TIMs profit announcement this morning was excellent and...

TIMs profit announcement this morning was excellent and obviously the market likes it, but people interested in buying should buy TIMPA instead of TIM , and get a better franked div as a bonus to the massive discount of the share price?! The prefs. will pay 4.5c as opposed to the ord. shares 3.5c.
Whilst the ordinary shares are trading above 0.75, the conversion factor is 4/3, so with the ords at 1.27 the prefs. should be 1.69, so given the prefs last traded at 1.53, there is a discount of 10%.
There is absolutely no reason for the prefs. to trade at a discount, if anything they should trade at a premium as they offer a better income yield.
The franked dividend is paid to holders as at 1.12.03 so get in now while the discount prevails.