timpb conversion, page-3

I went to the results preentation at the Hilton and spoke to Sol. My read, and I stress I am no expert on the company:
- No MIS for forseeable future
- 27 business development managers made redundant
- asset sales in place (they appointed Goldman yesterday to market some assets internationally)
- seems as though 2009 will be tough but then annuity income picks up in 2010 when they become cash flow positive again
- Current intention is to pay interest on both TIMPB and TIMG. Sol seemed very confident about this, his response was very quick and assured and when asked by somebody whether the banks knew this, he said "yes, it was in the plan" or words to that effect. He was asked whether the lack of final dividend obviated the need for TIMPB and TIMG to be paid, Sol said whilst it might give some help to reasoning no to pay, the two matters were not necessarily related and the current intention was to pay. My read is that it would send the wrong signal to the market if they did not pay.
- When mentioning cash or conversion of TIMPB, he also alluded to the possibility of a re-set(imo that would be attractive enough to keep note holders on board and there have been discussions on this) but my sense is that they will pay out or convert. The payout is less likely imo but could eventuate if asset sales were positive.