Flutter (FLUT) 10% Owner Kenneth Dart Buys 332,237 Notional Shares

What Happened

• Kenneth Bryan Dart, reported as a 10% owner, entered a purchase (derivative) on 2026-08-07 covering 332,237 notional shares of Flutter Entertainment at a reference price of $94.5320 per share. The notional value of the position is about $31,407,028. This transaction was effected via a swap (reported as a "P" purchase of a derivative), not a direct share transfer.

Key Details

• Transaction date and filing: trade date 2026-08-07; Form 4 filed 2026-08-11 (appears late — filing occurred 4 days after the transaction).
• Price and value: reference price $94.5320 per share; notional amount 332,237 shares; notional value ≈ $31,407,028.
• Instrument: Total return swap (cash-settled at maturity on March 2, 2028).
• Swap economics (per footnote): at maturity the reporting person pays any decline below the reference price and receives any increase above it; the reporting person pays monthly interest (financing) based on OBFR and receives any dividend-equivalent payments on the referenced shares during the swap term.
• Ownership reporting: Lake Michigan Limited is the direct holder of the notional shares for this transaction. Footnote states Lake Michigan Limited and LBS Limited hold an aggregate of 21,227,847 notional shares from prior swaps. Mr. Dart, as owner of those entities, may be deemed to beneficially own the securities but disclaims beneficial ownership except for his pecuniary interest.
• Filing timeliness: Form 4 filed 4 days after the reported trade date (late relative to the standard 2-business-day Form 4 deadline), which delayed public disclosure.

Context

• What "notional" swap means for retail investors: this is a derivative that provides economic exposure to Flutter’s share price and dividend equivalents without transferring legal title to shares. It’s cash-settled at maturity rather than delivering stock.
• For a 10% owner: the transaction is through controlled entities (Lake Michigan Limited / LBS Limited). Such transactions often reflect institutional exposure structured via swaps rather than open-market purchases of shares.
• Transaction code: "P" indicates a purchase of a derivative instrument (not a direct share buy).