Circ re proposals

Lupus Capital PLC
23 January 2004


A copy of a circular describing the proposed share subscription by Greg
Hutchings and establishment of employee incentive arrangements announced on 16
January 2004 has been submitted to the UK Listing Authority and will shortly be
available for inspection at the UK Listing Authority'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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