Flutter (FLUT) 10% Owner Kenneth Dart Acquires $14.2M Notional Shares

What Happened

• Kenneth Bryan Dart, a reported 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase (a total return swap) on Aug 10, 2026, covering 150,000 notional shares at a reported price of $94.85 per share, equal to approximately $14,227,725. The swap provides economic exposure to those shares rather than direct share ownership.

Key Details

• Transaction date and amount: Aug 10, 2026 — 150,000 notional shares at $94.85 each; total notional value ~$14,227,725.
• Reference price (per footnote): $94.8515 per share; swap scheduled to terminate Mar 2, 2028 and will be cash-settled at maturity.
• Aggregate position reported (related entities): Previously reported swaps give an aggregate position of 21,560,084 notional shares held by Lake Michigan Limited and LBS Limited (Mr. Dart is owner of those entities).
• Post-transaction ownership: Economic exposure added via the swap; Mr. Dart disclaims direct beneficial ownership except to the extent of his pecuniary interest (see footnote).
• Filing timing: Transaction reported in a Form 4 filed Aug 12, 2026 for an Aug 10 transaction (filed within the typical 2-business-day window).
• Notable swap terms: At maturity the Reporting Person pays the counterparty for any drop below the reference price and receives payments for any increase above it; the Reporting Person pays monthly interest based on OBFR and is entitled to receive dividend-equivalent payments during the swap term (per footnote).

Context

• This was a derivative (total return swap) transaction that gives economic exposure to the stock without transferring legal title — not a straightforward open-market purchase of shares. As a 10% owner acting through affiliated entities, the trade is institutional in nature; disclosures note Mr. Dart may be deemed to beneficially own the referenced securities only to the extent of his pecuniary interest. This is a factual disclosure of exposure rather than a direct equity acquisition.