Thanks for that, @MrOctane. Got it through a popular search...

Thanks for that, @MrOctane.  Got it through a popular search engine:

Deutsche Bank, sub-underwriters at odds as St Barbara deal turns sour

Sarah Thompson and Anthony Macdonald
Jun 5, 2019 — 12.18pm

At stake is who picks up the pieces at St Barbara Mining in the wake of its calamitous equity raising.
There's up to $16 million in losses to share around and someone has to be left holding the can.
Deutsche Bank underwrote the $490 million rights issue at $2.89 a share.
So the German bank had a bunch of funds take risk on the raising's $135 million retail portion, which was to close three weeks after the deal was announced and would be inhenrently more risky.
Since then, the St Barbara raising has gone pear-shaped. The gold miner downgraded production guidance in the middle of the retail offer period, causing its shares to drop below $2.60 and well below the offer price.
These things happen in equity raisings - just ask those sub-underwriters that backstopped Downer's raising for Spotless in 2017 or Arrium's rights issue in 2014.
But to add insult to injury, St Barbara gave retail investors the chance to back out of the offer, all but ensuring most of the $135 million retail offer would not be taken up.
If no retail shareholders take up their rights, there are losses worth nearly $16 million to go around, based on St Barbara's current price of $2.55 a share.
The sub-underwriters are on the hook and, understandably, are not happy.
While they were paid a fee to back stop the offer, they were not expecting St Barbara to downgrade production guidance let alone give retail shareholders a chance to rescind their commitments.
It is understood some of the sub-underwriters would like to get out of their agreements - just like the retail shareholders. However, sources said Deutsche Bank was not letting them off the hook.
It's at the point where these sub-underwriters are going back through their contracts with Deutsche Bank to see whether they have any legal options.
It's a high stakes game.
The sub-underwriters are understood to include a bunch of fast money funds from Australia and offshore - big clients of Deutsche's equities business in the region.
The question is whether they can use their weight to have Deutsche take some of the losses. They at least want Deutsche Bank to feel the pressure.
Deutsche collected a $9.8 million fee for underwriting the offer - and would've paid some of that to sub-underwriters to share the risk. The German bank is also expected to receive an advisory fee for helping St Barbara into Canada's Atlantic Gold Corporation, which is why the gold miner is raising fresh funds. [St Barbara set aside $13 million for transaction costs].
Of course the situation is compounded by other funds - rivals of the sub-underwriters - also seeking to make a quick buck from the situation.
It's all happening this week. St Barbara's retail offer closed on Tuesday and shareholders have until close of business on Friday to opt out. It'll then be over to Deutsche Bank to manage the shortfall.

(source: Australian Financial Review)