Further re Issue of Equity

Billam PLC
14 May 2003


BILLAM PLC

Further to the announcement released on 12 May 2003, concerning an issue of
180,000,000 new ordinary shares, Angus Forrest's subscription for 71,250,000 new
ordinary shares has been cancelled. This is due to Billam Plc being in a close
period and any subscription by Mr Forrest at this time would constitute a breach
of the AIM Rules.

Mr Forrest is fully committed to Billam and currently intends to purchase shares
in the Company to the same value as soon as he is able to do so.

Billam Plc is attempting to place these 71,250,000 new ordinary shares with
other private investors. In the event that it is unable to do this, the Company
will cancel the entire placing.


Enquiries:

Billam Plc                     020 7336 1300
Angus Forrest
Peter Hoskins



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