Zwu, what you said is quite correct but needs to be taken one...

Zwu, what you said is quite correct but needs to be taken one step further.

The conversion will also reduce the company debt by $264m million and effectively increase company NTA, but not necesseraly NTA per share.

The conversion will also have a pronounced effect on company Debt:Equity ratio by decreasing debt and increasing equity.

Its just a pecularity of accounting methodology. That is also why I hold TIMPB but not TIM