DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed May 14, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Acquires 700,000 Notional Shares
What Happened
Kenneth Bryan Dart, reported as a 10% owner, entered into a derivative purchase (total return swap) giving him economic exposure to 700,000 Flutter (FLUT) shares. The reported reference/transaction price was about $97.79 per share, valuing the position at approximately $68,455,520. This was a purchase of derivative exposure (a bullish economic exposure signal) rather than a direct acquisition of registered shares.
Key Details
- Transaction date: May 12, 2026; filing date: May 14, 2026 (filed two days after the trade).
- Reported price: $97.79 per share (footnote gives reference price $97.7936). Total notional value ≈ $68,455,520.
- Instrument: Total return swap scheduled to terminate and be cash-settled on March 2, 2028.
- Swap economics (footnote): at maturity the reporting person pays any decline below the reference price and receives any increase above it; pays monthly financing interest (SOFR-based); receives dividend equivalents.
- Holder details: LBS Limited is the direct party/holder of the notional shares for this transaction. Lake Michigan Limited and LBS Limited together have an aggregate position of 13,480,529 notional shares reported previously. Mr. Dart, as owner of those entities, may be deemed to beneficially own the reported securities but disclaims beneficial ownership except for his pecuniary interest.
- Shares owned after transaction: No direct registered shares added—exposure is via a derivative (notional) position.
Context
This transaction creates economic exposure to Flutter shares without transferring legal title of shares to Mr. Dart. For retail investors, derivative purchases like total return swaps give upside/downside exposure and dividend equivalents but are cash-settled and include financing costs; they are different from outright stock buys. As a 10% owner acting through related entities, this is institutional/ownership-level activity rather than a typical executive stock trade.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-12$97.79/sh+700,000$68,455,520→ 14,180,529 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (700,000 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $97.7936 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 reported transaction and direct "holder" of the "notional" shares. Lake Michigan Limited and LBS Limited were parties to previously reported swap transactions that provide an aggregate position in 13,480,529 "notional" shares. As owner of LBS Limited and Lake Michigan 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.