Issue of Equity

Billam PLC
10 June 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 in cash for 71,250,000
of these new ordinary shares. This subscription represents 5.21% of Billam's
issued share capital as enlarged by this issue of equity. Under the AIM Rules,
the subscription is deemed to be a transaction with a related party. The
Directors other than Angus Forrest consider, having consulted with KBC Peel
Hunt, that the terms of this subscription by Mr Forrest are fair and reasonable
insofar as the holders of Billam shares are concerned.


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 Monday, 16 June 2003.



Enquiries:

Billam Plc                     020 7336 1300
Angus Forrest
Peter Hoskins



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