fms vs fmsoa

Can anyone explain why FMSOA is trailing FMS by 15%?
FMSOA is a 10c Sep-08 Call Option.
FMS=21c - FMSOA = 9.4c
Normally I would expect to see 3 months of time value built into FMSOA's price. In other words FMSOA should trade at a premium not a discount.
Theoretically, one could sell FMS, buy FMSOA - Quickly send the company a cheque for the 10c, convert FMSOA into FMS and deliver. Only problem would be completing the process within T+3. What am I missing?

S