will it be a yes or no vote on monday?, page-13

IMO, there will be a yes vote.

RBS, and the hedge funds sponsoring it did not play a smart game.

They could have gone to the Takeovers Panel weeks ago and would have had a very good chance of overturning a number of the BAM conditions overturned - for example the break fees which are outside the guidelines (i.e. they were payable even if the EGM rejected the bid and they are in respect of all the contributed equity - not just the equity contributed by BAM) also the options etc given to BAM and the sale of DBay would have had a high liklihood of going as well.

If a Takeover Panel application had been made - there would have been a high likelihood that BAM would have been forced to improve the deal for the BEPPA's because the threats by the hedge funds would have had some credit.

However, the hedgefunds and RBS chose not to make an application to the takeovers panel - who knows why? Perhaps they thought they had the numbers? Perhaps they thought they could bluff? Or perhaps they didn't want to have to say the takeovers panel that they had an alternative bid ready to go.

In any event, assuming the yes vote gets up (which I think it will) - it is a very disappointing victory - for those of us who bought at 10 cents etc. We will make good money - but not as much as we were entitled to.

Moreover, BAM has made out like bandits. I believe very strongly this company was not going into VA (and have it on good authority that it would not have) - but that there was a very obvious PR strategy of promoting this as the only alternative - and the gulliable press etc fell for it.

BAM did what you would expect them to do - and they played a good game.

However, IMO - the management of BBI and the directors of BBI are an absolute disgrace.

They have been conflicted all over the place.

They acted as advocates for BAM when they should have been doing everything possible to get another competitive bid - which they did not do - in fact they did the opposite. Continually rebuffing RBS (who should have been encouraged - however hopeless they may have been).

They have not acted in the interests of the owners (i.e. those who hold BBI securities or BEPPAs) they have instead acted in their own interests (watch to see if there are bonuses for the deal going through - they will be hidden in the accounts but it may be able to find them).

In any event, they will keep their jobs - when they have shown incompetence at every stage of the process - they didn't even know the capital structure of their company (re the BEPPAs) until it was pointed out to them by Bronte Capital.

it is a very sad state of affairs - but it shouldn't be surprising - just disappointing - despite it having been profitable for some of us.

good luck to everyone - over and out.

DYOR - BEPPAS only