tim and credit crisis, page-11

Zwu, what you said is quite correct but needs to be taken one step further.

The conversion will also reduce the company debt by $264m million and effectively increase company NTA, but not necesseraly NTA per share.

The conversion will also have a pronounced effect on company Debt:Equity ratio by decreasing debt and increasing equity.

Its just a pecularity of accounting methodology. That is also why I hold TIMPB but not TIM