Issue of Equity

Billam PLC
18 November 2003


                                   Billam Plc

                    Placing and appointment of joint brokers

Placing

Billam announces that it has today issued 49,999,953 new ordinary shares of 0.1
pence each at a price of 0.30 pence per share to raise a total of approximately
£150,000. 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.

The Directors have participated in the placing on the same terms as all other
placees as follows:

Director          Number of   Price        % of      Enlarged       % of
                     shares              issued       holding     issued
                 subscribed               share                    share
                                        capital                  capital

Victor Beamish    5,000,000   0.3 p       0.31%   15,500,000       0.96%
Angus Forrest     6,599,953   0.3 p       0.41%  161,949,953      10.02%
Juliet Hoskins    1,330,000   0.3 p       0.08%    5,230,000       0.32%

All these new ordinary shares are expected to be admitted to AIM and to commence
trading at 8.00 a.m. on 21 November 2003.

Appointment of Joint broker

Seymour Pierce Ellis is appointed as joint broker with effect from 17 November
2003.

Enquiries:

Billam Plc              020 7336 1300
Angus Forrest




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