well if the conversion rules are indeed as you say, then your analysis of the merits of TIMPB would appear to be correct.
There's a risk that TIM could fall below 50c, in which case the max 4 shares you get could be worth less than $2. But thats a substantial downside for TIM as well.
I am very wary of any eco-finance schemes given the government very curious action in relation to solar.
