Transaction in Own Shares

Lupus Capital plc (the "Company") announces that it has today, 17
January 2008, purchased 21,085 ordinary shares from shareholders with
holdings of fewer than 9,000 shares at a price of 77.63 pence.  These
shares were purchased pursuant to the buy-back authority granted to
the Company by shareholders at the General meeting on 11 December
2007 (the "Buyback Authority") and further to the Company's proposed
offer to purchase small holdings outlined in the Company circular
dated 16 November 2007.

 The 21,085 shares purchased, as disclosed above, will be held by the
Company in Treasury.  The Company has 137,211,533 ordinary shares in
issue, of which 7,414,940 are now held in Treasury.  Following this
purchase there are 129,796,593 voting ordinary shares in issue which
are not held in Treasury.

The Company expects to make a similar purchase of small shareholdings
on 24 January 2008 and a further announcement will be made about this
anticipated purchase in due course.

The Board considers that the recent weakness in the share price has
provided an attractive opportunity for the Company to purchase its
own shares and by buying back shares from those with small holdings
this will help increase the administrative efficiency of the Company.

The Company may also make general market purchases pursuant to the
Buyback Authority in advance of the close period before the
announcement of the Company's Annual Results.

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