DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Jun 26, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Acquires 302,400 Notional Shares
What Happened Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered a derivative purchase on 2026-06-24 for 302,400 notional shares at a reference price of about $98.29 per share, representing a notional value of roughly $29,724,317. The transaction is reported as a purchase (code P) but was effected through a swap arrangement rather than an acquisition of physical shares.
Key Details
- Transaction date and terms: 2026-06-24; 302,400 notional shares at ~$98.29/share; total notional value ≈ $29,724,317. (F1 notes reference price $98.2947.)
- Instrument: Swap (derivative) scheduled to terminate and be cash-settled on March 2, 2028. At maturity the parties exchange any difference between market price and the reference price. The Reporting Person pays monthly financing interest based on SOFR and is entitled to dividend-equivalent payments during the swap (F1).
- Direct holder: LBS Limited is the party to the reported transaction and the direct holder of the notional shares. Lake Michigan Limited and LBS Limited have an aggregate position of 17,830,927 notional shares; as owner of those entities, Mr. Dart may be deemed beneficial owner but disclaims beneficial ownership except for his pecuniary interest (F2).
- Shares owned after transaction: Not specified in the reported Form 4.
- Filing timeliness: Form filed 2026-06-26 reporting a 2026-06-24 transaction; no late-filing flag provided in the filing information supplied.
Context This was a derivative swap purchase (not the purchase of actual shares). Under the swap, Mr. Dart receives gains if the reference share price rises above the reference level and pays the counterparty if the price falls below it; payments are cash-settled at maturity. For retail investors: derivative purchases by large owners can reflect exposure without direct share transfers, and the filing notes Mr. Dart’s ownership of the entities holding notional positions while disclaiming direct beneficial ownership beyond his pecuniary interest.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-06-24$98.29/sh+302,400$29,724,317→ 18,133,327 total(indirect: See Footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (302,400 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $98.2947 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 the 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 17,830,927 '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.