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The shareholder discount is a carry over from the days when BA were not shackled to a corpse. It should have been removed so all IAG shareholders would be equal. However it has been retained for those IAG holders of who held BA shares prior to the merger.
Although the discount maybe viewed as unequitable or inconsistent I believe BA management are correct in retaining it as a sop to the original shareholders as it was these BA shareholders who were royally shafted in the merger. The BA shareholders being exceedingly short changed in the BA(55%)-IB(45%) relative valuation – which IMO was far more for Walsh’s self-aggrandizement than enhancing BA shareholder value.