"Mirabela Nickel Ltd (ASX: MBN and TSX: MNB) or “the Company”) requests the ASX apply a trading halt to its shares effective immediately, pending a response to a price query received 9th May 2012. The trading halt is requested until the commencement of trade on 10th May 2012 or earlier once the price query has been answered. The Company is not aware of any reason as to why the ASX should not grant the trading halt."
Trading Halt pending the release of a reponse to a speeding ticket? Thats a first!
In regards to directors not wanting to go into administration, your comment is not entirely true. Agency theory suggest that they act in their own interests.
Option 1: Keep your job while trading insolvent = lose your job, reputation and severe penalties.
Option 2: Call for voluntary administration and let others do the hard work. You MAY lose your job if the administrators cannot trade their way out of it or find financing but you also may get it back if the adminstrators save the company.
MBN Price at posting:
28.7¢ Sentiment: None Disclosure: Not Held
