P AND O PLANS WARRANT ISSUE TO MARK ANNIVERSARY

  Peninsular and Oriental Steam Navigation
  Co Plc &lt;PORL.L>, P and O, said it plans a free warrant issue on
  the basis of 10 warrants for every 150 stg nominal of deferred
  stock already held, to mark the 150th anniversary of the
  company.
      Each warrant will give the right to subscribe for one stg
  nominal of deferred stock at 750p during a specified period in
  the five years starting in 1988.
      P and O deferred shares were last quoted at 629p, down 1p
  since yesterday, after the company reported 1986 pre-tax profit
  of 174.1 mln stg against 125.6 mln for 1985.
      P and O said 1986 produced an acceptable level of growth,
  though ground has to be made up in one or two areas.
      The company has a strong balance sheet and considerable
  flexibility for 1987, it added. P and O will concentrate on
  expanding in its established market sectors.
      Commenting on the recent ferry disaster in the North Sea
  off Zeebrugge, the statement said the precise cause is unknown.
  The company has instituted an immediate investigation and both
  the British and Belgian governments are conducting inquiries.
      The stricken ferry, the Herald of Free Enterprise, belongs
  to Townsend Thoresen, which became part of P and O in January.
      P and O is considering listing its shares in Japan and
  other important overseas financial centres, the statement
  added.
  

