Release of subscription money: lead managers must confirm approvals; refund obligation and joint liability attach if listing fails. Release of subscription money requires lead manager(s) to confirm to bankers that listing and trading approvals and all issue formalities are complete so bankers may release proceeds or refunds; failure to obtain listing mandates refund of all monies by verifiable means within the prescribed period, failing which the issuer and defaulting directors are jointly and severally liable to repay with interest; lead managers must ensure release complies with applicable Companies Act provisions.