AGM Statement

Lupus Capital PLC
18 May 2007

The Annual General Meeting of Lupus Capital plc was held on May 16 2007. All

resolutions set out in the notice were duly passed. Greg Hutchings, the
Executive Chairman, made the following statement:

'Lupus had another very successful year in 2006 with earnings per share up 37
per cent and dividends increased by over 21 per cent.  It also included the
acquisition of Schlegel.

'2007 has started off well with record order books at Gall Thomson and good
progress at Schlegel.  In addition, 19 days ago we completed the £242.5m
acquisition of Laird Security Services Division on 27 April 2007, financed by
£136m of equity and £120m in bank debt.  These businesses are an exciting
addition to Lupus and we expect to be able to grow and develop them'.




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