MTU Merger Arbitrage?

I'm an MTU holder but not a VOC holder (yet).  Got the scheme of arrangement papers in the mail yesterday.  1.625 VOC for each MTU to be effected next month.  I looked at the recent trading.  Price conversion is heading towards 1.625 ratio (reflecting the greater certainty that it will happen?) but there is still a 5% difference in favour of buying MTU and having them converted to VOC.  Prices will surely move around in that time with current volatility so no guarantee of a profit, but there seems to be a 5% factor of safety in entering VOC this way or pulling off a small trade.  Unless I have misunderstood something???