<PAGE> 1
===============================================================================
UNITED STATES
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
Date of Report (Date of Earliest Event Reported): June 30, 1997 (June 27, 1997)
DRUMMOND FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware
(State of Incorporation)
1-12212 95-4426690
(Commission File Number) (I.R.S. Employer
Identification No.)
Suite 1250, 400 Burrard Street V6C 3A6
Vancouver, British Columbia, Canada (Zip Code)
(Address of principal executive offices)
(604) 683-5312
(Registrant's telephone number, including area code)
===============================================================================
<PAGE> 2
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On June 27, 1997, the Registrant notified BDO Dunwoody ("BDO") that they were
dismissed as the Registrant's independent auditor.
The Registrant and BDO have not, in connection with the audit of the
Registrant's financial statements for each of the prior two years ended June
30, 1996 and 1995 or for any subsequent interim period prior to and including
March 31, 1997, had any disagreement on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which disagreement, if not resolved to BDO's satisfaction, would have caused
BDO to make reference to the subject matter of the disagreement in connection
with its reports.
The reports of BDO on the Registrant's financial statements for the past two
fiscal years did not contain an adverse opinion or a disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope or accounting
principles.
The decision to change auditors was approved by the Registrant's board of
directors.
On June 27, 1997, the Registrant appointed Davidson & Company, whose offices
are located in Vancouver, British Columbia, Canada as its independent
accountant and Davidson & Company accepted such appointment.
The Registrant had no relationship with Davidson & Company required to be
reported pursuant to Item 304(a)(2) of Regulation S-B during the two fiscal
years ended June 30, 1996 and 1995, or the subsequent interim period prior to
and including March 31, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
- ---------- -----------
16.1 Letter from BDO regarding its concurrence with the Registrant's
statement regarding change of accountants.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DRUMMOND FINANCIAL CORPORATION
By: /s/ Michael J. Smith
---------------------------
Michael J. Smith, President
Date: June 30, 1997
<PAGE> 4
EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
16.1 Letter from BDO regarding its concurrence with the Registrant's
statement regarding change of accountants.
<PAGE> 1
(letterhead of BDO Dunwoody)
30 June, 1997
Securities and Exchange Commission
450, Fifth Street, N.W.
Washington, DC
20549
Dear Sirs:
We have read Item 4 of the Form 8-K dated 30 June 1997, of Drummond Financial
Corporation and are in agreement with the statements contained in the first
three paragraphs on page 2 therein. We have no basis to agree or disagree with
other statements of the Registrant contained therein.
Yours truly,
\s\ BDO Dunwoody
David C. McEown, CA
