Celtic moves to convert loans to shares

Celtic Resources, the Irish-based minerals development company, has notified shareholders that their approval will be sought …

Celtic Resources, the Irish-based minerals development company, has notified shareholders that their approval will be sought on a supplemental loan agreement with Dragon Oil, enabling Celtic to convert its loans to Dragon into Celtic `A' preference shares.

At an extraordinary general meeting on October 30th, approval will also be sought for the appointment of two representatives of the British investment group, Red haven, as directors.