My calculations as follows:
Receive 6.75% fully franked times $2.00 face value in coupons. In Sep09, get 4 TIM shares per TIMPB;
If TIM=27 cents in Sep09, receive $1.08 value from conversion plus 6.75 cents along the way = $1.14 say;
51 cents tremndous buying!
If TIM=11 cents in Sep09, TIMPB is 44 cents value plus 6.75 cents coupon; Gross breakeven is TIM=11 cents
