EGM Statement

Lupus Capital PLC
28 November 2002

28 November 2002

                   Announcement to the London Stock Exchange


Lupus Capital plc ('Lupus' or 'the Company') announces that all resolutions put
forward for consideration at the Extraordinary General Meeting today, 28th
November 2002, were passed.

In consequence, Mr K P Legg, Mr F A G Hoad and Mr R H Tate have become directors
of the Company.  Mr C Ryder, Mr J Orr, Mr P Cawdron and Mr P So have ceased to
be directors.

In addition, Mr O Stoken announced his resignation as Chairman and as a director
of the Company.

The Board, as reconstituted, has appointed Progressive Value Management Limited
('PVML') as manager of the Company and Cavendish Administration Limited as
Company secretary and administrator.  The Board has instructed PVML to pursue
the objectives stated in the EGM requisition, namely to enhance and to deliver
value for all shareholders of the Company.


                                    - Ends -


For further information, please contact:

Progressive Value Management Limited            Tel: [phone]
Robert Legget

Merlin Financial                                Tel: [phone]
Paul Downes


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