I wouldn't go with the assumption that TPAPA are safer
Whilst they would rank higher than ords in a wind up of the company, if the company was wound up it is unlikely you would see anything.
The PA's from my point of view are a dividend play, and whilst there is potential for gain it will be limited to a price based on what is an acceptable yield as they are not likely to redeem these anytime soon
TPI Price at posting:
75.8¢ Sentiment: None Disclosure: Held