timpb conversion, page-2

Hi Neil - I'm really not sure how to interpret this. The $69m didn't match with the conversion terms but then I saw on the presentation slides that they only list 34.8m TIMPB outstanding (rather than the 40m I thought were) so at least the numbers add up to the conversion terms.

If I had to guess I'd say they had to list it just for accounting purposes. Its probably not in the interest of the company to pay $2.00 for something that is worth only about $1.00 on the market (assuming a TM price of 25 cents)If they are not going to pay a final dividend, then I don't see that they would pay out rather than convert.