Holding(s) in Company

TR-1(i): NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares
to which voting rights are attached (ii):
Lupus Capital plc

2. Reason for the notification (please state Yes/No): (    )

An acquisition or disposal of voting rights: (No)

An acquisition or disposal of financial instruments which may result
in the acquisition of shares already issued to which voting rights
are attached: (No)

An event changing the breakdown of voting rights: (No)

Other (please specify) : (initial notification of shareholding)

3. Full name of person(s) subject to the notification obligation
(iii):
Unicorn Asset Management Limited

4. Full name of shareholder(s) (if different from 3.) (iv):
Eaglet investment Trust plc
Acorn Investment Trust plc
Osprey Smaller Companies Income Fund Limited
Unicorn Investment Funds ICVC

5. Date of the transaction (and date on which the threshold is
crossed or reached if different) (v):
20 March 2007

6. Date on which issuer notified:
21 March 2007 (received 23 March 2007)

7. Threshold(s) that is/are crossed or reached:
N/A

8. Notified details:
None


A: Voting rights attached to shares


Class/type of shares if possible using the  Situation previous to the
ISIN CODE                                    Triggering transaction
                                                      (vi)
GB0002424041                                Number of  Number of
                                            shares     voting Rights
                                                       (viii)

                                                       36,206,308




Resulting situation after the triggering transaction (vii)


Class/type of shares if Number of Number of voting % of voting rights
possible using the ISIN shares    rights (ix)
CODE
No change - as above    Direct    Direct  Indirect Direct   Indirect
                                  (x)     (xi)



B: Financial Instruments
Resulting situation after the triggering transaction (xii)


Type of    Expiration  Exercise/Conversion Number of voting    % of
financial  Date (xiii) Period/ Date (xiv)  rights that may be  voting
instrument                                 acquired if the     rights
                                           instrument is
                                           exercised/
                                           converted.
N/A



Total (A+B)

Number of voting rights % of voting rights

36,206,308 (indirect)   5.9



9. Chain of controlled undertakings through which the voting rights
and/or the financial instruments are effectively held, if applicable
(xv):

Eaglet Investment Trust plc 15,664,285  2.5%
Acorn Investment Trust plc   8,257,143  1.3%
Osprey Smaller Companies Income Fund Limited  7,884,880  1.3%
Unicorn Investment Funds ICVC  4,400,000  0.7%

Proxy Voting:

10. Name of the proxy holder:
N/A

11. Number of voting rights proxy holder will cease to hold:
N/A

12. Date on which proxy holder will cease to hold voting rights:
N/A

13. Additional information:
None

14. Contact name:
S Barton

15. Contact telephone number:
0207 253 0889

Annex to Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the notification
obligation

Full name (including legal form for legal entities):
Lupus Capital plc

Contact address (registered office for legal entities):
145-157 St John Street, London EC1V 4RU

Phone number:
0207 490 4355

Other useful information (at least legal representative for legal
persons):
None

B: Identity of the notifier, if applicable (xvii)

Full name:
J L  Luetchford

Contact address:
145-157 St John Street, London EC1V 4RU

Phone number:
0207 490 4355

Other useful information (e.g. functional relationship with the
person or legal entity subject to the notification obligation):
Secretary

C: Additional information :
None

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