RE: UK vs US Close >> Thursday15 Dec 2025 08:36
Mr Noisey.! (or Mrs Noisey of course)
In Essence there are 3 x Share types you can buy for Carnival.
CCL in the US in USD$'s.
CUK in the US in USD$'s
CUK in the UK in GBP£'s.
All the shares are linked.
CCL in the US in essence is the main share, it's the share that carries the voting rights.
CUK in the US and CUK in the UK are exactly the same share, purely adjusted for the Exchange differences between USD$ and GBP£.
CUK trades at a discount to the CCL shares because the CUK shares don't have voting rights.
BUT... In essence, all the shares are the "same value".
So let me try to use an example.
Let's assume the "discount" for the voting rights is lets say 20%.... and let's say the GBP to USD Conversion is $1.60 to £1.
So CCL share is $2.
Therefore CUK USD$ is therefore $1.60
and therefore CUK GBP£ is £1....
If the CUK GBP£ share jumped to £2, you would see the CUK USD$ share at $3.20, and the CCL share at $4.
Inside the share price the logic, links, pricing is all the same.
The differences are only at a point in time depending on the slight movement of the Exchange Rate.
But eventually everything rebalances back out again anyway.
If you bought CUK shares in USD$, in essence you would actually be worse off. The reason is that when you bought them you would pay an exchange rate fee, and when you sold them you would pay it again.
But when you buy a CUK GBP£ share, you are buying it is GBP Pounds, so you don't get an exchange fee, as the conversion is already in the price.
So, long answer to the simple question, but the answer is no. There is no difference and you might as well buy in CUK GBP£'s.
The US Dollar to GBP £ fluctuations do make a huge difference in the pricing.
In January the $ to £ was $1.21 to £1. Friday it was $1.34 to £1. That may not sound like a lot but...
At Friday, the closing price of $25.63 would have been £21.18 in January, instead it was £19.15 (all numbers exchange rates are rounded for ease)....
Thats a huge £2 difference purely because of the Exchange Rate differences between now and January.
Typing over, Hope it helped.
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