Ann: $6.3m Entitlement Offer to Fund Blacksmith Pre-Feasibility, page-6

We can all see that any T/O offer for RHK would hinge on TIO, and then OCJ.
If TIO might contemplate accepting a T/O offer for their shares in RHK, then that would quantify a HUGE loss for them.
I calculated years ago, that TIO had spent over $120m on their I/O investment - but that was well prior to their investment in the rail etc, plus further funds into RHK. Remember they took over Rutilla, then funded FMS for all those years, then funded BBIG and all its expenditure on Balla Balla port and rail.

I cannot see TIO getting much back for years, but maybe only if/when RHK starts mining and exporting significant quantity of ore.

if they did accept a T/O bid, it would simply be because they want an "out" of Aust iron ore. Cut their losses. I feel really sad for them and the backers of BBIG.