Further re: Issue Of Equity

Billam PLC
16 May 2003

                                   BILLAM PLC

                          FURTHER RE: ISSUE OF EQUITY

Further to the announcements released by Billam Plc ('Billam' or 'the Company')
on 12 May and 14 May 2003. The Company announces that it has postponed its plans
for the proposed placing until further notice and after the preliminary results
for the year ended 31 December 2002 have been announced.


Enquiries:

Billam Plc                     020 7336 1300
Angus Forrest
Peter Hoskins



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