Director Shareholding

Lupus Capital PLC
19 October 2001

FOR IMMEDIATE RELEASE     19 October 2001


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

                            Directors Shareholding

Lupus announces that, pursuant to election by the three non-executive
directors of Lupus to receive fifty per cent. of their entitlement to
directors' fees in the form of shares, ordinary 0.5p shares in Lupus
('Ordinary Shares') were allotted today in relation to the six month period
ended 30 September 2001 as follows:


                              Ordinary Shares              In lieu of fee

                                                                 £

Oliver Stocken                   103,093                      5,000
Peter Cawdron                     77,320                      3,750
Peter So                          77,320                      3,750


The shares were issued at a price of 4.85p, being the average of the closing
mid-market prices of Ordinary Shares for the five trading days to 28 September
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.