STRIFE-TORN exploration company Minmet adjourned its extraordinary general meeting (egm) for a second time yesterday after shareholders demanded full information on the value of its main asset.
Irish-registered and London-listed Minmet is attempting a reverse takeover of Tucumcari Exploration LLC (TUCX), which holds oil and gas interests in New Mexico. It already holds 25 per cent through another vehicle, Tucumcari Investments Ltd (TIL).
The meeting voted to adjourn for three weeks yesterday to allow the board to produce a full independent valuation of Tucumcari.
Chief executive John King told shareholders this was almost ready.
Minmet embarked on the TUCX deal after dropping another reverse merger with Alaska Oil Gas Resources. It paid a $4.35 million (€2.76 million) refundable deposit to another company, Carbon Energy Investments, in respect of this deal.
The company adjourned the egm in April after shareholders sought answers to questions, including queries regarding the interest of Minmet chairman Peter Maddocks in Carbon Energy.
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