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

What Happened
Kenneth Bryan Dart, reported as a 10% owner, acquired a derivative (swap) position tied to 85,899 Flutter shares on 2026-08-17 at a reference price of $97.24 per share, an economic exposure of about $8,352,973. The position is a cash‑settled swap scheduled to terminate on March 2, 2028; it was reported as a purchase (P) in the Form 4.

Key Details

• Transaction date and price: 2026-08-17, 85,899 notional shares at $97.24 each; total ≈ $8,352,973.
• Instrument type: Derivative (swap) that will be cash-settled at maturity (Mar 2, 2028).
• Swap mechanics (footnote): at maturity the Reporting Person pays any decrease below the $97.2418 reference price and receives any increase above it; monthly interest payments on the financing leg (based on OBFR); Reporting Person is entitled to receive payments equal to dividends on the referenced shares during the swap term.
• Reported holder: Lake Michigan Limited is the direct holder of the notional shares; Lake Michigan and LBS Limited hold an aggregate of 21,797,148 notional shares under related swaps. Mr. Dart, as owner of those entities, may be deemed to beneficially own the securities but disclaims such ownership except for his pecuniary interest (footnote).
• Shares owned after transaction: not specified in this filing.
• Filing timeliness: Form filed Aug 19, 2026 for a transaction on Aug 17, 2026 (timely).

Context
This was a derivative acquisition (swap), not an outright stock purchase: it creates economic exposure to Flutter’s share price and dividend equivalents and will be settled in cash at maturity. As a reported 10% owner via related entities, this is institutional-level positioning rather than an executive's routine buy/sell; the filing disclaims direct beneficial ownership beyond pecuniary interest.