ILLR CEO Communicates Acquisition Plan for SpaceX Asset to Shareholders
Wing-Fai Ng, Group CEO, issued a message to shareholders, which read, "I'm writing to you directly as your CEO and a major shareholder. The past few days have been unsettling following the share consolidation, and I've seen the reaction. Let me be direct: the reverse split is not the story of this Company. A reverse split changes arithmetic. It changes the number of shares outstanding and the quoted price per share. It does not change the quality of our assets. It does not change our plan. It does not change the value we are building. What matters is market capitalization, balance-sheet strength, execution, and long-term shareholder value - and that is where we are focused. At our Annual General Meeting two weeks ago, we laid out the next phase clearly. 2025 was the reset year. 2026 is the year of execution and monetization. Our job now is to build value across our operating platforms, strengthen the balance sheet, and move from clean-up to growth. We are doing that. We also told you that new capital is imperative - which is why we asked for, and received, shareholder approval for capital-raising flexibility. At the same time, we are highly sensitive to dilution. Management and major shareholders live with the same economics you do. Today, we announced the first major step in that strategy. As described in the Company's release and Form 8-K, we have entered into a transaction to acquire a SPCX-linked position - economic exposure to SpaceX through an established fund structure - expected to be held through a wholly owned subsidiary as a strategic treasury asset, with financing secured by the underlying position. I encourage you to read the full release and 8-K for the structure, parties, and risks in detail. This transaction delivers three clear benefits to ILLR shareholders: It adds a high-quality strategic asset to treasury of our balance sheet. It shows we are executing on recapitalization, not idly discussing it. It gives our shareholders a way to participate, through ILLR, in exposure tied to one of the most extraordinary companies of our generation. This is the beginning of the next chapter. Several additional recapitalization initiatives are underway - some well advanced, others being developed carefully. We will update you when there is something appropriate to announce. We will do the work, complete the documentation, secure the right approvals, and communicate clearly...This is not a management team standing still. This is a management team executing. I believe this is a highly valuable company. I believe the market does not yet reflect the value of our assets, our platform, our strategy, or our ability to execute. The way to close that gap is not to complain about the market, but to build value so clearly and persistently that serious investors have to look again. That is exactly what we intend to do. To our shareholders: I hear you, and I understand the frustration. But focus on the right question. It is not whether the share count changed this week. It is whether this Company is becoming more valuable, better capitalized, better positioned, and more capable of executing its plan. My answer is yes. We are building for market capitalization. We are building for shareholder value. We are building for the long term. And we are only getting started."
