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Flutter Entertainment plc·4

May 19, 4:21 PM ET

DART KENNETH BRYAN 4

Research Summary

AI-generated summary

Updated

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.