DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys $47.6M Stock via Swap
What Happened
Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), acquired economic exposure to 512,615 notional FLUT shares on May 15, 2026, at a reference/execution price of about $92.92 per share, representing a total notional value of approximately $47,633,416. The transaction is a purchase of a derivative (a total return swap), not a direct share purchase — it gives Mr. Dart economic gains/losses linked to the share price rather than transferring voting shares.
Key Details
- Transaction date: 2026-05-15; Filing date: 2026-05-19 (appears timely).
- Reported amount: 512,615 notional shares at $92.92 each; total notional value ~$47,633,416. Reference price cited as $92.9224 per share (Footnote 1).
- Type: P = Purchase (derivative swap) — reported as "Derivative." Swap matures March 2, 2028 and will be cash-settled.
- Swap economics (Footnote 1): at maturity the reporter pays any decline below the reference price and receives any increase above it; reporter pays monthly interest on the financing leg (SOFR‑based) and is entitled to receive dividend payments on the referenced shares during the swap term.
- Holder/party: LBS Limited is the direct party/holder of the notional shares; together with Lake Michigan Limited they hold an aggregate of 13,480,529 notional shares (Footnote 2). Mr. Dart, as owner of those entities, may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
- Shares owned after transaction: not specified in the filing.
Context
- This was a derivative transaction by a 10% owner, creating economic exposure without necessarily conveying direct ownership, voting rights, or immediate share delivery. Such swaps are often used for financing or to obtain/hedge economic exposure.
- For retail investors: derivative purchases can indicate a desire for economic exposure to the stock but are different from executives buying shares outright; do not infer voting or control changes from this report.
Insider Transaction Report
Form 4
DART KENNETH BRYAN
10% Owner
Transactions
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-15$92.92/sh+512,615$47,633,416→ 15,770,270 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (512,615 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $92.9224 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.
Signature
/s/Kenneth B Dart|2026-05-19