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The Independent Online
Norcity 11, a business expansion scheme property business, is the subject of an unusual takeover bid. Neill Clerk Capital has organised an offer from Norcity Residential Unit Trust which could work out at 104p a share. Accepting shareholdings can only redeem half their units; if they want to sell the rest in the first year they suffer a penalty. In effect they would get an average price equal to 83.98p against 97.5p in the market. Neill Clerk says the bid is the best way to provide the former BES shareholders with an exit near to asset value.

World Fluids plans to raise pounds 5m through a placing and open offer to buy a heavy equipment group and a fork lift hire firm. Talks continue to take over Peterhead Crane Co. The shares remains suspended.