For me it needs to be simple and Worzel1 did it for me.
Just consider that TBR but out RND.
They would pay for what they don't already own, anyone else would pay the total mc.
They are also buying back what RND own of TBR so the overlapping shares could be cancelled in this case.
The mc lowered accordingly but the gold hoard remains the same and becomes a larger % of the mc reflecting the true value attributable to share value.
Or am I just to simple?
W
Valuing TBR and RND without their crossholdings, page-2
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