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 400 mln dlrs and warrants to purchase two mln Valor ordinary shares. In addition, the company said it will recieve a special dividend of 60 mln dlrs from Nutone and Yale and it has agreed to buy 35 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 40 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.