timpb better than tim, page-5

watford hi

352m TIM shares currently, so if TIMPB converts instead of redeems (which given the state of timbercorp's accounts is the most likely result) and just under 35m TIMPB on issue, another nearly 170m TIM ordinary shares will come into existence, about a third of the total shares on issue.

the 83.5c you quoted will probably come down a chunk when these noteholders rush the exits in October (obviously not all but surely a chunk of holders are not in for long haul)