Here's one for the UK experts out there. I'm trying to figure out if there's an arbitrage angle here, but I don't know enough about the Airmiles programme to make an informed judgement.

Sainsbury's is currently offering 500 Nectar points for a 3kg bag of IAMS catfood (price, £13.99). This seems like a lot of points which can be (I think) converted to Airmiles. The only problem is that I can't seem to find information on converting to Airmiles on the Nectar site, and I can't find anything about redeeming for premium cabin awards.

Can any FTers shed more light on whether this is a worthwhile promo to take up?