The ordinary shares would have to fall to that level before you...

The ordinary shares would have to fall to that level before you would be losing. i.e. the ordinary shares would have to fall by 8% at the time of conversion.
I believe that the pref. shares are overlooked when people are buying TIM, hence they continue to trade at a discount.
I just wish I could buy some more TIMPA and sell TIM now settling with some borrowed TIM scrip and I would be automatically 8% better off and be getting a higher yield as well.