The return on TIMPB is independent of TIM share price between...

The return on TIMPB is independent of TIM share price between 50c and $2.26 Above $2.26 it tracks TIM share price.It also has first crack at any dividends, set at 6.77%.
When I bought TIMPB at $1.40 the annualised return was about 33% per annum. It is a bit less now with TIMPB at around $1.60.
TIMPB is one of the no-brainers thrown up by the credit collapse. There are a few others I also have but this was the best. It is now my largest single investment.
Neil