DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys Notional Shares
What Happened Kenneth Bryan Dart, listed as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase (a total return swap) referencing 900,000 ordinary shares on March 9, 2026. The reference price used was $108.8669 per share (reported trade price $108.87), giving a notional value of approximately $97,980,210. This was reported on a Form 4 filed March 11, 2026 (transaction code P — Purchase).
Key Details
- Transaction date and price: March 9, 2026; 900,000 notional shares at $108.87 per share (reference price $108.8669).
- Total notional value: ~$97,980,210.
- Instrument: Total return swap (derivative), scheduled to terminate March 2, 2028 and to be cash-settled at maturity.
- Swap economics (from footnote): at maturity the Reporting Person pays any decline below the reference price and receives any increase above it; monthly interest payments on the financing leg are required (SOFR-based); the Reporting Person is entitled to receive payments equal to any dividends on the referenced shares during the swap term.
- Party to the swap: LBS Limited is the direct party/holder of the notional shares. Mr. Dart, as owner of LBS Limited, may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
- Shares owned after transaction: Not specified in the filing (the report covers a derivative position, not an outright share transfer).
- Timeliness: Filing was made March 11, 2026 for a March 9, 2026 transaction — filed within the typical Form 4 reporting window.
Context This transaction is a derivative (swap) rather than a direct open-market purchase of stock. A total return swap gives economic exposure to share price moves (and dividend equivalents) without transferring legal title to the shares; settlement is cash-based at maturity. As a 10% owner, Mr. Dart’s interests are reported differently than an executive’s open-market buy/sell of shares; the filing includes a disclaimer that he does not claim direct beneficial ownership of the notional shares except for his economic stake.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-03-09$108.87/sh+900,000$97,980,210→ 3,394,398 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (900,000 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $108.8669 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap.
- [F2]LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.