What this is
For TPC to hold Nintendo's position but receive ¥9,243m less cash (proceeds 24,584 = 23,809 + 775), it would need ≈$64m more Niantic Spatial value than pro rata, i.e. ≈26% of Spatial's entire $250m capitalisation,; a pro-rata holder's Spatial interest is only ≈6.5% the size of its cash.
The values
- Proceeds gap against equal position: ¥9,243m
- Gap: $64.1m
- Gap as share of Spatial total capital: 25.7%
- Spatial capital as % of cash payout: 6.5
Where it comes from
Our calculation from other figures in the trainer’s notes:
- FiledNiantic Spatial capitalisation, announced 12 March 2025$250m
- FiledNiantic spatial initial capital, announced 12 March 2025$250m
- ReportedNiantic’s March 2025 statement that all its original investors would remain shareholders of Niantic Spatial, the company it kept after selling its games
Show the working
- 33,827 − 24,584 = 9,243
- 9,243/144.09 = $64.1m
- 64.1/250 = 25.7%
- 250/3,850 = 6.5%