Acquisitive investment group Brainspark has launched an issue of up to £10 million in 7 per cent 2014 convertible bonds.

Acquisitive investment group Brainspark has launched an issue of up to £10 million in 7 per cent 2014 convertible bonds.

The AIM-quoted company, headed by Swiss-based Italian fund manager Alfredo Villa, has already placed £3.24 million of the bonds, which are convertible into shares at 1p, a 54 per cent premium to today’s price.

Brainspark, which is using Italian broker Twice SIM as placing agent and a Luxembourg subsidiary of French bank Credit Agricole as depositary bank for the bonds, says the money raised will go to meet the cash element of recent investments in the leisure, catering and finance fields and to fund new ones.

One use will be exercising the company’s option to take its stake in London broker Daniel Stewart from 6.66 per cent to 25 per cent. Steered by Villa and chairman Francesco Gardin, Brainspark’s recent buying spree has brought it stakes in Italian theme park Mediapolis and other such ventures, 30 per cent of Italian football club Ancona and 29.9 per cent of fellow AIM counter Indian Restaurants