But firstly: http://www.tradingroom.com.au/apps/qt/quote.ac?sy=tpl&type=delayedquote&code=MPLIH8#tabs
The bid and ask are much higher than that, the last price is what the last trade value was.
The bid and ask pretty much take up the value of the difference, so it's not really in the money. You're paying 30 cents to have an option you can exercise at $2.20 that is worth $2.50.
As for previous trades, your guess is as good as anyone elses, but currently they are just sitting at the money like pretty much any other option. Mostly institutional traders have a hold on options and it's very doubtful you'll find an arbitrage situation that exists for any length of time.
