Directors Notifications

Lupus Capital PLC
18 September 2001


TO: CITY EDITORS      18 September 2001

FOR IMMEDIATE RELEASE



                              LUPUS CAPITAL PLC

                            Directors Notification



The Company has today been notified that Charles Ryder and James Orr, both
Directors of the Company have each today acquired 200,000 at average prices of
5.375p per share for Charles Ryder and 5.50p per share for James Orr.
Following this purchase both their resultant holdings are 1,580,408 Ordinary
shares representing 0.9306% of the Company's issued share capital.