The information I have is that ANMCA is entitled to 3.5 cents...

The information I have is that ANMCA is entitled to 3.5 cents distribution every half year for the next two years. And it requires a 30 cents payment in Jan. The it becomes equivalent to ANM except that ANM is not entitled to the semi annual distribution. If ANM is quoted at 46 cents, then the equivalent price for ANMCA would be about 26 cents if the present value of semiannual cash flow taken into account. But it is quoted at 15 cents. Is there something I am missing?