The Board of Lux Island Resorts Ltd (MUSE:NRL.N0000) ("LIR") approved the spin-off of an unknown stake in The Lux Collective Ltd ("TLC") on October 22, 2018. The transaction will include a distribution in specie by Lux Island Resorts of its shares in The Lux Collective Ltd. whereby the shareholders of Lux Island Resorts will receive one share of The Lux Collective Ltd for every share held in Lux Island Resorts. The Lux Collective will be managing and developing more hotels outside the Indian Ocean region and the Board has therefore approved the relocation of The Lux Collective headquarters to Singapore as of January 1, 2019. Paul Jones will continue to head The Lux Collective as Chief Executive Officer and Chairman of Lux Island Resorts, Arnaud Lagesse will resign and shall continue as Chairman of the Board of The Lux Collective. Désiré Elliah, the current Chief Financial Officer of LIR, will be appointed Chief Executive Officer of LIR as from January 1, 2019. Paul Jones will resign from the board of LIR on the 31st of December 2018 and will remain a director on the board of TLC. Désiré Elliah will resign from the board of TLC on the same date whilst remaining on the board of LIR. The shareholders of Lux Island Resorts registered on November 30, 2018 will receive shares of The Lux Collective Ltd. The distribution of the shares will be done on or about December 31, 2018.