pp I am happy for them to convert. That is exit strategy. I am making assumption that you sell immediately they convert at VWAP price. There is a small risk in terms of timing between VWAP and selling equity but some or all of this can be reduced using CFD's;
My hyrbid list is long (I have about 12 and no banks):
best from risk/reward perspective: AAZPB (ALZ major shareholder=CapitaLand=strong) MXUPA (Parent is Brookfield Asset management; very strong) GNSPA (Have announced intention to exchange by Sep09) BEPPA (risky but good at 15 cents; my average entry 41 cents)
less riskier but good returns are STOPB SEVPC
TIMPB but only with short CFD in place now.
There are others but these are the favourites
TIM Price at posting:
49.0¢ Sentiment: LT Buy Disclosure: Held