Flutter (FLUT) 10% Owner Kenneth Dart Buys 306,300 Notional Shares

What Happened

• Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on July 22, 2026 that provides economic exposure to 306,300 notional shares. The reference price was $99.3698 (reported price $99.37), giving roughly $30,436,970 in notional exposure. The instrument is a swap (derivative), not a direct share purchase.

Key Details

• Transaction date and price: July 22, 2026 — 306,300 notional shares at $99.3698 (reported as $99.37) — notional value ~$30,436,970.
• Instrument: Total-return swap (derivative) scheduled to terminate and be cash-settled on March 2, 2028.
• Economic terms (from footnotes): at maturity the parties settle any increase/decrease in market price versus the reference; Mr. Dart pays monthly interest on the financing leg (SOFR-based) and is entitled to receive payments equal to dividends during the swap term.
• Reported holder: LBS Limited is the direct holder of the notional shares for this transaction; Lake Michigan Limited and LBS Limited together hold prior swap positions totaling 18,599,830 notional shares. 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: not specified in the filing; Mr. Dart disclaims beneficial ownership except to the extent of pecuniary interest.
• Filing: Reported on Form 4 filed July 24, 2026 (covers the July 22 transaction); filing appears timely under Form 4 rules (filed within the usual two-business-day window).

Context

• This was a derivative (swap) transaction creating economic exposure to Flutter shares rather than a direct stock purchase. For retail investors, swaps give payoff exposure to price moves and dividends but do not transfer legal title to the underlying shares. As a 10% owner using affiliated entities (LBS Limited, Lake Michigan Limited), Mr. Dart’s filing reflects institutional-level derivative structuring rather than a typical executive open-market buy of company stock.