TIM is 17.5 cents right now;TIMPB converts to 4 TIM in 7 months...

TIM is 17.5 cents right now;

TIMPB converts to 4 TIM in 7 months time at 4 TIM per TIMPB provided TIM is less than 50 cents during 20 days pricing period in Sep09.

Also TIMPB is paying two 6.75 cents per share dividend fully franked. So, even putting aside the benefits of a franked dividend, TIMPB=4 times 17.5 cents plus 13.5 cents equals 83.5 cents but TIMPB offer is only 54.5 cents.

makes no sense!