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So Can I buy both a flail and a shield for my maurader horsemen? I assume that they use the shields during the shooting phase to dodge incoming missile fire and then ditch them for flails in CC? Just wanted to make sure that it's kosher... or would it be better to buy light armour?
Not sure if I'd pay for it tho, I don't put much faith in 5+ armour save.
If you'd also give them light armour, they'd loose their fast cavalry rule, if I remember correctly.
Yes, you can.
In all respects, though, it's better to give them the light armor and not the shields - it's the same cost, and you don't have to ditch your armor save if you get into close combat. The only real reason they give you the options for shields is so you can stack them with the light armor and have a medium cavalary choice. You cease to be fast cav, but you'll have a 4+ armor save with and a bit of punch with spears.
If you're looking to retain your fast cav option, though, it's Light Armor + weapon choices.
Yup, shields should only ever be added to make medium cav. I've had mix results with medium cav. More often than not I'd rather have khorne cruise missiles.
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