DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Jun 23, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys 9,426 Shares
What Happened
Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), reported a purchase of 9,426 notional shares on 2026-06-18 at a reference/price of $100.00 each, a total economic value of $942,573. The transaction was effected through a derivative swap arrangement (reported as a purchase of derivative "notional" shares), not an outright share certificate transfer.
Key Details
- Transaction date: 2026-06-18; Filing date: 2026-06-23.
- Reported terms: 9,426 notional shares @ $100.00 = $942,573. Transaction coded as P (purchase) and described as derivative.
- Swap details (footnote): reference price $99.9971; swap matures and is cash-settled on March 2, 2028. At maturity the parties will exchange the difference between market price and the reference price; Dart pays monthly financing interest (SOFR-based) and is entitled to receive dividend equivalents during the swap term.
- Holder/structure note (footnote): LBS Limited is the direct holder of the notional shares. Lake Michigan Limited and LBS Limited previously held an aggregate of 17,121,501 notional shares across swaps. As owner of those entities, Mr. Dart may be deemed to beneficially own the securities but disclaims beneficial ownership except for his pecuniary interest.
- Shares owned after transaction: the filing reports this as a notional/derivative position via LBS Limited; the filing does not show an outright share balance attributable to Mr. Dart outside the disclosed notional positions.
- No late-filing flag provided in the supplied data (filed 5 days after the transaction).
Context
This was a derivative swap transaction that gives Mr. Dart economic exposure to 9,426 Flutter shares rather than an outright share transfer. Derivative purchases like this mean the insider participates in gains/losses and dividend equivalents per the swap terms, while financing costs and settlement mechanics differ from a straight buy of stock. For a 10% owner, such transactions often occur through controlled entities (here, LBS Limited) and may reflect institutional structuring rather than a simple personal open-market purchase.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-06-18$100.00/sh+9,426$942,573→ 17,130,927 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (9,426 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $99.9971 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 17,121,501 "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.