driven future.
 
 As we look ahead to the second half of the year, Being AI remains
 committed to strategic investments in product development, partnerships,
 and customer success across our whole portfolio to solidify our position.
 
 As we enter the Age of Abundant Intelligence, Being AI is set to enjoy an
 exciting and fruitful 2025. Thank you to our Directors for their strategic
 governance and inspiration, and to our shareholders for their support.