P AND O PLANS WARRANT ISSUE TO MARK ANNIVERSARY Peninsular and Oriental Steam Navigation Co Plc <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.