ENGI.L Regulatory News (ENGI)

30 Mar 2007 07:02

Billam PLC30 March 2007 Billam plc (the "Company") Revision to compromise agreement Billam plc announced at its Annual General Meeting held on 14 July 2006 thatagreement had been reached with the Company's creditor and former ChiefExecutive, Angus Forrest to settle the outstanding balance owed to him in cashover a two year period. A further agreement has now been reached by which Billam will make an earlypayment to Mr Forrest and in return he will receive the Company's shareholdingsin TMO Biotech Limited ("TMO"), Intellego Holdings plc and the balance beingmade up of shares in Cybit Holdings plc for a total consideration of £215,000.The holding in TMO is being sold at a profit of £36,426 and the two quotedholdings are being sold at the bid and mid market price respectively. The outstanding total sum of £177,456.30 will be paid to Mr Forrest in three,equal installments, commencing on 30 September 2007 and ending on 30 September2008. Enquiries: Simon Bennett Tel: +44 (0) 20 7222 1918 Chairman This information is provided by RNS The company news service from the London Stock Exchange