DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Jun 30, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys Notional Shares
What Happened Kenneth Bryan Dart, a reported 10% owner of Flutter Entertainment plc (FLUT), entered a derivative purchase on 2026-06-26 that acquires economic exposure to 35,891 notional shares at $97.76 each for a total notional value of $3,508,604. The transaction is reported as a purchase (code P) and reflects a swap-based (derivative) position rather than an outright share certificate purchase.
Key Details
- Transaction date and filing: Executed 2026-06-26; Form 4 filed 2026-06-30 (filed within the two-business-day SEC window).
- Price and value: 35,891 notional shares × $97.76 = $3,508,604 (reported as a derivative acquisition).
- Derivative terms (footnote F1): reference price $97.7572/share; swap scheduled to terminate and be cash-settled on March 2, 2028. At maturity the Reporting Person pays any price decline below the reference and receives any price increase above it. The Reporting Person pays monthly interest (financing leg) based on SOFR and is entitled to receive dividend-equivalent payments during the swap term.
- Holder and aggregate position (footnote F2): LBS Limited is the party to the reported swap and the direct holder of the 35,891 notional shares. Prior swap agreements involving LBS Limited and Lake Michigan Limited create an aggregate notional position of 18,563,939 shares. As owner of those entities, Mr. Dart 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: The filing reports LBS Limited as the direct holder of the notional shares; an explicit post-transaction personal share count for Mr. Dart is not stated in the Form 4.
Context This was a derivative purchase (total-return-style swap), which gives Mr. Dart economic exposure to Flutter’s share price and dividend equivalents without holding the underlying stock outright. For 10% owners and other insiders, swap transactions are institutional/structured positions rather than typical open-market stock buys; they convey economic exposure but do not necessarily reflect direct voting control or traditional share ownership. The filing appears timely under Form 4 rules.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-06-26$97.76/sh+35,891$3,508,604→ 18,599,830 total(indirect: See Footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (35,891 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $97.7572 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 18,563,939 '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.