Result of EGM

Lupus Capital PLC
16 February 2004


Result of EGM

A meeting of shareholders held earlier today approved a resolution concerning
the subscription by Greg Hutchings for 17,283,944 Ordinary Shares, employee
incentive arrangements and changes in share capital (including an authority to
buy its own shares in the market) and related matters which were described in
the circular dated 21 January 2004. At the meeting Konrad Legg, the chairman,
noted that the the share price and trading volumes had responded favourably to
the announcement of the proposals and that the average share price over that
period was 14.1p. Shareholders have had opportunities to dispose of some or all
of their shares if they so desired over a period of four weeks at prices
significantly in excess of the price before announcement. Accordingly, the board
is satisfied that a tender facility at 9p would serve no purpose and will not
proceed with the arrangements.

Following the meeting Mr Hutchings joined the board as executive chairman and
Konrad Legg became senior non-executive director.

It is expected that dealings in the Ordinary Shares to be issued under the
subscription will start on 17 February 2004, at which time the Company will have
190,157,029 Ordinary Shares in issue.



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