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Health chain to float on AIM

Health and fitness chain HiLife Holdings is to float on the Alternative Investment Market by issuing shares qualifying for Enterprise Investment Scheme tax relief.

The EIS will give 60 per cent tax relief on shares with investors receiving an income rebate of 20 per cent on their investment provided they retain their shares for three years.

The company, which had a market capitalisation of £9m on June 30, will issue 3,703,703 ordinary shares at a discounted price of 135p per share for subscriptions received before August 8. It aims to raise £5m.

Shares after August 8 will then be on offer at 142p per share until September 2000.

IFAs will be paid a 3 per cent commision of the initial amount subscribed.

Sheme sponsors Pinder Fry & Benjamin sales director Tracy Benjamin says: "The float is to give the company a higher profile and the money raised will continue the roll out programme. We aim to attract private investors via IFAs and have written to all the networks explaining the package to them."

HiLife aim to increase their five clubs to 40 by 2003.

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