JOHN Bairstow's Queens Moat Houses is home and dry in its #165m battle

for control of the Norfolk Capital Group -- although by the narrowest of

margins.

Acceptances received by lunchtime yesterday totalled 178 million

shares or 42.95%. Together with shares purchased earlier, Queens Moat

now has 52.9% and has declared the offer unconditional.

Throughout, Mr Bairstow had been playing a shrewd game even if the

offer price was very tight. Without doubt, he has won a considerable

bargain as the all paper offer price was worth about 38p yesterday

compared with Norfolk's net assets of 53p.

Throughout, the board rows at Norfolk had left its defence largely in

tatters even when it first appeared with two former directors, Lady

Joseph and Anthony Good, both highly critical of its management and

recommending the Queens Moat offer.

The agreement by Peter Tyrie's Balmoral International to give its 13%

conditional support to Queens Moat was the crucial factor in swinging

the battle.

Balmoral initially tried to generate shareholder support for a

boardroom coup but when that was defeated, he tried to buy the

Caledonian and Royal British Hotels in Edinburgh from Norfolk.

Mr Bairstow made it clear earlier this month when he declared his bid

final that he would not be prepared to sell these two assets.