Flutter (FLUT) 10% Owner Kenneth Dart Buys 29,175 Notional Shares

What Happened

• Kenneth Bryan Dart, a reported 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on Aug 13, 2026 for 29,175 notional shares at a reference/price of roughly $96.85 per share, representing about $2,825,488 in notional value. The position is structured as a total return swap (derivative) rather than a direct equity purchase.

Key Details

• Transaction date and price: Aug 13, 2026 — 29,175 notional shares at $96.85 each (reference price cited as $96.8462). Transaction code: P (Purchase, derivative).
• Notional value: approximately $2,825,488.
• Swap terms (footnote): the swap matures and will be cash-settled on Mar 2, 2028. At maturity the Reporting Person pays any decrease below the reference price and receives any increase above it. The swap includes a financing leg with monthly interest (based on OBFR) and entitles the Reporting Person to payments equal to dividends on the referenced shares during the term.
• Reported holder: Lake Michigan Limited is the direct party/holder of the notional shares; Lake Michigan Limited and LBS Limited have previously reported aggregate positions of 21,767,973 notional shares. Mr. Dart, as owner of those entities, may be deemed to beneficially own the securities but disclaims such ownership except for his pecuniary interest.
• Filing timing: Transaction dated Aug 13, 2026; Form 4 filed Aug 17, 2026 (4 days later). Form 4s are generally due within 2 business days of the transaction, so this filing was submitted after that typical window.

Context

• This was a derivative (swap) purchase — not a direct equity acquisition. Swaps provide economic exposure to share price moves and dividend equivalents but do not convey direct share ownership or voting rights. For a 10% owner like Mr. Dart, such transactions often reflect institutional positioning through affiliated entities rather than routine executive stock trades.