Further re Result of EGM etc

Billam PLC
1 June 2000

                                       
                                  Billam plc

Creditors and shareholders approved a company voluntary arrangement on 30  May
2000,   at  the  offices  of  Billam's  nominated  adviser,  Peel  Hunt   plc,
subsequently   shareholders   approved  all   resolutions   at   the   ensuing
Extraordinary General Meeting.

Outgoing  directors signed accounts statutory accounts of  the  period  to  31
December  1999 which included substantial write-downs and write-offs  relating
specifically to the period of receivership and cessation of trade of  all  the
subsidiaries.

The Company has raised approximately £1.4 million through a private placing of
505,411,750  new  ordinary  shares.  Accordingly  the  enlarged  issued  share
capital at today's date is 509,461,750 new ordinary shares of 0.1p each.   The
Company  expects  to  issue approximately a further  29,104,000  new  ordinary
shares of 0.1p each to creditors pursuant to the company voluntary arrangement
as directed by the administrator of the CVA.

New  directors  have  been appointed to run Billam as a pan  European  venture
capital  company  focusing on ambitious business to business technology  based
companies.  It intends to make its first investment a pre-flotation funding in
June  (details  of  the investee company which is based  in  Germany  will  be
announced following the investment).

The  new  directors  of the Company are encouraged by the  prospects  of  high
quality  business opportunities for the Company over the next 12 months.  They
will  announce strategic additions to the Board of directors and its  advisory
panel in due course.