anm vs. anmna

ANMNA vs. ANM
As expected ANMNA is trading down today having gone ex. distribution of 3.2c
However, can anyone come up with a logical explanation why ANMNA is trading at a discount of around 20% to ANM.
ANMNA is offering a Queensland Government guaranteed semi-annual income stream of 3.2c to 23 Nov 2004. (3 more payment @ 3.2c available to anyone buying ANMNA now)
ANM is not paying a dividend.
ANMNA will revert to fully paid ANM shares on 23 Nov. 2004 when the final distribution is paid.
Any dilution will impact both ANM and ANMNA at the same ratio.
I fail to see the logic in the relative discount.
Unless it is plain supply and demand with perhaps the 'Mum's & Dads' selling out ANMNA.
jimmyn and others - very interested in you views.

Holding ANMNA and after yesterday twice as many <:)