DART KENNETH BRYAN 4
4 · Flutter Entertainment plc · Filed Mar 20, 2026
Research Summary
AI-generated summary of this filing
Flutter (FLUT) 10% Owner Kenneth Dart Acquires 400,000-Share Swap
What Happened
Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered into a derivative purchase on March 18, 2026: a total‑return swap referencing 400,000 ordinary shares at a reference/transaction price of about $108.41 per share, with a reported notional value of $43,362,760. This is a purchase of economic exposure to the shares (derivative), not a direct buy of underlying stock.
Key Details
- Transaction date: 2026-03-18; Filing date (Form 4): 2026-03-20 (timely within standard 2‑business‑day Form 4 window).
- Reported transaction type/code: P (purchase) — derivative/total‑return swap. Transaction price reported as $108.41 per share; reference price noted as $108.4069 (Footnote F1).
- Notional amount: 400,000 referenced shares; aggregate notional value $43,362,760.
- Swap maturity and settlement: Scheduled to terminate March 2, 2028 and will be cash‑settled at maturity (Footnote F1).
- Economic terms (Footnote F1): at maturity the Reporting Person pays decreases below the reference price and receives increases above it; pays monthly interest on the financing leg (SOFR‑based); entitled to dividend equivalents during the term.
- Counterparty/holder (Footnote F2): LBS Limited is the direct counterparty and the legal "holder" of the notional shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
- Shares owned after transaction: Not stated as direct share ownership in the filing; economic exposure is via the swap instrument.
- Filing timeliness: No late filing indicated.
Context
This transaction creates economic exposure to Flutter shares (gain if price rises above the reference price; loss if price falls below) rather than transferring legal title to ordinary shares. For a 10% owner, such arrangements often reflect institutional or financing strategies rather than ordinary executive trading; the filing disclaims direct beneficial ownership except for pecuniary interest. As always, derivative purchases convey economic interest but are not the same as acquiring voting stock.
Insider Transaction Report
- PurchaseSwap
Total Return Swap
[F1][F2]2026-03-18$108.41/sh+400,000$43,362,760→ 7,453,418 total(indirect: See footnote)From: 2028-03-02Exp: 2028-03-02→ Common Stock (400,000 underlying)
Footnotes (2)
- [F1]The reference price for the Swap is $108.4069 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.