DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed May 20, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Acquires 50,633 Notional Shares
What Happened Kenneth Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on 2026-05-18 for 50,633 "notional" shares via a total return swap. The transaction is reported at a price of $95.56 per share for an aggregate value of about $4,838,672. This was a derivative-based purchase (swap) rather than an outright stock purchase.
Key Details
- Transaction date: 2026-05-18 (reported on Form 4 filed 2026-05-20). Transaction code: P (purchase, derivative).
- Reported price / reference: $95.56 per share (footnote cites a swap reference price of $95.5636).
- Notional shares acquired: 50,633; reported value ≈ $4,838,672.
- Counterparty & holder: LBS Limited is the direct holder/party to the reported swap (footnote F2).
- Existing positions: prior swap arrangements involving Lake Michigan Limited and LBS Limited provide an aggregate position of 15,770,270 notional shares (per filing).
- Swap terms (footnote F1): swap matures March 2, 2028 and will be cash-settled; at maturity the reporting person pays decreases below the reference price and receives increases above it. The swap carries a financing leg with monthly interest based on SOFR and entitles the reporting person to payments equal to dividends on the referenced shares during the term.
- Beneficial ownership: Mr. Dart is owner of LBS Limited and Lake Michigan Limited and may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest (footnote F2).
- Filing timeliness: filed two days after the transaction date (appears timely under normal Form 4 rules).
Context This was a derivative (total return swap) acquisition by a 10% owner acting through entities, not a direct block purchase of stock. Such swaps provide economic exposure to share price moves and dividends but do not convey direct legal title to shares; Mr. Dart disclaims direct beneficial ownership except for pecuniary interest. For retail investors, derivative purchases can signal economic exposure but are different from insiders buying shares outright.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-18$95.56/sh+50,633$4,838,672→ 15,820,903 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (50,633 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $95.5636 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 15,770,270"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.