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Proxy firm advises Street Capital shareholders to accept RFA Capital cash offer

Proxy advisory firm International Shareholder Services recommended that Street Capital Group Inc. shareholders approve RFA Capital Holdings Inc.'s all-cash offer for the company's entire share capital.

Under a June 17 plan of agreement, RFA Capital could acquire all of Street Capital's share capital for C$85 million in cash. This represents value for investment at a significant premium and certainty of immediate liquidity, International Shareholder Services said in an Aug. 12 release.

The offer is subject to shareholder approval at a special meeting Aug. 16, with the plan of arrangement subject to customary closing conditions.