Just some simple calcs off top of my nead, haven't spread...

Just some simple calcs off top of my nead, haven't spread sheeted this one up.

Buy 100k TIMPB @ $1.39 = $139,000
12 month int = $17,420
Redeemed for CASH =$200,000
Profit from Return = $78,420 for 12 month hold

Hedge Losses
Concurrent short 68% TIM approx 100k TIM @ $0.90 =$90,000
Redeem date TIM = $2.50 @ 100k shares = $160,000 loss
add-back $5000 int on short funds for 12 months
Loss from Short= $155,000 for 12 months

Net outcome = $76,580 LOSS from play

As you mention the outcome is break even at 15c on the down side but still not a good look for 12 months money tied up. These are extreme examples but there is risk unless my thinking is wrong.

cheers