timpb shareholders are entitled to demand conversion or cash at...

timpb shareholders are entitled to demand conversion or cash at reset time so the company can't force holders to accept a step up rate.
in addition to a maximum conversion of 1:4 there is a minimum conversion of $2.05 or .9091 tim whichever is greater. say the vwap price of tim was $2.5 at reset time then if you handed in a conversion notice you would be entitled to $2.27 in value either by $2 in cash and the difference in shares or by all in shares or all in cash whichever method the company decided to use.
of course if tim reached those higher prices they would have been better then timpb.
dyor.
dasclosure: position in timpb