My calculations as follows:Receive 6.75% fully franked times...

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    My calculations as follows:
    Receive 6.75% fully franked times $2.00 face value in coupons. In Sep09, get 4 TIM shares per TIMPB;

    If TIM=27 cents in Sep09, receive $1.08 value from conversion plus 6.75 cents along the way = $1.14 say;

    51 cents tremndous buying!

    If TIM=11 cents in Sep09, TIMPB is 44 cents value plus 6.75 cents coupon; Gross breakeven is TIM=11 cents
 
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