looks like the rbs people are voting yes, page-9

http://www.theaustralian.com.au/business/industry-sectors/investors-back-18bn-babcock-brown-recapitalisation/story-e6frg97o-1225798144735

Investors back $1.8bn Babcock & Brown recapitalisation

* Scott Murdoch
* From: The Australian
* November 16, 2009 11:39AM

INVESTORS in Babcock and Brown Infrastructure are expected to approve the $1.8 billion recapitalisation plan, as the group warned bankruptcy was a "stark alternative" for the embattled company.

Chairman David Hamill has told the company's annual meeting in Sydney, that BBI needed to restructure its debt and finances and bring in a cornerstone investor, Brookfield Asset Management, to stay afloat.

“The stark alternative that is sitting there is in all of our minds as security holders,'' Mr Hamill said.

The board of BBI, which has also proposed reverting back to its original name of Prime Infrastructure, has faced criticism over the recapitalisation plan that will include a $625 million equity issue to both Brookfield and institutional investors, along with a $250m share purchase plan for retail shareholders.

The early proxy numbers showed an 88 per cent approval rate, with a further 9 per cent of open votes which will be voted in favour of the move.

The proxies also revealed a strong dissent towards the BBI remuneration report and the re-election of directors Barry Upson and Leigh Hall who have received just 51 per cent support, but are expected to survive.

Mr Hamill told the meeting the board had to restructure the debt and not to create an overhang between new and old equity in the company.