tpapa looks great value, page-3

Reading through today's presentation, I believe that they won't suspend distributions on the hybrids; for the simple reason that they will need to make up 1 years worth of repayments if they wish to recommence dividends on the common equity; as well as the reputational factors surrounding upcoming convertible bond and USPP maturity.

TPI needs to give its lenders the impression of sustainability and financial solidity; whilst still being able to take cash out the business to get a bit of a return on WB's capital. The latest presentation is excellent and probably the most transparent presentation ever put out by TPI. It's important to remember that WB are still heavily underwater with their investment, and need the sp to be at or above $1.20 to vest their 70 million odd warrants. TPI will be one for the patient, and it will take another year or two to see maximum benefits for share and hybrid holders.

Also important to note is that TPAPA's are trading on a running yield of around 13%, after the step-up this translates to a TPAPA price of around $85. This equates to an attractive potential capital gain of 30%