No, public folders don't generate reminders. This behaviour is by design and I'm not aware of a workaround.
I would suggest sending an appointment request to all the relevant people, with a reminder pre-set. This will trigger in everyone's mailbox.
I know that this isn't really what you're after, but I believe it's the best solution out there at the moment...mind you, I'd love for someone to prove me wrong! =)
Charlotte