Circ re. cap reorg

Lupus Capital PLC
27 April 2004


Circular re proposed cancellation of share premium account

A copy of the above document has been submitted to the UK Listing Authority
('UKLA') and will shortly be available for inspection at the UKLA's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel [phone]





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