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This might be a really dumb question, but it's coming from an 18xx newbie. I've got some people coming over this weekend to play 1860 and I was going through the rules and had a question regarding paying dividends. I didn't see it asked elsewhere which probably means that it's self explanatory to 18xx veterans.
The rules state:
"If the company pays dividends, dividend payments are made out to players that hold shares in the company. Shares in stock or the bank pool do not receive any revenue. Players receive 10% of the run’s revenue in cash for every 10% stake they hold in shares in the company."
For example if a company receives $100 in revenue, and 5 of the 10 shares are in the in the IPO or bank pool, does the company keep $50 (in company credits) and pay out the other $50 (in cash) to the shareholders? This seems to be correct as the rules state "10% of the RUN's REVENUE in cash for every 10% stake"
The alternative interpretation would be that the company pays out the full $100 to the player shareholders.
We have dragged Reason from her Throne and set in her place the Empress of Dreams [liber Endvra]
Amor, sola lex
In your case, 100 pounds of revenue with 50% of the certificates issued means that 50 pounds are paid to the players holding the shares (in a way proportional to the number of shares they have) and the other 50 pounds go nowhere (so, they stay in the bank)
Thank you. It hadn't occurred to me that the additional money would stay in the bank.
Note that this works differently in different 18xx games.