valuation of pts shareholdings

Platsearch at 21 cents is laggings its shareholdings value of 25.5 cents. An arbitrage opportunity?
A cheap entry into Eastern Iron?

Minotaur does the same, lags its shareholdings.

Hope below is readable, posted froma spreadsheet.

Quantity Exercise Price Value Exercise Cost
FPO 6,375,000 0 $8,032,500.00 WPG $1.260
Option 28 sep 2009 3,475,000 0.35 $3,162,250.00 $1,216,250.00
Option 28 sep 2010 1,375,000 0.25 $1,388,750.00 $343,750.00
$12,583,500.00

FPO 500,000 0 $175,000.00 CHZ $0.350
Option 29 May 2011 2,000,000 0.35 $0.00 $700,000.00
$175,000.00

FPO 500,000 0 $100,000.00 NMN $0.200
Option 30 Dec 2011 1,000,000 0.35 $0.00 $350,000.00
$100,000.00

FPO 21,000,000 0 $7,350,000.00 EFE $0.350
Option 29 May 2011 5,000,000 0.35 $0.00 $1,750,000.00
$7,350,000.00

Total $20,208,500.00 $0.255