Director Shareholding

Lupus Capital PLC
16 January 2004


                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

Lupus Capital PLC...........................................

2. Name of director

Fred Hoad.............

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

Retirement benefit scheme of which the director is a beneficiary............

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

F A G Hoad and MRG Hoad (FURBS a/c)...............................

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

As in 3 ...............................................................

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

Purchase...............................................................

7. Number of shares / amount of stock acquired

225,000...............................................................

8. Percentage of issued class

0.13%...............................................................

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

9p............................................................

13. Date of transaction

16 January 2004.........................................................

14. Date company informed

16 January 2004.........................................................

15. Total holding following this notification

325,000...............................................................

16. Total percentage holding of issued class following this notification

0.19%...............................................................

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

John Luetchford, Cavendish Administration Limited 020 7490 4355.......

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

Cavendish Administration Limited, Company Secretary...................................

Date of Notification

16 January 2004.........................................................

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for loss of business or loss of profits) arising in contract, tort or otherwise
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it, or from any action or decision taken as a result of using this document or
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