Digging for answers at exploration minnow Minmet

Growing shareholder unrest looks set to come to the boil in the coming weeks at Irish mineral exploration minnow Minmet.

Trading in Minmet's shares was suspended on December 21st on London's Alternative Investment Market, "pending the announcement of transactions entered into".

A number of disgruntled Irish shareholders with small holdings are believed to have put the board on notice of their intention to seek an extraordinary general meeting (egm) to vent their frustrations. Investors wrote to the board, which is chaired by Peter Maddocks, before Christmas to outline their concerns.

These include a large number of changes to the board since Minmet's annual general meeting (agm) last August.

Shareholders are seeking an update on Minmet's cash position. At the agm, investors were told it had a net asset value of 18 pence a share. Its shares were trading at just 8.5 pence when they were suspended. The shareholders are also seeking details of the holdings of directors and their associates.

On Wednesday, Minmet sold its interest in the Bjorkdal gold mine in Sweden to Gold-Ore Resources for $2 million (€1.36 million) in cash and four million shares. Its stock, however, remains in cold storage.

Any egm is likely to be held next month. It should be lively.