The usual reason that an option will trade at a discount to relative value is that Insto's won't/can't hold a position that doesn't give them voting rights.
In the case of ANM I'd expect there is substantial insto investment which is underpinning the price of the FPO's at this time.
Whether this is a great arbitrage play or another bear trap only time will tell.
anmca at a premium, page-3
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