SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934.
May 28, 1999
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Date of Report
(Date of earliest event reported)
Celtic Investment, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware 0-27362 36-3779989
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State of Commission File No. IRS Employer
Incorporation Identification No.
17W220 22nd Street, Suite 420
Oakbrooke Terrace, Illinois 60181
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(Address of principal executive offices)
(630) 993-9010
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(Registrant's telephone number)
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Item 4. Change in Registrant's Certifying Accountant
The Company's Board of Directors adopted a resolution appointing Tanner +
Company the Company's certifying independent public accountant to be effective
upon the execution of an engagement agreement or contract. Additional
information concerning the appointment of Tanner + Company is as follows:
A. The effective date of such appointment of Tanner + Company as the
Company's independent certifying accountant was May 28, 1999.
B. There had been no disagreements with the previous accountant of the
Company on any matter of accounting principles or practices, financial statement
disclosure or auditing scope of procedure.
C. The accountants' reports on the Company's financial statements for the
two years previous to the appointment of Tanner + Company did not contain
adverse opinions or disclaimer of opinions nor were such reports qualified as to
audit scope or accounting principles.
D. A letter from the former accountants of the Company stating that it
agrees with the statements set forth in this Item is filed as an Exhibit to a
Form 8-K which was filed in connection with the change of accountants.
E. The decision to change accountants was recommended by the Company's
Board of Directors.
Item 7Financial Statements, Pro Forma Financial Information and Exhibits.
A. Letter from previous accountant regarding Item 4 of this Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: June 4, 1999
Celtic Investment, Inc.
By: /s/ Douglas P. Morris
Douglas P. Morris
Chief Executive Officer
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June 2, 1999
Securities and Exchange Commission
Washington, DC 20549
Ladies and Gentlemen:
We were previously the independent accountants for Celtic Investment,
Inc., and on August 18, 1998, we reported on the consolidated financial
statements of Celtic Investment, Inc. and subsidiaries as of and for the two
years ended June 30, 1998. On May 14, 1999, we were dismissed as independent
accountants of Celtic Investment, Inc. We have read Celtic Investment, Inc's
statements included under Item 4 of its Form 8-K for May 25, 1999, and we agree
with such statements except that we are not in a position to agree or disagree
with the Company's statements (a) the change was recommended by the Board of
Directors, and (b) that the Company has not appointed new independent
accountants.
/s/ McGladrey & Pullen, LLP
MCGLADREY & PULLEN, LLP
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