Director Shareholding

Lupus Capital PLC
27 March 2001


               LUPUS CAPITAL PLC ('Lupus' or the 'Company')

Lupus announces that, pursuant to election by the three non-executive
directors of Lupus to receive fifty per cent. of their entitlement to
director's fees in the form of shares, ordinary 0.5p shares in Lupus
('Ordinary Shares') were allotted today in relation to the six month period
ending 31 March 2001 as follows:

                              Ordinary Shares       In lieu of fee 
                                                    £
Oliver Stocken                83,333                5,000
Peter Cawdron                 62,500                3,750
Peter So                      62,500                3,750
              
The shares were issued at a price of 6.0p, being the average of the closing
mid-market prices of Ordinary Shares for the five trading days to 26 March
2001.

Application to the UK Listing Authority and to the London Stock Exchange for
the above shares to be listed and admitted to trading respectively will be
made in due course.