diff --git a/lib/engine/game/g_18_ardennes/game.rb b/lib/engine/game/g_18_ardennes/game.rb
index c881781164..07507fd00d 100644
--- a/lib/engine/game/g_18_ardennes/game.rb
+++ b/lib/engine/game/g_18_ardennes/game.rb
@@ -146,6 +146,7 @@ def operating_round(round_num)
             G18Ardennes::Step::DeclineTrains,
             G18Ardennes::Step::DeclineForts,
             G18Ardennes::Step::PostConversionShares,
+            G18Ardennes::Step::IssueShares,
             G18Ardennes::Step::Track,
             G18Ardennes::Step::Token,
             G18Ardennes::Step::CollectForts,
@@ -252,6 +253,18 @@ def convert!(corporation)
           @log << "Certificate limit increases to #{new_limit}."
         end
 
+        # Shares that can be issued as part of a public company's operating
+        # turn. This is not allowed on a public company's first turn.
+        def issuable_shares(corporation)
+          return [] unless corporation.corporation?
+          return [] if corporation.type == :minor
+          return [] if corporation.operating_history.empty?
+
+          bundles_for_corporation(corporation, corporation).select do |bundle|
+            @share_pool.fit_in_bank?(bundle)
+          end
+        end
+
         private
 
         def bankrupt_sell_companies(player)
diff --git a/lib/engine/game/g_18_ardennes/step/buy_sell_par_shares_companies.rb b/lib/engine/game/g_18_ardennes/step/buy_sell_par_shares_companies.rb
index 53a13e3d2c..5c6ec64aa6 100644
--- a/lib/engine/game/g_18_ardennes/step/buy_sell_par_shares_companies.rb
+++ b/lib/engine/game/g_18_ardennes/step/buy_sell_par_shares_companies.rb
@@ -83,7 +83,7 @@ def sellable_companies(entity)
           #         exchange for the minor company.
           def exchangeable_pool_shares(corporation, ability)
             minor = ability.owner
-            shares = @game.share_pool.shares_by_corporation[corporation]
+            shares = @game.share_pool.shares_by_corporation[corporation].take(1)
             return [] if shares.empty?
             return shares if corporation.owner == minor.owner
             return shares if corporation.receivership?
diff --git a/lib/engine/game/g_18_ardennes/step/issue_shares.rb b/lib/engine/game/g_18_ardennes/step/issue_shares.rb
new file mode 100644
index 0000000000..76ce4322cc
--- /dev/null
+++ b/lib/engine/game/g_18_ardennes/step/issue_shares.rb
@@ -0,0 +1,35 @@
+# frozen_string_literal: true
+
+require_relative '../../../step/issue_shares'
+
+module Engine
+  module Game
+    module G18Ardennes
+      module Step
+        class IssueShares < Engine::Step::IssueShares
+          def description
+            'Issue Shares'
+          end
+
+          def pass_description
+            'Skip (Issue Shares)'
+          end
+
+          def log_skip(entity)
+            super unless entity.type == :minor
+          end
+
+          def process_sell_shares(action)
+            super
+
+            corporation = action.entity
+            bundle = action.bundle
+            old_price = corporation.share_price
+            bundle.num_shares.times { @game.stock_market.move_left(corporation) }
+            @game.log_share_price(corporation, old_price)
+          end
+        end
+      end
+    end
+  end
+end