EFTA02619760.pdf

From: Paul Barrett < > Sent: Monday, October 22, 2018 4:40 PM To: Cc: Richard Kahn Subject: RE: Tencent Music pre-IPO shares It's an IPO trade - if you think the deal will pop and you want to guarantee a meaningful allocation. Doubt we get more than the usual allocation if we go through the syndicate desk at MS. When they spun off China Literature last year the stock doubled on the first day. Clearly a different environment today for Chinese stocks but THE is forecast to do over $1bIn of EBIT in '19. So why couldn't a name like this rally 20.30% on the IPO? The company at least has a history of successful IPO spinoffs. And you can short the stock to lock in the economics if it does rally. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o c) From: J <[email protected]> Sent: Monday, October 22, 2018 12:00 PM To: Paul Barrett Cc: Richard Kahn < > Subject: Re: Tencen usic pre- s ares Are you nuts Him Same value almost as ipo ? With a lock up and carry? !!! EFTA_R1_01825004 EFTA02619760 On Mon, Oct 22, 2018 at 11:57 AM Paul Barrett wrote: Sponsor negotiated revised terms: $8.87 per share or $27.6b1n (14% reduction). I met with the head of syndicate for MS — they feel $28-$30b1n will be the price range for the IPO. Expecting late November timeframe. Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&entry=gmail&source=g> th Street, 11th Floor, New York, NY 10019 (o (c) From: J <[email protected] <mailto:[email protected]» Sent: Thursday, October 11, 2018 8:06 PM To: Paul Barrett > Subject: Re: Tencent Music pre-IPO shares Structure 2 EFTA_R1_01825005 EFTA02619761  On Thu, Oct 11, 2018 at 7:30 PM Paul Barrett <mailto > wrote: Jeffrey Any interest in buying Tencent Music pre-IPO shares? The IPO is now scheduled for mid-November. You could always short shares if we get a big IPO pop and then wait to receive delivery of the shares post lock-up and collapse the short position. 1. Valuation of $10.38 per share or $32.3b1n 2. 6 month lock up 3. 3% placement fee and 10% performance fee 4. IPO expected around Nov 15th October 5. They filed to sell $1BIn at the IPO Paul Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&entry=gmail&source=g> th Street, 11th Floor, New York, NY 10019 (o) (c) please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of 3 EFTA_R1_01825006 EFTA02619762  JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 4 EFTA_R1_01825007 EFTA02619763