DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys 171,649 Notional Shares
What Happened Kenneth Bryan Dart, reported as a 10% owner, entered into a derivative purchase (swap) on May 19, 2026 that creates economic exposure to 171,649 ordinary shares of Flutter Entertainment (FLUT). The reported reference/transaction price is $97.9345 (rounded $97.93), giving a notional value of about $16,810,359. This filing reports an acquisition of a notional/derivative position (a purchase), not a direct purchase of underlying shares.
Key Details
- Transaction date and price: May 19, 2026; reference price $97.9345 per share (reported as $97.93). Total notional value ≈ $16,810,359.
- Transaction type and code: P = Purchase (derivative swap creating a notional long exposure).
- Holder listed: LBS Limited is the direct party/holder of the reported notional shares; Lake Michigan Limited and LBS Limited hold aggregate previously reported swap positions.
- Reported aggregate position: Prior swap transactions provide an aggregate position of 15,820,903 notional shares (per filing footnote).
- Shares owned after transaction: The filing does not state direct beneficial ownership of underlying shares; Mr. Dart may be deemed to beneficially own these notional positions through his ownership of the entities but disclaims ownership except to the extent of his pecuniary interest.
- Filing date/timeliness: Form 4 filed May 21, 2026 (reports the May 19 transaction); appears timely under standard Form 4 rules.
- Footnote highlights: Swap matures March 2, 2028 and will be cash-settled; at maturity the reporter pays decreases below the reference price and receives increases above it; the reporter pays monthly interest on the financing leg (SOFR-based) and is entitled to dividend-equivalent payments.
Context This was a derivative swap that gives Mr. Dart economic exposure to the share price (not direct share ownership). Derivative purchases like this are different from buying shares outright: they can be financed, cash-settled at maturity, and may include dividend equivalents and interest payments. As a reported 10% owner acting through holding entities, these transactions are institutional in nature; the filing disclaims direct beneficial ownership except for pecuniary interest. The report is factual and does not indicate the insider’s motive.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-19$97.93/sh+171,649$16,810,359→ 15,992,552 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (171,649 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $97.9345 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 15,820,903 "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.