	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 warrants for every stg nominal of deferred stock already held to mark the th anniversary of the company each warrant will give the right to subscribe for one stg nominal of deferred stock at p during a specified period in the five years starting in p and o deferred shares were last quoted at p down p since yesterday after the company reported pre tax profit of mln stg against mln for p and o said 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 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 reuter 
