looks like the rbs people are voting yes, page-8

http://news.smh.com.au/breaking-news-business/bbi-denies-rbs-recap-proposal-rumours-20091116-igvs.html

AAP

Babcock and Brown Infrastructure Ltd (BBI) has denied speculation that UK-based lender Royal Bank of Scotland (RBS) might put up an alternative recapitalisation proposal to that due to be voted on at security holder meetings on Monday.

BBI said prior to Monday's meeting that RBS had confirmed "that there was no alternative recapitalisation proposal", denying speculation that BBI said had been published in the media.

"RBS confirmed to BBI over the weekend that there was no alternative recapitalisation proposal," BBI said in a statement on Monday.

In view of this, the company said the existing recapitalisation plan "is critical in securing the financial position of BBI and is the only proposal available to BBI securityholders and EPS holders that is capable of being executed.

"It would take considerable time to develop any alternative proposal," BBI said.

"The processes of due diligence, transaction negotiations, lender and other consents, shareholder documentation and regulatory approvals mean that it is unlikely that an alternative proposal could be implemented until 2010, if at all.

"In the meantime, BBI would be exposed to asset and corporate level debt maturities and other possible negative financial impacts."

BBI said its directors continued to "strongly recommend that BBI securityholders and EPS holders respectively vote in favour of the Recapitalisation Resolutions applicable to them."

In its letter to BBI, RBS said there had been "strong interest in developing an alternative" to the standing recapitalisation proposal, but "at this stage an alternative recapitalisation proposal will not be submitted to BBI.

"If the current... proposal is not approved at the meetings on November 16, 2009, an alternative proposal may be developed".

RBS denied that it had encouraged voters not to support the current proposal.

© 2009 AAP