Result of Open Offer

Celtic PLC
21 December 2005


                     Celtic plc ('Celtic' or 'the Company')

                Result of Open Offer and Offer for Subscription

On 28 October 2005, the Board of Celtic announced the terms of an Open Offer and
Offer for Subscription ('Offers') of up to an aggregate of 50,000,000 new
ordinary shares of 1p each ('Ordinary Shares') at 30p per share to raise up to
£15 million (before expenses).

The Board of Celtic is pleased to announce that by 3.00pm on 20 December 2005,
being the latest time and date for receipt of Application Forms and payment in
full under the Open Offer, 19,546,028 shares representing 59.39 per cent. of the
total number of Ordinary Shares offered via the Open Offer, had been applied for
by Qualifying Shareholders. The Board has also exercised the discretion
available to it under the Open Offer terms to accept applications from
Qualifying Shareholders that were made after the closing time for the remaining
13,368, 011 Ordinary Shares available under the Open Offer.

Applications for a further 22,541,794 new Ordinary Shares, including late
applications from existing Qualifying Shareholders accepted under exercise of
the Board's discretion, have been made under the Offer for Subscription,
representing approximately 132 per cent. of the shares offers under the Offer
for Subscription.

The total take up under the Offers is 50,000,000 shares representing all of the
total shares available under the Offers, raising a total of £15.00 million
(before expenses) the Company.

The new ordinary shares being issued under the Offers will rank pari passu with
the existing ordinary shares of the Company. Application has been made for both
the existing Ordinary Shares and the Offer Shares, together with the existing
issued Preference Shares and Convertible Preferred Ordinary Shares, to be
admitted to trading on AIM and dealings are expected to commence on 22 December
2005.



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