Capital Reorganisation

Lupus Capital PLC
16 June 2004


Earlier today the Court issued an order confirming the cancellation of the share
premium account described in the circular dated 27 April 2004 and approved by
shareholders on 24 May 2004. The cancellation will become effective on the order
being registered with the Registrar of Companies, which is expected to occur by
23 June 2004. Accordingly, the final dividend of 0.25p per ordinary share for
2003 will be paid on 23 July 2004 to shareholders on the register on 2 July
2004.

16 June 2004


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