Director Shareholding

Lupus Capital PLC
14 May 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company
    Lupus Capital plc


2)  Name of director
    R H Tate


3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder if it is a 
    holding of that person's spouse or children under the age of 18 or in 
    respect of a non-beneficial interest.
    The shareholder named in 2 Above


4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)
    R H Tate


5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)
    -


6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary
    Market purchase


7)  Number of shares/amount of
    stock acquired
    32,752


8)  Percentage of issued class
    0.019%


9)  Number of shares/amount
    of stock disposed
    -


10) Percentage of issued class
    -


11) Class of security
    Ordinary shares of 0.5p


12) Price per share
    6.0p


13) Date of transaction
    14 May 2003


14) Date company informed
    14 May 2003


15) Total holding following this notification
    83,752


16) Total percentage holding of issued class following this notification
    0.049%


If a director has been granted options by the company please complete the
following boxes

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information
    -


24) Name of contact and telephone number for queries
    J.L. Luetchford  0207-490-4355


25) Name and signature of authorised company official responsible for
    making this notification

    J.L. Luetchford

    Date of Notification:  14 May 2003


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