WuGin - Yes, I think soTIMG,timhb and todha are Convertible...

WuGin - Yes, I think so

TIMG,timhb and todha are Convertible Notes (secured), while timpb is treated as Redeemable Preference Shares (equity)

'A redeemable share which rank ahead of ordinary shares in respect of payment of dividends and in the event that the company is wound up. They usually pay a fixed rate of dividend, and carry no entitlement for the holder to vote at general meetings. Convertible preference shares are convertible to ordinary shares in a specified ratio on a particular date. Redeemable preference shares mature on a certain date and the holder is repaid the face value of the shares'.

In case TIM collebsed,TIM assets will be sold at the low price, which would cover (maybe not fully) Banks and secured bonds but TIMPB and TIM shareholders will get nothing. That's why I was referring to shorting (borrowed shares) as a risk (they have to be covered).

Cheers NJ