DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Mar 19, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys 340,864 Notional Shares
What Happened Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on 2026-03-17 that provides economic exposure to 340,864 FLUT shares at a reference price of $110.1102 per share (total value reported $37,532,603). The position is structured as a swap that will be cash-settled at termination (scheduled for March 2, 2028). This is a purchase of economic exposure (derivative), not a direct purchase of voting stock.
Key Details
- Transaction date: 2026-03-17; Form 4 filed 2026-03-19 (timely within the 2-business-day window).
- Reported amount: 340,864 notional shares at ~$110.11 per share; total reported value $37,532,603.
- Instrument: Equity total-return swap (the “Swap”) — cash-settled at maturity (3/2/2028).
- Economics of the Swap (per footnote): Reporting person pays any price decline below the reference price and receives any increase above it; pays monthly interest on the financing leg based on SOFR; entitled to receive payments equal to dividends on the referenced shares.
- Counterparty/holder: LBS Limited is the direct holder of the notional shares; Mr. Dart, as owner of LBS Limited, may be deemed to beneficially own the securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
- Shares owned after transaction: not stated in the filing.
- Transaction code: P = Purchase (derivative purchase/economic exposure).
Context This filing documents a derivative (swap) that gives Mr. Dart economic exposure to Flutter’s stock price without necessarily transferring legal title, voting rights, or direct share ownership. As a reported 10% owner, his position is treated differently from routine executive stock trades; the filing notes he disclaims beneficial ownership except for his economic interest. The record is factual—no inference about motive should be drawn from the derivative purchase itself.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-03-17$110.11/sh+340,864$37,532,603→ 7,053,418 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (340,864 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $110.1102 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.