DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed May 29, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys 190,800 Shares
What Happened
Kenneth Bryan Dart, reported as a 10% owner, entered a derivative purchase on May 27, 2026 that increases his economic exposure to 190,800 Fletcher (FLUT) shares. The transaction is reported as a purchase (code P) of a swap position with a reported value of $18,239,831 (190,800 × $95.60). The reported instrument is a derivative (swap) rather than an acquisition of actual shares.
Key Details
- Transaction date and price: May 27, 2026 — 190,800 notional shares at $95.60 per share (total $18,239,831). Filing date: May 29, 2026 (timely).
- Instrument: Derivative swap (reference price noted as $95.5966 per share). The swap is scheduled to terminate and be cash-settled on March 2, 2028.
- Swap economics (from footnote): at maturity the Reporting Person pays decreases below the reference price and receives increases above it; must pay monthly interest on the financing leg (rate based on SOFR); entitled to receive payments equal to dividends on the referenced shares during the swap term.
- Ownership reporting: LBS Limited is the direct holder of the reported notional shares; Lake Michigan Limited and LBS Limited hold an aggregate previously reported position of 16,786,085 notional shares. 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 provided filing details.
Context
This is a derivative-based purchase that increases economic exposure without transferring legal title to underlying shares. For retail investors, derivative purchases by large owners can signal increased exposure but do not equal direct share ownership; the filing discloses the swap terms and the entities (LBS Limited / Lake Michigan Limited) that hold the notional position. The filing was made within the normal Form 4 window (timely).
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-05-27$95.60/sh+190,800$18,239,831→ 16,976,885 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (190,800 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $95.5966 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 16,786,085 "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.