New Investment

Billam PLC
18 June 2002



                                  BILLAM PLC

                     Investment in Henderson Morley Plc

18 June 2002

The Directors of Billam Plc today announced that they had subscribed for
2,727,276 new ordinary shares in Henderson Morley plc, representing 1.722% of
the share capital of the company, at a placing price of 2.75p per share. Billam
will also be granted an option to subscribe for a further 2,727,273 new ordinary
shares at the same price.  This option is exercisable until 13 December 2002.

Henderson Morley Plc is currently researching anti viral drugs and compounds
with a focus on the Herpes Simplex virus.

For further information please contact Peter Hoskins

Telephone [phone]


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