Flotation of Investee Company

Billam PLC
03 December 2003

                                   BILLAM PLC

                    POTENTIAL FLOTATION OF INVESTEE COMPANY

Billam announces that one of its investee companies, EiRx Therapeutics Limited,
is in advanced stages of floating on the Alternative Investment Market of the
London Stock Exchange and is hopeful of achieving this by the end of December
2003.

Billam holds approximately 36% of EiRx Therapeutics Limited's share capital. The
aggregate cost of this investment is currently valued in Billam's balance sheet
at £2.2 million.


Enquiries:
Billam PLC           0207 336 1300
Victor Beamish (Chairman)
Angus Forrest (Managing Director)



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