Independent proxy voting advisory firm Glass Lewis & Co. LLC advised stockholders of Toronto-based Street Capital Group Inc. to vote to approve the plan to sell Street Capital to RFA Capital Holdings Inc. for C$85 million in cash, or 68 cents per share.

The arrangement is subject to Street Capital shareholders' approval at a special meeting Aug. 16.

Glass Lewis noted that since Street Capital would need an immediate capital injection and continued access to funding if it does not sell, the "proposed outcome is fairly attractive here."

Another proxy advisory firm, International Shareholders Services, earlier gave the same recommendation to Street Capital stockholders.