ANMNA vs. ANMAs expected ANMNA is trading down today having gone...

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 <:)