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Flutter Entertainment plc·4

May 26, 4:54 PM ET

DART KENNETH BRYAN 4

Research Summary

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Updated

Flutter (FLUT) 10% Owner Kenneth Dart Buys 41,806 Shares via Swap

What Happened
Kenneth Bryan Dart, listed as a 10% owner of Flutter Entertainment plc, reported acquiring economic exposure to 41,806 notional shares on May 21, 2026. The transaction is reported as a derivative purchase (swap) at $95.97 per share, giving an economic value of about $4,012,101. This was a purchase of a swap position (code P), not an open‑market purchase of underlying shares.

Key Details

  • Transaction date: May 21, 2026; reported on Form 4 filed May 26, 2026 (filed 5 days after the trade; appears late vs. the usual 2-business‑day Form 4 deadline).
  • Price and value: 41,806 notional shares × $95.97 = $4,012,101 (reference price in footnote given as $95.9695).
  • Shares owned after transaction: filing does not list direct share ownership; related filings note aggregate notional positions of 16,271,712 shares for entities (Lake Michigan Limited and LBS Limited). Mr. Dart disclaims beneficial ownership except to the extent of his pecuniary interest (see footnote).
  • Footnote highlights:
    • F1: The reported position is a swap with reference price $95.9695, maturing March 2, 2028; it is cash‑settled at termination, pays/receives the difference versus the reference price, requires the reporting person to pay monthly interest (SOFR‑based) on financing, and entitles the reporting person to dividend equivalents.
    • F2: LBS Limited is the direct holder of the notional shares; Lake Michigan Limited and LBS Limited hold previously reported swaps aggregating 16,271,712 notional shares; Mr. Dart may be deemed to beneficially own but disclaims such ownership except for pecuniary interest.

Context
This was a derivative transaction (a total return / price swap), which provides economic exposure to the stock’s price and dividend equivalents but does not transfer underlying shares, voting rights, or traditional custodial ownership. For a 10% owner, swaps can be used to take or adjust economic exposure without changing public share counts; they are different from standard open‑market purchases and should be interpreted as an economic position rather than direct share ownership.