Result of EGM and Open Offer

Lupus Capital PLC
29 March 2006

  Not for release, publication or distribution into the United States, Canada,
                               Japan or Australia



                  Lupus Capital plc ('Lupus' or 'the Company')



            Results of Open Offer and Extraordinary General Meeting



Result of Open Offer



On 3 March 2006, Lupus announced the proposed acquisition of the Schlegel
building products business and the conditional Placing of 378,571,429 New
Ordinary Shares at an issue price of 14 pence per share.  Of these New Ordinary
Shares, 79,232,095 were subject to clawback by way of the Open Offer to existing
Lupus shareholders on the basis of a basic entitlement of one New Ordinary Share
for every three Existing Ordinary Shares, together with an Excess Application
Facility.



In total, valid applications had been received by the close of the Open Offer at
3.00p.m. on 27 March 2006 for 106,557,511 New Ordinary Shares. Of these total
applications, 65,706,672 New Ordinary Shares were applied for pursuant to
shareholders' Basic Entitlements and 40,850,839 New Ordinary Shares under the
Excess Application Facility. The total valid applications received represent
134.5 per cent. of the New Ordinary Shares offered under the Open Offer. Excess
Applications will therefore be scaled down in accordance with the terms of the
Prospectus, such that the total number of Ordinary Shares issued under the Open
Offer is 79,232,095 New Ordinary Shares.  Surplus monies received by the
receiving agents, Capita Registrars, in relation to Excess Applications which
have been scaled down, will be returned to applicants as soon as possible
following completion.



Result of the Extraordinary General Meeting



At the Extraordinary General Meeting ('EGM') of the Company held today, all the
resolutions set out in the notice of EGM and the prospectus dated 6 March 2006
were duly passed.



Accordingly, it is expected that, with effect from 8 a.m. on 4 April 2006, the
Company's current listing on the Official List will be cancelled and
simultaneously the enlarged issued share capital of Lupus, following the placing
and open offer in relation to the acquisition of the Schlegel building products
division, will be admitted to trading on AIM.



Terms used in this announcement shall have the same meanings as set out in the
Prospectus dated 6 March 2006.



Enquiries:

Alan Frame

Equity Development

0207 405 7777



HSBC Bank plc:
Rupert Faure Walker                Nick Donald

Managing Director                  Head of UK Equity Capital Markets

0207 992 2101                      0207 992 2151



HSBC is acting exclusively for Lupus Capital plc and no one else in relation to
the Placing and Open Offer and will not be responsible to anyone other than
Lupus for providing the protections afforded to their clients or for providing
advice in relation to the Placing and Open Offer or any other matter referred to
in this announcement.



This announcement and the information contained herein are not an offer for sale
of securities in or into the United States, Australia, Canada or Japan or in any
other jurisdiction. The Ordinary Shares, nor any rights to subscribe for such
Ordinary Shares, have not been and are not being registered under the United
State Securities Act of 1933, as amended (the Securities Act) and may not be
offered or sold in the United States or to or for the account or benefit of US
persons (as such terms are defined in Regulation S under such Act) absent
registration under, or an exemption from registration under, or in a transaction
not subject to the requirements of, the Securities Act. There is no public offer
of securities in the United States.



This announcement and the information contained herein does not constitute an
offer to sell, exchange or transfer any securities of Lupus Capital plc and is
not soliciting an offer to purchase, exchange or transfer such securities in any
jurisdiction where the offer, sale, exchange or transfer is not permitted or to
any person or entity to whom it is unlawful to make that offer, sale, exchange
or transfer.






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