At TIM<50 cents, TIMPB converts to TIM in 8 months time at 4 TIM per TIMPB. PLUS you get 13.5 cents fully franked dividend, 6.75 cents in March and 6.75 cents in Sep. So TIMPB on a medium term hold is worth 81.5 cents based on TIM=17 cents today. TIMPB is trading at 54 cents today so is very undervalued even though trading is a bit illiquid.
Good hold to maturity and is a better buy than TIM itself.
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