BBI Infrastructure: strong vote for Brookfield plan

 @ibtimes on November 12 2009 11:21 AM

Babcock & Brown Infrastructure shareholders have voted so far are strongly in favor of a $1.6 billion recapitalization plan backed by Canada's Brookfield group, BBI's chief financial officer said on Thursday.

So far the voting trend we've seen is very, very positive, CFO Jonathon Sellar told Reuters, with 98 percent so far in favor out of the 30 percent of the group's ordinary and preference shareholders who have voted.

Sellar called rumors of another proposal, being put together by Royal Bank of Scotland just noise distracting shareholders from the vote on the Brookfield plan set for Monday.

RBS is one of BBI's corporate lenders, and is not backing the rumored counter proposal being put together by another arm of RBS, he said.

The only transaction they have support for is the current proposal with Brookfield, he added.

(Reporting by Sonali Paul, editing by Denny Thomas)

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