	first city fcy sells yale nutone units first city industries inc said it has reached a definitive agreement to sell its nuton and yale security subsidiaries to valor plc for mln dlrs and warrants to purchase two mln valor ordinary shares in addition the company said it will recieve a special dividend of mln dlrs from nutone and yale and it has agreed to buy mln dlrs of valor convertible preference shares first city said it is seeking to increase shareholder values by improving and realizing the values inherent in its operating subsidiaries the company said the transaction is subject to approval by shareholders of valor and is expected to be completed within days it said valor has arranged financing through an issue of ordinary and convertible preference shares underwritten by hoare govette ltd and barclays de zoete wedd ltd nutone makes built in electric products for the housing market and yale makes door locks and electronic security products valor makes home products reuter 
