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Travers Smith Braithwaite has scooped a new client for its telecoms, media and technology (TMT) department from under the nose of Addleshaw Booth & Co.
The firm is advising Transense Technologies on a bonus issue aimed at improving liquidity and increasing the marketability of its shares. The company, which is developing sensors for cars to alert drivers of changes in tyre pressure, will issue three new shares worth 10p each for every current share. Travers Smith won the client after a recommendation from client HSBC, Transense's nominated adviser. Transense used Addleshaws to advise it on its flotation on AIM earlier this year, working with partner Stephen Houston. When asked whether he was still acting for the client, Houston said: "I'm not aware that we're not." Transense head of legal affairs Stephen Clarke said: "We were looking to use a London City firm on this particular matter and as we go forward and grow as a company. We're one of the largest companies on AIM now and we felt that we needed a City firm." He said that the company will certainly be using Travers Smith again in the future, but whether it will use other firms will depend on the work. Travers Smith TMT partner Spencer Summerfield said: "Transense is a pretty successful TMT company, its price is still significantly above its initial public offering price, which is something in this market."