Result of EGM

Lupus Capital PLC
24 May 2004

Lupus Capital plc

Result of EGM

A meeting of shareholders held earlier today approved a special resolution
regarding the cancellation of the share premuim account as described in the
circular dated 27 April 2004. Cancellation of the share premium account is
subject to the sanction of the Court.

A further announcement will be made following the Court hearing of the Company's
petition for cancellation of the share premium account which is expected to be
heard on 16 June 2004.


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