Result of Equity Issue

Celtic PLC
31 July 2001



FOR IMMEDIATE RELEASE

31ST JULY 2001

CELTIC PLC

RESULT OF OFFER FOR SUBSCRIPTION


Celtic Plc announces that its recent offer for subscription of new Convertible
Preferred Ordinary Shares closed on Friday, 27 July and valid applications in
respect of a total of 18,012,448 new Convertible Preferred Ordinary Shares at
the issue price of £1.25 per share have been received pursuant to the offer
representing 90.06 per cent. of the shares offered. As a result, a total of £
22,515,560 has been raised for the Company.

All valid applications received will be satisfied in full.

Application has been made to the Official List of the UK Listing Authority and
to the London Stock Exchange plc for the new Convertible Preferred Ordinary
Shares to be admitted to trading on the London Stock Exchange's market for
listed shares. Dealings in the new Convertible Preferred Ordinary Shares are
expected to commence on 3 August 2001.


END