DART KENNETH BRYAN 4

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.