Statement re. Press Comment

Lupus Capital PLC
01 February 2006

                             For immediate release



                                1 February 2006


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


                         Response to press speculation



The Board of Lupus has noted today's press speculation and confirms that it is
in discussions concerning a potential acquisition.



Discussions are ongoing and there can be no certainty that any acquisition will
be completed.  If the potential acquisition proceeds it will be financed in part
by a significant equity issue in excess of the current market capitalisation of
Lupus.



A further announcement will be made as and when appropriate.



Enquiries:

Alan Frame (Equity Development)
0207 405 7777
07850 944187

Nick Donald
HSBC
0207 992 2151


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