DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Mar 13, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Buys Stock (Derivative)
What Happened Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on March 11, 2026 that provides economic exposure to 802,080 Flutter shares at a reference price of $106.29 per share, equal to about $85.25 million in notional value. The transaction is structured as a total-return swap (recorded as a purchase) rather than an outright share purchase — a bullish-signal purchase in economic terms, but it does not transfer legal title to underlying shares.
Key Details
- Transaction date: March 11, 2026; Form 4 filed March 13, 2026 (filed within the typical 2-business-day window).
- Reported amount: 802,080 notional shares at $106.29 per share; total notional value ≈ $85,253,244.
- Instrument: Total-return swap (derivative) with a reference price of $106.2902; scheduled to terminate March 2, 2028 and will be cash-settled.
- Swap economics (footnote): At maturity the Reporting Person pays counterparty any decline below the reference price and receives any increase above it; Reporting Person pays monthly interest based on SOFR and receives dividend-equivalent payments.
- Counterparty/holder: LBS Limited is the party to the swap and the direct holder of the notional shares; as owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such ownership except to the extent of his pecuniary interest.
- Shares owned after transaction: Not specified in the provided excerpt.
- Filing timeliness: Not marked late; Form 4 filed two days after the transaction (typical reporting window).
Context This was a derivative trade (total-return swap), which gives Mr. Dart economic exposure to Flutter’s share price movement and dividend equivalents without direct legal ownership of the underlying shares. For retail investors: derivative purchases by large owners signal economic exposure but differ from outright stock purchases — they involve financing costs and counterparty arrangements and do not necessarily reflect the same governance implications as buying registered shares.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-03-11$106.29/sh+802,080$85,253,244→ 5,040,190 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (802,080 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $106.2902 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap.
- [F2]LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.