Actually Neil, the way i look at things, GTPGB is better than GTPGA. The convertible "kicker" is $4.395 in GTPGA and $4.09 in GTPGB. To me these are not even worth considering in the valuation. In short, at the maturity date, you simply get $105.26 value back in shares which you sell at market. Assuming the share price is flat between last 10 days in maturity month and when you sell the shares, the yields I calculate are 31% per annum for GTPGA and 46% per annum in GTPGB. I can send you my calcs if you have a non-personal email address. I used 9.2% rate in GTPGA calculations to take account of franking.
TIM Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held