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For next time I have asked to go through to SDR5. But we will stop after SD4 if there is a change of director in SDR4 – other than the flotation of the Midland. But do let me know if you would like to stop after SDR4 in any case and/or if the Midland is floated therewithin.



Operating Round 1

Dir Lay [Rep] Token Run Pay Quote Credit Trains Notes

LNWR DH Q11 - P10 90 820 +2 A
NER SG 5:L14:1 L14 - K13 82 720 2 A

Notes A £180 to the Bank for a 2 Train

Share Dealing Round 2 * share from the pool

Mike Ruffhead David Hooton Shaun Goodwin Edward Denley
~ ~ +NER [Totem]

Operating Round 2

Dir Lay [Rep] Token Run Pay Quote Credit Trains Notes

LNWR DH 9:P10:1 P10 - Q9 50 Y 100 780 +2 A
NER SG 9:K13:4 K13 - J12 76 720 2

Notes A £40 to Bank for a river

Tiles 1/2 2/2 3/2 4/6 5/3 6/4 7/4 8/8 9/8

Trains 2/5(£180) then 3/6(£300) 4/4(£430) 5/4(£550) 7/4(£720)

Share Dealing Round 3 * share from the pool

Edward Denley Mike Ruffhead David Hooton Shaun Goodwin
[No Dealing]





Cash Flow Start OR1 SDR2 OR2 SDR3 End Value % Certs Max 18

David Hooton 20 5 0 25 0 50 632 24.8 6 - 6
Shaun Goodwin 85 10 -90 20 0 25 604 23.7 6 - 6
Edward Denley 30 15 0 25 0 70 628 24.7 6 - 6
Mike Ruffhead 220 20 0 30 0 270 680 26.7 3 - 3



Portfolios Privates LNWR NER Mid NBR Cal L&YR GNR GCR

David Hooton A&F
4D 2 - - - - - -
Shaun Goodwin C&HP
2 4D - - - - - -
Edward Denley * S&D
2 3 - - - - - -
Mike Ruffhead L&M
2 - - - - - - -

Bank New Hull
- 1 10D 10D 10D 10D 10D 10D
Bank Pool -
- - - - - - - -
Tokens Left

4 4 4 3 3 3 3 3

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