And to answer inference, AIZ did not buy a stake in virgin for...

And to answer inference, AIZ did not buy a stake in virgin for financial gain alone. They are trying to align their interest together ahead of their code-sharing arrangements cross-tasman and have an influence in VBA decisions, which would improve their efficiencies and ultimately allow them to earn more. This is why they were not concerned about the premium paid... it was cost of expected synergies in the future.

An individual shareholder however is in it for financial gain only and as such as more risk -- hence they are willing to depart with less money for the shares.