TIM is heading lower but, so long as TIM survives, TIMPB will...

TIM is heading lower but, so long as TIM survives, TIMPB will exchange for $2.05 worth of TIM shares in Sep09.

So you can buy TIMPB today at 1.34, receive 14 cents of franked dividends between now and then (10.5% fully franked yield) and, in Sep09, realise a capital gain of 53%. Yield equivalent is 76% per annum and this neglects tax benefit of capital gain so return is much higher than this from taxable return perspective