looking forward, page-11

Hi jonesw - I haven't say TIM is not correlated with TIM's issued securities including TIMPB. What I was trying to explain is that

Hypothetical scenario:
1. If TIM sp is at 11c and TIMPB is at 37c there is a good buy of TIMPB because after conversion (1TIMPB=4TIM) you have the additional 5c (a discount) plus dividend

2. If TIM sp is at 11c and TIMPB let say is at 50c, TIMPB is overvalued (you pay 6c more less dividend: approximately 3.5c overvalued). The same rule of conversion applies.

I would think - the higher value of TIM would serve better shareholders of both TIM and TIMPB (if you bought at the bottom)

Cheers NJ