looks like the rbs people are voting yes, page-10

http://www.smh.com.au/business/bbi-recapitalisation-wins-backing-20091116-igu2.html

BBI recapitalisation wins backing
STUART WASHINGTON
November 16, 2009 - 11:39AM
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Babcock and Brown Infrastructure investors have overwhelmingly endorsed a proposed recapitalisation of the ailing infrastructure group, based on proxy results released to a security-holders meeting this morning.

A series of resolutions supporting a $1.3 billion recapitalisation of BBI were passed on proxy votes of more than 80 per cent, meaning the vote from the floor of the meeting, to be released later today, will almost certainly support the proposal.

BBI exchangeable preference share holders are due to vote on the recapitalisation at a meeting starting at noon today, and could yet veto the proposal.

At this morning’s meeting shareholders expressed their anger at the fate of the once-lauded company, with one shareholder asking for an apology from chairman David Hamill.

"The company has been grossly over-geared...we left ourselves completely vulnerable to this disaster happening," the shareholder said.

Mr Hamill was also forced to defend a drastic consolidation of shareholders’ stakes in which every 15000 shares currently held converts to one share.

A shareholder protested at the policy that any shareholders with less than 15000 units would be wiped out completely.

Mr Hamill said the recapitalisation was the only alternative available to BBI, and said 4 cents a share for existing shareholders was better than nothing.

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