In a letter received over the weekend, BBI said RBS had advised...

In a letter received over the weekend, BBI said RBS had advised that it would not put forward a $1.5 billion alternative plan, although it did not rule out doing so if security holders voted against the Brookfield proposal at today's meeting.

"Whilst there has been strong interest in developing an alternative to the current recapitalisation proposal, at this stage an alternative capitalisation will not be submitted to BBI," RBS Australia and New Zealand chief executive Stephen Williams said in the letter, posted on the Australian Securities Exchange (ASX).

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