I think 45c sounds right as well. Singapore acquired the last batch of shares for 46c, way above what the shares were trading at that time. Also, Virgin stake not impaired in SIA's quarterly accounts as external auditor was satisfied stake valued appropriately. Due to small free float, share price not a good indicator of real value.
Current share price seems ridiculous when price/market cap was higher 3 years ago when things looked far worse for VAH than now.
VAH Chart, page-13
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