Flutter (FLUT) 10% Owner Kenneth Dart Buys Economic Exposure to 499,874 Shares

What Happened

• Kenneth Bryan Dart, a reported 10% owner of Flutter Entertainment (FLUT), entered into a purchase (P) transaction on 2026-08-06 that creates economic exposure to 499,874 FLUT shares. The transaction is reported as a derivative total‑return swap with a reference price of $92.8258, producing a notional value of approximately $46,401,204. This is a purchase of economic exposure (a bullish signal in the sense of adding exposure), not a direct purchase of ordinary shares.

Key Details

• Transaction date: 2026-08-06; Form 4 filed: 2026-08-10 (filed within the required reporting window).
• Notional shares added: 499,874 at a reference price of $92.8258 → ~$46.4M notional value.
• Swap maturity / settlement: Scheduled to terminate and be cash‑settled on March 2, 2028.
• Swap mechanics (per footnote): at maturity Dart will pay any decrease below the reference price and receive any increase above it; he pays monthly financing interest (rate based on OBFR) and receives payments equal to any dividends on the referenced shares during the swap term.
• Reported parties: Lake Michigan Limited is the direct holder of the notional shares for this transaction. Lake Michigan Limited and LBS Limited previously held aggregate positions in 20,727,973 notional shares; adding 499,874 would produce a combined notional exposure of 21,227,847 (per the filing). Mr. Dart is owner of those entities and disclaims direct beneficial ownership except to the extent of his pecuniary interest.

Context

• This transaction is a derivative (total‑return swap), so Dart gained economic exposure to FLUT shares rather than acquiring voting shares on the company register. The position is cash‑settled at maturity and transfers market upside/downside and dividend equivalents without a transfer of legal title.
• As a reported 10% owner acting through affiliated entities, this is institutional/ownership structuring rather than a routine executive buy/sell of registered shares; the filing disclaims direct beneficial ownership aside from pecuniary interest.