A "Lead Manager" (Empire) is one broking firm that takes the...

A "Lead Manager" (Empire) is one broking firm that takes the bulk of the raise. They would put their hand up for X million to place with their clients, usually some high net worth punters and others. They do the bulk of the leg work in return for fees and ongoing "consulting/advisory" roles (more fees). If they have pulled out, something significant has happened/changed. Plenty of things have happened over the last few months so take your pick.

L1 appears to have loaned MCL money in return for shares at some stage. I believe they were to become a shareholder in the new CGL through issue of shares to offset the loan. But that deal has also fallen over and it's now been agreed they'll get the loan paid back in cash plus interest by June 2019. That's my take on it Panhead. Happy to hear other interpretations/theories...