18Africa

18Africa Rulebook

Table of Contents

1 Introduction

1.1 Game Description

18Africa is a railroad game set in the entire continent of Africa. The players take on the road of railroad investors and Directors, with the objective of making money.

A player earns money largely through owning shares of Stock in the several railroad Companies. Stock shares make money in two ways -- they can provide cash through dividend payments and they can increase in value if the Company is well operated. Money can also be earned through the purchase of government Bonds or Private Companies ("Privates"), which will pay out a regular income.

The play of 18Africa is composed of a repeating sequence of one Stock Round followed by two Operating Rounds. In a Stock Round, players have the opportunity to buy and sell Stock, Bonds, and Privates. In an Operating Round, the majority shareholder in each Company will run it, performing various actions on its behalf.

The game ends when at least one of the following occurs:

The Bank funds are exhausted
A Stock reaches £400 in value

The winner is the wealthiest player at the end of the game. A player's wealth is made up of his/her personal cash and his/her Stock at the current Market Value. A Company's Market Value is boosted for the assets -- trains, Privates and Stock in other Companies -- it owns.

18Africa is largely based on Francis Tresham's 1829 Mainline, and has many departures from the typical 18xx ruleset. A summary of things to remember (and things to forget) can be found on the last page.

1.2 Preparing for Play

Lay out the board and seat the players around it in a random order. Designate one player to be the Banker, or decide that each player will manage their own funds. Leave enough space for the possessions of each player, the Bank funds, the trains, and the track tiles.

Prepare a bank of £14,000 and give each player an amount of starting money (from the £14,000 bank) according to the table below.

No. of Players	Money	Certs. Dealt
2	£782	16 (8)
3	£694	14 (7)
4	£606	12 (6)
5	£518	10 (5)
6	£430	8 (4)
7	£342	6 (3)

Sort the trains by type and lay them next to the board. The '2' trains should be placed on top (or above) the '3' trains which should be placed on top of the '4E' trains. The remaining trains can be laid below the '4E' trains in no particular order.

With two players, remove one '2' and one '3' train from the game.

Sort and lay out the track tiles. If space is limited, lay out the yellow tiles and leave the others in a stack, open to inspection.

Shuffle the 17 Company Charters and select 9 of them (7 in a 2 player game). Return the Charters, Certificates, and tokens of the 8 (or 10) Companies not chosen to the box -- they will not be used. Shuffle the Certificates of each Company (9 each) together with the Privates (6 total) to form a face-down deck (Each Private has a matching card without text. Do not shuffle these in, set them aside). Deal each player a number of Shares/Privates from the deck according to the table above. Players should keep these hidden from the others. Place the remaining Shares/Privates face down on the spot labeled "Bank Deck". Flip the top card of the Bank Deck face up on to the space labeled "Bank Discard".

Each player inspects his hand of dealt cards and discards half of them, face down. Shuffle the discards, so that no one knows who discarded what, and then display them face up in the middle of the table. Randomly determine a start player. That player will nominate one of the discarded Shares/Privates to be auctioned and declares a starting bid of any amount (including zero).

Bidding proceeds clockwise around the table with each player either raising the bid in any increment or passing until all players have passed. A player who has passed may not reenter the bid. The winner of a bid takes the Share/Private into his hand with the other Shares/Privates he kept earlier. He does not own these Shares/Privates, rather these represent the right to purchase those Shares/Privates at a later time. The player must eventually pay the amount indicated on the Share/Private to purchase it, which should be kept in mind when deciding how much to bid. The next player clockwise from the nominating player chooses another Share/Private to put up for auction until all of the discarded Shares/Privates are purchased. Give the Priority Deal marker to the player to the left of the player with the least amount of money remaining (break ties randomly).

1.4 Initial Stock and Operating Rounds

The players carry out a Stock Round as described in [2] with the following exceptions:

Players may only purchase Shares from their hand or Bonds.
Players who pass do not flip the top card of the Bank Deck into the Bank Discard.

After the Stock Round, the players carry out two Operating Rounds as described in [3] with the following exception:

The economy is considered to be in Recovery [3.4.7], despite there being no shares in the Bank Pool.

1.5 Concessions Auction

After the first set of Stock/Operating Rounds but before performing the second Stock Round, an auction is held for the Concessions. This allows players to get an idea for which Concessions are desirable.

The player holding the Priority Deal marker starts with any bid. Bids proceed clockwise around the table in any increment until all pass. The highest bidder takes the Concession of his choice, placing it in front of himself. The auctions are repeated, starting with the player to the left of the highest bidder, until there is only one Concession left. Return the remaining Concession to the box -- it will not be used. Play continues with the second Stock Round starting with the holder of the Priority Deal marker.

See [3.4.5] for the use of Concessions.

2 Stock Round

The Stock Round begins with the player holding the Priority Deal marker and proceeds clockwise. On a player's turn very first turn each Stock Round, he can (optionally) sell Shares, Privates, or Bonds [2.1] and then (optionally) choose one of the options for purchasing [2.2]. On subsequent turns, he may only make a purchase; he cannot sell.

A player who purchases nothing is deemed to have passed, and must flip the top card of the Bank Deck face up on to the Bank Discard. Play proceeds until all players have passed consecutively. At this point the Stock Round ends and the Priority Deal marker is given to the player to the left of the last player to make a purchase.

2.1 Selling

During a player's first turn each Stock Round, he may sell any number of Shares, Privates, or Bonds he owns to the Bank.

For each Share sold, he places the Share into the Bank Pool and receives an amount of money equal to the Market Value indicated on the Stock Track. For Companies that have not started and thus do not have a marker on the Stock Track, he receives the amount indicated on the Share.
For each Private sold, he places the Private into the Bank Pool and receives the amount listed under "Cost".
For each Bond sold, he returns the Bond to the indicated space on the board and receives £100.

A Director's Certificate may never be sold directly, but it may be exchanged with another player provided that

a) That player has at least two shares in the Company, which he must give you in exchange for the Director's Certificate.

b) After the sale, that player will hold the most shares in the Company (going clockwise from the previous Director in case of ties).

Thus, once a Director's Certificate is owned by a player it will never end up in the Bank Pool.

2.2 Purchasing

During this step, a player may choose one (and only one) of the following options:

Purchase any number of Shares/Privates from their hand at the printed cost.
Purchase a single Share/Private from the Bank Pool. For Shares, pay the current Market Price (or the printed amount for Companies that have not started). For Privates, pay the listed cost. In either case, money spent goes to the bank, not the Company's Treasury. A player may not purchase a Share from the Bank Pool in a Company that he has already sold this Stock Round. This is only true for Shares in the Bank Pool; he may purchase Shares through the other options without restriction.
Purchase any number of Shares/Privates from the Bank Discard at the printed cost. Shares/Privates must be purchased in order, from the top of the Discard downwards. A player may not "skip" a Share/Private to purchase one further down. If the last Share/Private in the Discard is purchased, the player's turn ends and he flips the top card of the Bank Deck face up onto the Bank Discard. Players are allowed to examine the Bank Discard.
Purchase up to three Shares/Privates from the Bank Deck using the following process: reveal the top card of the Deck and either purchase it at the printed cost or place it back on top. If he decides not to purchase it, his turn is over (if nothing was purchased, he is deemed to have passed). Regardless of the amount purchased, flip the top card of the Bank Deck onto the Bank Discard.
Purchase a single government Bond for £100, spending the money to the Bank. The supply of Bonds is limited.

Please note that:

If the Bank Deck is ever emptied, immediately shuffle the Bank Discard to form a new Bank Deck and flip the top card onto the empty Bank Discard.
If there are three or less Shares/Privates remaining between the Deck and Discard, display all three face up. Any or all of them may be purchased directly in a single turn, paying the printed cost.

2.2.1 Capitalization

Unless a Share is being purchased from the Bank Pool, the Share is always purchased at the printed cost and the money spent is placed on the Company's Treasury.
If a Share is being purchased from the Bank Pool, the amount spent is the current Market Value (or the printed cost if the Company has not started) and the money is spent to the Bank.

2.3 Starting and Controlling a Company

A Company starts when either

a) the Director's Certificate has been purchased or

b) three separate normal Shares in the Company have been purchased (even if they were sold and are not currently held by players).

The controlling player takes the Company Charter in front of himself. One of the Company's tokens is placed on the indicated space of the Stock Track as a Share Price marker. If there are already markers on that space, place it below any markers already there. Another of the Company's tokens is placed on the indicated spot on the map [3.3]. The remaining tokens are placed on the Company's Charter, covering the spaces showing a price.

If the Director's Certificate is in play (if it is owned by a player), then whoever holds it is the Director and controls the Company. The Director's Certificate should always be held by the player with the most Shares in the Company (noting that the Director's Certificate counts as two Shares). If another player surpasses the Director, he immediately exchanges two of his ordinary shares for the Director's Certificate. See [2.1] for change of Directorship through a sale.

If the Director's Certificate is not in play (if it is not owned by a player) then the player holding the most Shares in the Company is the Manager and controls the Company (in case of a tie, the first among the tied players to have reached the tied total is the Manager). If another player surpasses the current Manager, he takes control of the Company (if multiple tied players surpass the Manager at the same time due to the Manager selling shares, control goes to the first tied player clockwise from the previous Manager). If the Director's Certificate later enters play, the Manager immediately exchanges two of his ordinary shares for it unless he has been surpassed. A Manager acts as a Director in every way with the following exceptions:

Unlike the Director's Certificate, a Manager may sell his Shares as they are just ordinary Shares. It is possible to be the Manager of a Company despite owning zero Shares provided no one else surpasses him
A Managed Company that does not have a train backs up 3 spaces on the Stock Track instead of 1 during the Operating Round [3.5.1] unless it immediately purchases a train.

2.4 Certificate Limit

The maximum number of Certificates a player may hold is limited according to the following table:

No. of Players	Cert. Limit	1 Closed Company	2+ Closed Companies
2	28	23	19
3	24	21	18
4	18	16	14
5	15	13	11
6	12	11	9
7	10	9	8

The right-most columns apply if some Companies have closed [3.5.1].

The following count against the certificate limit:

Ordinary Shares owned
Director's Certificates owned (which count as one Certificate despite being worth two Shares)
Privates owned

The following do not count against the certificate limit:

Bonds
Shares/Privates in your hand
Shares/Privates owned by Companies you control [3.7]

A player may not make a purchase if it would put him over his certificate limit. A player who finds himself over his certificate limit (which might happen due to a transfer of Directorship or closure of a Company) is compelled to sell until he is within the limit at the next legal opportunity (and not until then).

3 Operating Rounds

After a Stock Round, two Operating Rounds are performed. An Operating Round consists of the following steps:

Privates and Bonds pay out to the player that owns them or to the Treasury of the Company that owns them. Privates pay the amount indicated under "Income". Bonds pay out depending on the current Economy [3.4.7].
If the Economy is in Depression [3.4.7], move the Share Price marker of each Company back one space.
Each Company operates in order, starting with the Company with the highest Market Value and proceeding downwards. In case of a tie, whichever Company's marker is on top operates earlier.

During its turn in the Operating Round, a Company performs the following in this order:

Lay up to four track tiles or upgrade a single tile [3.2]
Purchase a station token [3.3]
Run its trains [3.4]
Declare or withhold dividends [3.5]
Purchase trains [3.6]
Adjust stock price [3.5]
Sell and purchase Shares/Privates [3.7]

A Company performs all of the listed steps before proceeding to the next Company. Any actions the Company takes are controlled by the Company's Director or Manager. Any costs the Company incurs must come from its Treasury; the Director or Manager may not contribute funds.

3.1 Definitions

To understand the actions in an Operating Round, the following definitions are useful:

Track: the black lines printed on the map or on the track tiles

City: A large, outlined circle or group of circles printed on the map or track tiles. A City with a Company logo inside it is reserved [3.3] if that Company was not removed during setup. The "Brazzaville/Kinshasa" hex and the "Pretoria/Johannesburg" hex (I-21 and M-32) contain two Cities. Not to be confused with the Commodities [3.4.5] (gold, cotton, dates, etc.) which lack an outline.

Town: A smaller, black circle printed on the map or track tiles.

Token: A wooden disc with the Company's logo placed in Cities. A Company, once started, will begin with one Token on the map and may place more later.

Route: A continuous, non-branching length of track that passes through at least one of the Company's Tokens (either in the middle of the route or either end). It may not include any track segment more than once, not even the small track segment at the junctions of certain plain track tiles. A route may not include the same City or Town more than once. A route may end in, but may not pass through, a City completely filled with tokens of different Companies. It is always permitted to pass through a City containing the Company's token or an empty space.

3.2 Laying and Upgrading Track

During this step, the Company may lay up to four yellow track tiles or upgrade a single track tile to the next color.

3.2.1 Laying Yellow Track

If a Company chooses to lay track, it may lay up to four yellow track tiles. Any yellow tile may be chosen, keeping the following restrictions in mind:

Route. In order to lay or upgrade a track tile, the Company must be able to trace a route (of any length) to the track on the new tile.
Play Area. A Company may never lay a tile outside of the board or on top of a pre-printed gray hex, nor may they lay a tile such that the track runs off the board or into a blank side of a gray hex.
Preservation of Features. The Cities and Towns depicted on the hex being laid upon must be preserved (eg, if the hex has two Towns then the new tile must have two Towns. If there are no features on the hex, then the new tile must be plain track).
Terrain Fee. If a number is printed on the desired hex, the Company must pay that amount from its Treasury in order to lay a track tile there.
Continuous Track. When laying multiple yellow tiles in one turn, the track on each yellow tile laid must be adjacent and directly connected to the previous. Exception: A Company may connect to pre-printed gray track and then continue laying tiles on the other side (unless it connects to a city, as described in the following bullet).
Halting of Track. A Company laying yellow tiles must stop for the turn if a) it lays a sharp curve (tiles #3 or #7 but NOT #2 or #114), b) it lays a tile containing a City, or c) it connects to a new City (the Company is able to trace a route to a City that it could not do so before).

If a Company has no track on its starting hex, then its first tile lay is special. It may lay a City tile on its starting hex and up to three more yellow tiles (following the rules described here). If the Company's starting hex is either of the pre-printed, yellow-shaded hexes it may lay a green double City (tile #10) and up to three more yellow tiles, which is the only time a green tile may be laid directly.

3.2.2 Upgrading Track

If a Company chooses to upgrade a track tile, it replaces a single tile with a new one keeping the following restrictions in mind:

Color Sequence. A sequence of yellow to green, green to brown, and brown to gray must be observed. Gray hexes, including the pre-printed gray hexes on the map, can not be upgraded further.
Route. In order to upgrade a track tile, the Company must be able to trace a route (of any length) to at least some of the new track on the tile.
Reachable (Cities & Towns). Track tiles containing Cities or Towns may only be upgraded if the Company can reach that City or Town with one of its trains [3.4.3].
- This upgrade can be made even if the Company is unable to reach any new track on the tile, which is an exception to the previous point.
Play Area. A Company may never upgrade a track tile such that track runs off the edge of the board or into a blank side of a gray hex.
Preservation of Features. When upgrading track, the Cities and Towns depicted on the hex or track tile must be preserved. Important exceptions:
- Yellow tiles (but no other color) containing a single Town may be upgraded into a green City tile.
- A City may gain a second circle when it is upgraded.
- The two pre-printed yellow hexes containing two Cities can only be upgraded into tile #10.
Preservation of Track. When upgrading track, all track on the previous tile must be preserved.
Visit the link below for a manifest of all tiles and legal upgrades: https://boardgamegeek.com/filepage/116303/promotion-table

Play Note: Laying or upgrading track may obscure the location of Commodities [3.4.5]. Tokens should be placed on the covering tile in order to remember their location. Players may also wish to place face down tokens of Companies that have not started yet in order to designate those Companies' reserved spaces [3.3], but it is important to remember that those spaces are empty until the Company actually starts so place the tokens slightly offset from the space.

3.2.3 Connection Bonus

Companies can earn a cash bonus for being the first to connect Cities. After laying or upgrading a track tile, check to see if the Company has connected any new Cities to a rail network. A City is connected to a rail network if a route can be traced from that City to any other City. For each newly connected City, the Company receives an amount of money equal to the City's value into its Treasury.

For various reasons, such as tiles with multiple cities like 10, 35, 36, 37, etc, a city might become connected to another city even though Company cannot trace a route to the newly connected City.

In this case, the bonus for the newly connected City is lost for all companies.
Tangier and Casablanca, D3 & E2, start the game connected to each other and thus no bonus is available for them.

The bonus is only received by the currently operating Company, even if multiple companies connect due to the new track tile. As an exception, the connection bonus for a Variable City [3.4.4] is always £20 regardless of other cities on the route.

Players should discuss and agree on the following before playing. Explicit answers could not be found:

Does the current economy [3.4.7] affect the connection bonus?
Does upgrading a Town into a City [3.2.2] count as a new connection?

3.3 Purchase a Station Token

A Company's first token is placed automatically on its starting City (the City containing the Company's logo) when the Company starts. A Company's starting City is reserved; no other Company may lay a token on that hex unless there is still room in the hex after doing so. The starting spaces of Companies removed from the game during setup are not reserved.

The two pre-printed yellow hexes containing two Cities must be treated specially. If a track tile has already been laid there before a Company starts there, it may choose either City to start in if both are still available, otherwise it takes the remaining one. If a single Company has already started there when the track tile is first laid, the Company may choose which of the two Cities to shift its token into (even if a different Company laid the tile). If both Companies have started there when the track tile is first laid, the Company that laid the tile chooses which City to occupy and the other Company takes the other City. If neither of them laid the tile, then this decision is made in order of Market Value.

3.3.1 Purchasing More Station Tokens

During this step of the Operating Round, the Company may lay a single token on an unoccupied, unreserved space in a City. Tokens provide two benefits:

They prevent rival Companies from tracing routes through the City if it is full, and ensure that this Company will always be able to trace routes through the City.
All routes must include at least one of a Company's tokens, which will aid it when laying track, placing future tokens, and especially when running trains.

In order to lay a token in a City, the Company must be able to trace a route (of any length) to the City. It must also pay either £40 or £100 from its Treasury, as indicated on the Company Charter. Each Company has a limited number of tokens, and may not move them after they have been placed. A Company may never have two tokens in the hex, even if there are multiple, separate Cities on that hex.

3.4 Running Trains

During this step the Company may run its train(s) to make revenue. It then chooses if the revenue is to be kept in the Company Treasury or to be distributed to shareholders. In either case, the Company desires lucrative routes for its trains.

3.4.1 Choosing a Route

In addition to the restrictions laid out in [3.1], the following restrictions apply to a train's route:

The route must contain at least two Cities. A train that cannot reach at least two Cities does not run.
Unless the train is an 'E' train [3.4.3], the route may not include more Cities than the number printed on the train (for example, a '3' train can only include up to three Cities, at least one of which must contain the Company's token). An 'E' train can include any number of Cities in its route provided it follows the other restrictions listed here.
A route may include any number of Towns.
Unless the train is a 'T' train [3.4.3], the route must start and end in a City. If the train is a 'T' train, it may start and end in both Cities and Towns. A route may never start or end on plain track.
If a Company is running multiple trains, their routes must be entirely separate -- they may not share track. As an exception, they may meet or cross at Cities and Towns as long as they enter and exit the locations on separate tracks.

3.4.2 Revenue Calculation

Each City and Town is marked with a revenue value. The revenue a train earns is the sum of each City and Town included in the route and counted. Not all locations included in the route are counted. What, exactly, is counted depends on the type of train being run [3.4.3]. Certain trains may also double or triple the final result. It is possible to count a City more than once by including it in the routes of multiple trains.

3.4.3 Types of Trains

The following is a summary of each type of train and its effects. See [3.6] for acquiring trains. For completeness, the amount, price, and resale price of each train is also listed.

'2' - "Type 2" - 6 trains - £180 (£180): Route can include up to two Cities. Counts every City and Town on the route.
'3' - "Type 3" - 4 trains - £300 (£180): Route can include up to three Cities. Counts every City and Town on the route.
'4E' - "Equatorial Express" - 3 trains - £450 (£300): Route can include any number of Cities. Counts the best four Cities or Towns on the route and does not count the rest of the included Cities/Towns.
'3+3' - "Veldt Star" - 3 trains - £700 (£500): Runs as a '3' train. Doubles the result.
'3+3T' - "Empire Freight" - 3 trains - £850 (£650): Runs as a '3' train but may start and end its route in Towns (effectively extending its route past where a normal '3' train would stop). Doubles the result. Ignores Recessions and Depressions [3.4.7].
'4+4+4E' - "African Arrow" - 3 trains - £1000 (£750): Runs as a '4E' train. Triples the result.
'4+4+4T' - "Pan African Grand Tour" - 3 trains - £1200 (£850): Route can include up to four Cities and may end in Towns. Counts every City and Town on the route. Triples the result.

3.4.4 Variable Cities

The Cities along the coast with a value of "?+X" are Variable Cities. The value of a Variable City is equal to the highest-valued Non-Variable City included in the train's route, plus the listed modifier. The Non-Variable City does not necessarily need to be counted, but it must be a part of the train's route. If no Non-Variable Cities are included in the route, then the value of each Variable City is £20.

Example: The Marrakech Company is running a '3' train from Marrakech to Casablanca to Tangier. The City of Marrakech is currently worth £30. Casablanca is worth £30+£20 and Tangier is worth £30+£0. The total value of the run is £110. If the route had not included Marrakech, the two Variable Cities would have been worth £20 each.

3.4.5 Concessions and Commodities

A player who won a Concession during the Concessions Auction [1.5] may assign it to any Company he controls during its turn in the Operating Round. Once assigned, the Company will own the Concession for the rest of the game even if control of the Company is lost. Each Concession enables the Company to earn extra revenue. If a train's route includes the hex containing the listed Commodity and the hex containing the corresponding port, the train earns the amount of bonus revenue listed on the Concession (for example, if the Company that owns the Minerals Concession runs a route including Western Ahaggar and Casablanca, the train earns an extra £40 in revenue). It is possible to earn multiple bonuses in a single route. These locations do not necessarily have to be counted, they just have to be included in the route. A Company running two trains may earn this bonus twice provided, per [3.4.1], each train takes a separate route. This bonus is not doubled or tripled by trains.

3.4.6 Transcontinental Routes

If a train's route includes both the Cape Town hex and the Cairo hex, the train earns an extra £80 in revenue. If a train's route includes both the Johannesburg/Pretoria hex and the Casablanca hex, the train earns an extra £100 in revenue. It is possible to earn both bonuses in a single route. These locations do not necessarily have to be counted, they just have to be included in the route. A Company running two trains may earn this bonus twice provided, per [3.4.1], each train takes a separate route. This bonus is not doubled or tripled by trains.

3.4.7 Economy

The value of each location, as well as the amount paid out by Bonds at the start of each Operating Round [3], is determined by the amount of Shares and Privates in the Bank Pool. Because Companies can buy and sell shares [3.7], this amount may change during the middle of an Operating Round.

Boom: 0 Shares/Privates in the Bank Pool. The value of each City (not Towns) is increased by £20. Bonds pay out £10.
Recovery: 1-2 Shares/Privates in the Bank Pool. All locations are worth their printed value. Bonds pay out £15.
Recession: 3-6 Shares/Privates in the Bank Pool. Each City and Town is worth £10 less (this means most Towns pay nothing). Bonds pay out £30.
Depression: 7+ Shares/Privates in the Bank Pool. Each City and Town is worth £20 less (this means all Towns pay nothing). A location's value never drops below £0. Bonds pay out £40. The Share Price marker of each Company moves back one space if the economy is in Depression at the start of an Operating Round.

In all cases, Variable Cities [3.4.4] are not directly affected by the economy. Their value, however, depends on the value of the Non-Variable Cities which are affected. Essentially, Variable Cities are not boosted or penalized twice by the economy. Variable Cities are still not affected by the economy if their value is set to £20 due to a lack of Non-Variable Cities in the route (see [3.4.4]).

Freight Trains [3.4.3] ignore negative economic conditions.

The first two Operating Rounds of the game are played in Recovery, regardless of the number of Shares/Privates in the Bank Pool.

3.5 Paying Out or Withholding

The Company's total revenue is the sum of the revenue earned by its train(s). The Director or Manager of the Company then decides whether to withhold the revenue or to pay it out as dividends. His decision will also affect the Company's Share Price.

Play Note: Players should flip a Company's marker over after it has operated, in order to more easily remember which Companies have operated this round which have not. Flip them back over at the end of the round.

3.5.1 Withholding

If the Director or Manager chooses to withhold, he takes the revenue from the Bank and keeps it in the Company's Treasury. If a Company does not pay out dividends, through withholding, not owning a train, not having a legal route, or having a route of value £0, then its Share Price moves back one space. If a Company run by a Manager [2.3] does not pay dividends, does not own a train, and does not immediately purchase a train [3.6] it moves back three spaces instead.

If a Company ever reaches a Market Value of £0, it is closed. Remove all of its components (Charter, Shares, tokens) from the game. Remove any of its shares in the Bank Discard from the game. If a Share in it is revealed from the top of the Bank Deck, remove it and draw again. Return any trains it owns to the bank as [3.6.3], return its Treasury to the Bank, and return any Shares/Privates it owns [3.7] to the Bank Pool. The game will continue with one less Company and reduced Certificate Limits [2.5].

3.5.2 Paying Out Dividends

Divide the total revenue by ten. Each shareholder receives this much money from the Bank for each share they own (remember that a Director's Certificate is two Shares). Shares in the Bank Pool, Bank Deck, Bank Discard, and players' hands do not pay; any leftover revenue is returned to the Bank.

If the total revenue is less than half the Company's Market Value, do not move it's Share Price marker. If the total revenue is between half but less than double the Company's Market Value, move the Share Price marker up one space. If the total revenue is at least double, at least triple, or at least quadruple the Company's Market Value, move the Share Price marker up two, three, or four spaces respectively.

If the marker is ever moved into a space already containing other markers, place the Company's marker below them.

3.6 Train Purchasing

During this step, the Company may purchase up to one train from the Bank, it may purchase any number of trains from other Companies, and it may sell any number of trains to the Bank. It may do this in any order it wishes (for example, it may purchase a train from another Company, sell it to the bank, and then purchase a train from the Bank). A summary of the various trains can be found in section [3.4.3].

3.6.1 Bank Purchase

The Company may purchase a single train from the Bank at list price. All of the '2' trains must be purchased before '3' trains are available. All '3' trains must be purchased before '4E' trains are available. After the last '4E' train is purchased, all trains are available simultaneously. A Company may also purchase a train that was sold back to the bank instead of the next available train. If a train has been purchased and sold back to the bank, it does not need to be purchased again to make the next type of train available.

3.6.2 Purchase from Another Company

The operating Company may purchase any number of trains from other Companies with the consent of their Director or Manager. The price can be any value of at least £1. The operating Company may only purchase trains in this phase, it may not sell trains to other Companies until those Companies operate.

3.6.3 Selling to the Bank

The Company may return any number of its trains to the bank. For each train returned, it receives the amount listed in parenthesis. Trains returned should be placed in a separate location from the trains that have never been purchased (such as the Bank Pool) as a reminder that these trains do not need to be purchased again to make other trains available.

3.6.4 Train Limit

A Company may only own two trains at a time. If it already owns two trains, it must return one before it can purchase another.

3.7 Stock Operations

During this step, the Company may sell any number of Shares/Privates it owns and then purchase up to one share from the Bank Pool. This is done as described in [2] with the following exceptions:

Companies can only purchase from the Bank Pool, and only one Share/Private per Operating Round
Companies cannot purchase Shares of themselves
Companies cannot purchase Bonds

Privates that a Company owns will pay to the Treasury at the start of each Operating Round. Shares will pay the Treasury whenever that Company pays dividends. A Company can never become the Director or Manager of a Company no matter how many shares it owns (and thus will never hold a Director's Certificate). There is no limit to the number of Certificates a Company may own. Buying and selling certificates may change the Economy for Companies operating later [3.4.7].

4 Game End and Scoring

The game ends when one of the following conditions is met:

A Company reaches a Market Value of at least £400
The Bank runs out of money

Finish out the current Operating Round only (adding money to the Bank or writing down earnings on paper if necessary). In the rare case where the Bank breaks during a Stock Round, play one more Operating Round.

A player's score is the sum of the following:

His cash
£100 for each Bond owned
The face value of each Private owned
The value of each Share held (remembering that Director's Certificates are worth two shares).

The value of a Share is more than just its Market Value. A Share's value is the Market Value, plus 10% of the Market Values of Shares the Company owns, plus 10% of the face value of Privates the Company owns, plus 5% of the face value of trains the Company owns. Round the per Share value down to the nearest £1. Cash in a Company's Treasury is worth nothing. It is recommended that players calculate and write down the adjusted value of each Company's Shares.

The player with the highest total wealth wins.

5 Private Companies

Each Private Company has three elements:

A face value, paid or received when buying or selling the Private. [2] [3.7]
An income, received by the owning player or Company at the start of each Operating Round [3]
(except for the Cape Wine Co.) a special ability that can be used once per game. A player may use the ability for any Company he controls during its turn in the Operating Round. A Company may use the ability only for itself during its turn in the Operating Round. After using the ability, swap the Private for its corresponding textless version put aside during setup.
Cape Town Co. Value £25, Income £5, Special: (none)
Allen Rock Aggregates Value £35, Income £5, Special: The Company may lay five yellow tiles on its turn instead of four.
Thompson Wagon Works Value £60, Income £10, Special: The Company may upgrade the same track tile twice in one turn instead of once.
Jamieson Tropical Timber Value £75, Income £12, Special: The Company does not need to pay the cost for one track lay over a river (blue terrain cost).
George Edmunds Colonial Factors Value £115, Income £20, Special: The Company does not need to pay the cost for one token lay (it may lay a £100 token even if a £40 one is still available).
Madianos Olive Groves Value £160, Income £25, Special: At the start of a Stock Round, the owning player may take the Priority Deal marker. Can be owned by but cannot be used by a Company.

6 18Africa for 18xx Veterans

The following is a list of important differences and things to remember for people already familiar with 18xx games:

Shares and Privates are dealt out at the start of the game and Concessions are auctioned off after the first set of Operating Rounds [1.2]
Stock Rounds are radically different [2]
Players can only sell on the first turn of each Stock Round
There is no limit on the amount of Shares that can be in the Bank Pool
There is no limit to the amount of a single Company one player can own
Nothing done in the Stock Round affects the Market Value of a Company
Bonds do not count against the Certificate Limit [2.5]
A Company can lay up to four yellow tiles unless stopped by certain conditions [3.2.1]
Multiple yellow tile lays must be continuous [3.2.1].
All colors of tiles are available from the start of the game
Cities and Towns can only be upgraded if the Company owns a train that reaches them
Yellow single Towns can upgrade to green Cities [3.2.2]
A Company can earn money by connecting to Cities [3.2.3]
Variable Cities [3.4.4]
Concessions [3.4.5]
Transcontinental Routes [3.4.6]
Changing Economy [3.4.7]
Express Trains do not need to count a tokened City for revenue [3.4.3]
A Company may only purchase one train from the bank per OR [3.6.1].
All trains are available after the '4E's run out [3.6.1]
Trains can be sold to the bank [3.6.3]
It is not required to own a train