mph & mphob arbitrage

Hi,

Not much has happened shareprice-wise with this one since they annnounced another profit upgrade, however, it is interesting to note the slight arbitrage between MPH and MPHOB.

MPH is currently 44.5c, bids are at 43/44.5

MPHOB is a 32c exercise share, but is currently trading at 10c. bids 10/10.5.

MD is quite light and it would be difficult to get alot of stock without pushing the price up, but based on its historically trading range, I would have thought its a reasonable risk to take out some MPHOB at 10.5c?

I expect continued growth in this company as, amongst other things, they are involved in a growing market of DVD title distribution, but even a rise to 48c would give the options an intricate value of 16c, far in excess of its current value. If on the other hand the shareprice stayed steady or dropped a little, the options could be exercised or sold at little loss.

To me it looks like a safe arbitrage play in terms of risk versus reward. Any views on my comments, or chart-wise?