TRL hands flotation brief to Buchanan

Defence electronics group TRL Electronics has hired Buchanan Communications to handle the financial comms push for its planned listing on the alternative investment market (AIM).

TRL, which makes satellite and radio surveillance and monitoring equipment, hopes to float on the AIM in the next few weeks.

Buchanan director Tim Thompson is leading the account and reports to TRL chief executive officer Peter McKee and chief financial officer Mark Hutchings.

Investec Investment Banking and Securities is acting as nominated adviser and broker to TRL.

TRL wants to use the proceeds of the float to invest in the development of new and existing products, as well as to help with the formation of an alliance with international consortium MRCM.

About £3.5m of the money raised will be used to repay TRL’s bank debt.

TRL supplies over 23 countries and counts among its clients the Defence Procurement Agency.

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