AGM Statement

14 JULY 2006

                             BILLAM PLC

                            AGM STATEMENT

Simon Bennett, Non Executive Chairman of Billam plc ("Billam" or "the
Company"), will  make  the  following  statement  at  today's  Annual
General Meeting (AGM):

"Shareholders will  note from  the  accounts for  the year  ended  31
December 2005 that Victor Beamish is not standing for re-election  as
director and Chairman  of the Company  and I have  been requested  to
take this position.

"I am pleased to report that following the EGM held on 24 March 2006,
an agreement has been reached with our former Chief Executive,  Angus
Forrest whereby he will  work, on the  Company's behalf, through  his
notice period of 12 months commencing from 1 May 2006. Angus, who  is
Billam's  largest  creditor,   is  owed  over   £500,000  of   unpaid
remuneration and loans as disclosed  in the Company's accounts.   The
Company has  agreed  to  settle the  outstanding  amount,  partly  in
ordinary shares of 20p each  to be issued at  30p per share, and  the
balance in cash over two years.

"Victor Beamish is also owed £30,000  and an agreement has also  been
reached with him to settle the outstanding amount, partly in ordinary
shares of 20p each to be issued at 30p per share and the balance over
3 months.

"Consequently, application  will be  made  for 137,168  new  ordinary
shares arising  from  the settlement  with  Angus and  Victor  to  be
admitted to trading on  AIM. These shares will  rank pari passu  with
the existing ordinary shares of the Company and dealings are expected
to commence on 19 July 2006.

"Since the EGM the  Board has been  reviewing the Company's  existing
portfolio of investments. Following this  review we have taken  steps
to liquidate Billam's holdings in both Sosei and Inaplex.  The  Board
is also arranging meetings with the executive managements of some  of
the other companies  in which  the Company has  a significant  stake,
before making any further decisions. In the meantime, the Company  is
considering other investment opportunities (which the Board  believes
will improve  the Company's  financial  performance) and  is  seeking
shareholders' approval to change Billam's investment strategy.

"The Board is also continuing  to review the Company's overhead  base
and significant  reductions are  already being  made in  a number  of
areas.

Your Board is  confident at improving  the Company's performance  and
looks forward to reporting progress over the next year."

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ENQUIRIES:

Bishopsgate Communications
                                                 020 7430 1600
Nick Rome
Fran Read

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