Tomorrow the Thrifty 30 is due a notional cheque for £703.40 in exchange for the forced purchase by scheme of arrangement of its notional holding in Autologic. The transaction epitomises the difficulty of investing in turnarounds: the opportunity to participate can be withdrawn arbitrarily from small investors when a company delists.
Autologic transports vehicles for car manufacturers, hire companies, dealers, and importers, mostly in the UK but also in Belgium, Holland and the Czech Republic. It provides services like storage, inspection and technical work.
Those vexatious pre-packs I'm sceptical of the merits of pre-packaged administration, where the sale of a struggling business is arranged in advance of administration and executed almost immediately. The justification is the business goes on trading with minimum disruption, saving jobs. The losers, are the company's creditors, suppliers and landlords who will probably not be paid everything they're owed.