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 659,049 Notional Shares
What Happened
Kenneth Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase (swap) covering 659,049 notional shares on 2026-05-14. The reported reference/transaction price was about $93.63 per share, representing an economic position of roughly $61.7 million. The instrument is a cash‑settled equity swap (reported as a purchase) rather than a direct buy of ordinary shares.
Key Details
- Transaction date: 2026-05-14; Filing date: 2026-05-15 (timely). Transaction code: P (purchase via derivative).
- Notional shares: 659,049 at $93.63 per share; total economic value ≈ $61,703,924. Reference price noted as $93.6257.
- Swap maturity: scheduled to terminate and be cash‑settled on March 2, 2028. At maturity the parties settle any gain/loss vs. the reference price.
- Financing/dividends: Mr. Dart must pay monthly interest based on SOFR on the financing leg and is entitled to receive dividend-equivalent payments during the swap term.
- Holder of record: LBS Limited is the direct party to the reported transaction and the holder of the notional shares. Lake Michigan Limited and LBS Limited hold aggregate positions in 13,480,529 notional shares from prior swaps. As owner of those entities, Mr. Dart may be deemed to beneficially own the reported position but disclaims ownership except for his pecuniary interest.
Context
This was a derivative swap entry (economic exposure), not a transfer of share ownership or voting rights in ordinary shares. Under the swap, Mr. Dart will receive any increase in market price above the reference and will owe any decreases below it at maturity; the swap is cash‑settled. For retail investors, derivative purchases provide economic exposure similar to owning shares but can differ in rights (voting) and obligations (financing costs). As a 10% owner, this filing reflects an institutional/large-holder transaction rather than routine insider trading by an executive.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-14$93.63/sh+659,049$61,703,924→ 15,257,655 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (659,049 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $93.6257 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.