ON MONDAY, exploration minnow MinMet gave notice that it would hold an extraordinary general meeting in London on April 11th to answer questions posed by a rump of shareholders. The meeting has been requested by Dublin-based Gerry Walsh, Newry-based investor Tom O'Gorman, Sweden's IGE Holdings, Ashdale Investment Trust Services and Davycrest nominees.

They own about 13 per cent of the shares between them and have submitted a list of 34 questions for the board to answer. These primarily relate to an $87.5 million deal last August to purchase Alaska Oil & Gas Resources, and the relationship of certain directors with entities involved in the transaction. The deal was later pulled, although MinMet has retained an interest in Alaska.

The company's board, which is chaired by Peter Maddocks, has yet to provide any answers to the questions posed. Its statement on Monday made a robust defence of their strategy for MinMet, namely to focus on oil and gas opportunities in north America.

Holding the meeting in London is an unusual move for an Irish-registered company, and hints at the board's intention to make life difficult for its disaffected backers.