I received the documentation from INR very recently and read...

I received the documentation from INR very recently and read through it last night. GUJ option holders seem to be disadvantaged somewhat in that whereas there was a 20c exercise price for GUJ shares, if they exchange for the new INR options on the 3 for 4 basis the exercise price on the INR options is 27c.

Maybe this is why the GUJ options are trading at a discount to the shares??