Not sure anybody cares but I reckon TIMPB provides very...

Not sure anybody cares but I reckon TIMPB provides very discounted entry to TIM. You can buy TIMPB at 1.45 which pays 6.75% fully franked dividend on face value of $2.00. At Sep 2009 or before if you elect, you can convert TIMPB to TIM using $2.05 face value divided by VAWP 20 days prior. This equates to 33% fully franked or 37% grossed up yield on per annum basis. Any views?