I have done a lot of work modelling this trade and I am happy to...

I have done a lot of work modelling this trade and I am happy to share my view on this forum for two reasons. One is that I am pretty well set and have only stopped doing more because I believe there is no such thing as a free lunch. There must be a catch! But I don't see it.

Secondly, most readers of this forum would not do this trade and the bulk of buyers of TIM are mums and dads who do not log onto HC. Also, due to illiqudity, this trade is too small for hedge funds.

I am just publicising it to see if anybody can see the catch and nobody has yet (apart from your comments which I think I have covered); i.e. 16 cents share price might be a risk.........but not a huge risk