tls - a yield play ?????

Guys,

Never traded TLS and have never really thought about trading but if this decline continues consider the following;

TLSIZG now trading at approx 1.38.
If TLS gets to say 4.20 could pick up IZG for say 1.25.
TLS with 100% franking pays divvy of say 20c.
Yield on IZG then approx 17%

Exercise date of IZG is May 2004
Strike is 3.50 premium as above say 1.25 = 4.75 in MAY 2004.

Interesting concept TLS a yield play.
Not saying go and load up with IZG's as TLS is very much in a down trend would be a no-no at the moment BUT for you TA's out there if a confident bottom forms around 4 bucks would have to be worth consideration.

Comments?

Rob.