Issue of Equity

Billam PLC
22 July 2004


                               Billam Plc (BLLM)
                                     (AIM)

                                    Placing

Placing

Billam Plc (Billam) is pleased to announce that it has today raised
approximately £750,000 by issuing 3,947,368 new Ordinary shares of 10 pence each
at a price of 19 pence per share. These new ordinary shares have been placed
with institutions and professional investors. The proceeds will be used to
progress existing investments to flotation, to make further investments and
provide working capital.

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

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

Victor Beamish    526,315    19 p            2.62%     681,315            3.39%
Angus Forrest     526,315    19 p            2.62%   2,146,414           10.66%

Application has been made for the new Ordinary shares to be admitted to AIM and
are expected to commence trading at 8.00 a.m. on 28 July 2004.

Commenting on the placing, Billam Chief Executive, Angus Forrest, said: 'The
Board is pleased to have completed the placing at a price above the current
mid-market share price and looks forward to making further announcements in the
near future.'

Enquiries:

Billam Plc 020 7336 1300
Angus Forrest

Bishopsgate Communications 020 7490 1600
Maxine Barnes / Dominic Barretto



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