Stmnt re Offer for Subsidiary

Lupus Capital PLC
27 November 2002

27 November 2002


                               Lupus Capital plc

            Indicative Offer for Gall Thomson Environmental Limited


The Board of Lupus Capital plc ('Lupus' or the 'Company') announces that
yesterday evening it received an indicative offer for its wholly owned
subsidiary Gall Thomson Environmental Limited ('Gall Thomson') of £14.5 million
payable in cash on completion for 100% of its issued share capital.  This offer
is subject to contract and to full due diligence and is prior to deduction of
costs which will be associated with the offer and incurred by the Company.  Such
an indicative offer represents a material increase on the level of offers
received for Gall Thomson by Lupus during the sale processes carried out during
the past two years.



                                    - Ends -


Lupus Capital plc                                    Tel: [phone]
Charles Ryder, Chief Executive                       www.lupuscapital.com
James Orr, Finance Director


Oriel Securities Limited                             Tel: [phone]
Simon Bragg/Adrian McMillan


Merlin Financial                                     Tel: [phone]
Paul Downes/Tom Randell




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