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Flutter Entertainment plc·4

May 1, 4:28 PM ET

DART KENNETH BRYAN 4

Research Summary

AI-generated summary

Updated

Flutter (FLUT) 10% Owner Kenneth Dart Buys 145,375 Notional Shares

What Happened
Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered a derivative purchase on 2026-04-30 that establishes economic exposure to 145,375 notional shares. The reported notional amount was valued at $15,573,762 based on a transaction price of $107.13 per share (transaction code P). The position is via a swap (derivative) rather than an outright share purchase.

Key Details

  • Transaction date: 2026-04-30; Filed: 2026-05-01 (timely filing).
  • Reported amount: 145,375 notional shares at $107.13 each; aggregate reported value $15,573,762.
  • Derivative specifics (Footnote 1): reference price $107.1282/share; swap matures and will be cash-settled on March 2, 2028. At maturity the Reporting Person pays the counterparty for any drop below the reference price and receives from the counterparty any rise above it. The Reporting Person pays monthly financing interest tied to OBFR and is entitled to receive payments equal to dividends on the referenced shares during the swap term.
  • Parties (Footnote 2): Lake Michigan Limited is the direct holder of the reported notional shares; LBS Limited is party to prior swap transactions covering an aggregate of 7,453,418 notional shares. As owner of those entities, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such ownership except for his pecuniary interest.
  • Shares owned after transaction: the filing reports the notional position via the swap and identifies the holding entities; no direct ordinary shares balance is shown in the filing as outright owned common stock.

Context
This was a derivative acquisition (a swap) that gives Mr. Dart economic exposure to Flutter stock rather than transfer of physical shares. For retail investors, derivative purchases by large owners indicate exposure without direct share ownership; they involve financing costs and counterparty settlement terms. The filing appears timely and contains standard swap terms (reference price, cash settlement, dividend and financing adjustments).