Dublin tech firm sets aside US sale plan

Dublin tech firm Twelve Horses has abandoned plans to sell out to US marketing group MindArrow, a deal thought to have valued Twelve Horses at about $30 million (€33 million). The collapse follows the suspension of MindArrow shares on the Nasdaq stock exchange on February 5th. The FBI and the Securities and Exchange Commission are investigating the group. It has revealed that its former stock agent, RTT Transfer, sold more than one million of its shares without authorisation. RTT Transfer later ceased trading and two of MindArrow's founding directors said they would sell $5 million of their own shares to compensate shareholders. Twelve Horses sells Internet-based messaging systems.