DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Jun 29, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys Notional 430,612 Shares (Swap)
What Happened
Kenneth Bryan Dart, a reported 10% owner of Flutter Entertainment plc (FLUT), acquired economic exposure to 430,612 notional shares on 2026-06-25 via an equity swap (reported as a purchase). The transaction is reported at $96.75 per share for a notional value of $41,663,821. This was a derivative purchase (swap) rather than a direct share transfer.
Key Details
- Date and price: 2026-06-25; 430,612 notional shares at a reference price of $96.7549 (rounded in filing to $96.75); total notional value $41,663,821. (Transaction code: P = Purchase, derivative)
- Instrument: Equity swap scheduled to terminate and be cash-settled on March 2, 2028.
- Swap economics: At maturity the reporting person pays any decline below the reference price and receives any increase above it; Mr. Dart pays monthly interest on the financing leg (SOFR-based) and is entitled to dividend-equivalent payments during the swap.
- Holder and ownership note: LBS Limited is the direct holder of the notional shares. Footnote notes an aggregate position of 18,133,327 notional shares across LBS Limited and Lake Michigan Limited; Mr. Dart, as owner, may be deemed to beneficially own those securities but disclaims such ownership except to his pecuniary interest.
- Filing timeliness: Trade executed 6/25/2026 and Form 4 filed 6/29/2026 (filed within the SEC’s standard reporting window).
Context
An equity swap gives the investor economic exposure to the stock’s price movements and dividends without transferring legal title to the underlying shares; it is cash-settled at maturity and is different from directly buying shares. For retail investors, purchases via swaps indicate the insider sought economic upside (and downside exposure) but do not equal direct share ownership or voting control. As a reported 10% owner (institutional/major holder), this transaction reflects a sizable pecuniary exposure rather than routine executive compensation or stock sale.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-06-25$96.75/sh+430,612$41,663,821→ 18,563,939 total(indirect: See Footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (430,612 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $96.7549 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 18,133,327 '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.