Looking for a P&O perk today?
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P&O Cruises
Carnival Corporation shareholders can get onboard credit on P&O Cruises sailings. Our cruise guide explains who qualifies and how to claim.
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P&O Ferries
P&O Ferries’ concessionary fare scheme uses Concessionary Units, not shares. Buying shares today does not qualify you for that scheme.
P&O, the Peninsular and Oriental Steam Navigation Company, ran container ports and ferry services. It split off its cruise business in 2000, before DP World bought the company in 2006.
This scheme has endedP&O’s shareholder ferry discount ended when DP World bought the company on 8 March 2006. Former holders could retain discount rights through a replacement scheme whose units are not shares.
History of the perk
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Stock delisted
The takeover cancelled P&O’s stock on 8 March 2006, and the stock left the exchange the next day. Concessionary stockholders could choose £1.20 in cash per unit of stock, or £1 plus a Concessionary Unit preserving their ferry discount rights.
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Cruise business demerged
P&O Princess Cruises began trading separately; the ferries and the concessionary stock stayed with P&O.
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Terms as published
The annual report distinguished the formal ferry scheme from discounts that the directors could vary or withdraw. It referred shareholders to the Company Secretary for details.
What shareholders got
P&O offered reduced ferry fares through two arrangements. Its formal Concessionary Fare Scheme entitled holders of 5.5% concessionary stock to discounts on specified routes. Other discounts depended on the directors’ approval each year. The annual reports listed the routes without giving discount rates.
Who qualified
Qualifying shares: 5.5% concessionary stock for the formal scheme; deferred, preferred or concessionary stock for the discretionary concessions.
Shares held through a broker
Eligibility for broker-held stock is unconfirmed.
Previous claim process
Shareholders could request details by writing to the Company Secretary. The booking process and required proof of ownership are unconfirmed.
Dates
The former terms did not specify any qualifying date, minimum holding period or expiry date.
- Scheme ended
Practical notes
Which routes qualified
The formal scheme covered Portsmouth–Cherbourg, Portsmouth–Le Havre and Cairnryan–Larne. Concessionary stockholders also received discounts on Dover–Calais at the directors’ discretion.
The directors approved further discounts for holders of deferred, preferred or concessionary stock. These covered Portsmouth–Bilbao, Hull–Zeebrugge and Hull–Rotterdam, plus Orkney and Shetland services outside July and August.
What replaced the shares
Former stockholders could choose to receive Concessionary Units in the takeover. These units preserve contractual rights to discounted P&O Ferries travel, but do not represent ownership of the company. P&O Ferries publishes separate rules for unit holders.
The cruise business
P&O separated its cruise business in October 2000 as P&O Princess Cruises. That company became Carnival plc in 2003. The ferry discount stayed with P&O. P&O Princess Cruises’ shareholder documents from 2000 to 2002 included no travel benefit.