From The TimeSplitters Wiki

The Tactical 12-Guage shotgun has replaced the double-barrel shotguns of TimeSplitters 2 as the best shotgun around. It deals alot of damage with each shot and can easily dessimate oppositions at close range with its relativly short (compaired to the double-barrel shotgun) wait between shots. The double-barrel is better for maps with few robots, since there is morea time to reload between battles, but on a well populated or smaller map, the Tactial 12-Guage comes into a league of its own, being able to cut 8 players to ribbons before needing to reload. The reloading on the shotgun is fairly unique among weapons, for instead of loading a magazine of a set amount or rounds taking a set amount of time, you reload the shotgun 1 round at a time. Although it takes longer to reload the entire clip, you can fire instantly while reloading instead of having to wait (pressing the trigger stops the reload and fires a shot as long as there is at least one round in the weapon).

This weapon is not recomended for medium or long range engagements, as the buckshot is fired so the damage spreads over a wide area. Stick to close quarters for best results.