Release of subscription money: lead managers must confirm listing approvals before bankers release subscription funds to issuer. Lead managers must provide bankers copies of listing and trading approvals confirming completion of issue formalities before bankers release subscription money. If listing or trading permission is not obtained, the issuer must refund all monies by verifiable means within four days of exchange rejection; failure to repay makes the issuer and each director who is an officer in default jointly and severally liable to repay with interest at fifteen percent per annum. Lead managers must ensure release complies with Companies Act compliance requirements.