Issue of Equity

Billam PLC
13 May 2003


                                   BILLAM PLC


                  ISSUE OF EQUITY AND DIRECTOR'S SHAREHOLDING



Billam announces that it has issued 180,000,000 new ordinary shares of 0.1 pence
each at a price of 0.2 pence per share to raise a total of £360,000. These new
ordinary shares have been placed with private investors and the proceeds will be
used by Billam for working capital and to make further investments in investee
companies.


Angus Forrest, managing director, has subscribed £142,500 for 71,250,000 of
these new ordinary shares. Following this subscription, Mr Forrest is interested
in 155,350,000 ordinary shares of 0.1 pence each, representing approximately
11.36% of Billam Plc.


All these new ordinary shares are expected to be admitted to AIM and to commence
trading at 8.00 a.m. on Friday, 16 May 2003.







Enquiries:

Billam Plc                     020 7336 1300

Angus Forrest

Peter Hoskins








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