DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed May 15, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys 418,077 Notional Shares
What Happened
Kenneth Bryan Dart, a 10% owner of Flutter Entertainment plc (FLUT), acquired economic exposure to 418,077 notional shares via a derivative transaction (a swap) on May 13, 2026. The reported reference/transaction price was about $94.72 per share, for an aggregate notional value of approximately $39,599,375. This was recorded as a purchase (derivative), meaning he increased economic exposure rather than buying ordinary shares outright.
Key Details
- Transaction date: 2026-05-13; reported on Form 4 filed 2026-05-15 (timely filing).
- Notional shares: 418,077 at $94.72 per share; total notional value ≈ $39,599,375. Reference price per footnote: $94.7179.
- Instrument: Swap (cash-settled at maturity on March 2, 2028). At maturity the parties will exchange the difference between market price and the reference price.
- Financing & dividends: Dart pays monthly interest on the financing leg (rate based on SOFR) and is entitled to receive payments equal to dividends on the referenced shares during the swap term.
- Holder/structure note: LBS Limited is the direct holder of the notional shares. LBS Limited and Lake Michigan Limited have aggregate swap positions of 13,480,529 notional shares; Mr. Dart, as owner of those entities, may be deemed to beneficially own these securities but disclaims such ownership except for his pecuniary interest (per footnote).
- Shares owned after transaction: Not specified in this filing.
Context
This was a derivative purchase (a total-return style swap) that gives Dart economic exposure to underlying Flutter shares without taking direct legal title. For a 10% owner, these transactions often reflect structured financing or hedging arrangements rather than routine insider buying of stock. The swap is cash-settled at maturity and includes interest and dividend-equivalent mechanics—important differences versus an outright stock purchase.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-13$94.72/sh+418,077$39,599,375→ 14,598,606 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (418,077 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $94.7179 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.