Flutter Entertainment (FLUT) insider adds swap exposure on 332K notional shares
Rhea-AI Filing Summary
DART KENNETH BRYAN reported reported purchase transactions in this Form 4 filing.
Flutter Entertainment plc disclosed that major shareholder Kenneth Bryan Dart, through affiliated entity Lake Michigan Limited, entered into a Total Return Swap referencing 332,237 notional shares of Flutter common stock on August 7, 2026. The swap has a reference price of $94.5320 per share and is scheduled to be cash-settled on March 2, 2028. Following this transaction, the aggregate position from this and previously reported swaps provides exposure to 21,560,084 notional shares. Dart, as owner of LBS Limited and Lake Michigan Limited, may be deemed to beneficially own these securities but disclaims beneficial ownership except to the extent of his pecuniary interest. The swap requires monthly interest payments at a rate based on OBFR, while the affiliated entity is entitled to receive payments equal to any dividends on the referenced shares during the term.
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Insights
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Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
332,237 shs ($31.41M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap F1, F2 | 332,237 | $94.532 | $31.41M |
Holdings After Transaction:
Total Return Swap — 21,560,084 shares (Indirect, See footnote)
Footnotes (2)
- F1. The reference price for the Swap is $94.5320 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 OBFR. 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. Lake Michigan Limited is the party to the reported transaction and direct "holder" of the "notional" shares. Lake Michigan Limited and LBS Limited were parties to previously reported swap transactions that provide an aggregate position in 21,227,847 "notional" shares. As owner of LBS Limited and Lake Michigan 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.
Key Figures
New swap notional shares: 332,237 shares
Reference price: $94.5320 per share
Aggregate swap exposure after transaction: 21,560,084 notional shares
+3 more
6 metrics
New swap notional shares
332,237 shares
Total Return Swap entered on August 7, 2026 referencing Flutter common stock
Reference price
$94.5320 per share
Reference price used for the Total Return Swap on Flutter shares
Aggregate swap exposure after transaction
21,560,084 notional shares
Total position from current and previously reported swaps on Flutter stock
Previously reported swap position
21,227,847 notional shares
Aggregate notional shares from earlier swap transactions before this trade
Swap maturity date
March 2, 2028
Scheduled cash-settlement date for the reported Total Return Swap
Post-transaction notional holdings
21,560,084
Total notional shares reported as owned indirectly following the swap
Key Terms
Total Return Swap, reference price, cash-settled, notional shares, +2 more
6 terms
Total Return Swap financial
"entered into a Total Return Swap referencing 332,237 notional shares of Flutter common stock"
A total return swap is a private contract where one party pays the full economic performance of an asset (income plus price changes) to another party, while receiving a set payment such as a fixed rate or short-term interest in return. It matters to investors because it lets someone gain or shed exposure to an asset’s gains or losses without owning it, offering a way to borrow, hedge, or take leveraged positions while relying on the other party to make payments.
reference price financial
"The reference price for the Swap is $94.5320 per share."
A reference price is a single benchmark price set by an exchange or market system that serves as the starting point for trading measures such as opening auctions, daily price limits, or short-term comparisons. For investors it matters because it anchors how gains, losses and allowable price movement are calculated—like a tide level that tells you how far the market can legally or normally move from that starting point—so it affects order execution and risk management.
cash-settled financial
"The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled."
Cash-settled describes a financial contract that is resolved by paying the monetary difference between agreed and actual prices, instead of delivering the underlying asset. For investors, it matters because it simplifies trades—like settling a bet with cash rather than handing over the item—and affects liquidity, tax treatment, and counterparty exposure, since you receive or pay only the value change rather than owning or transferring the actual security or commodity.
OBFR financial
"pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on OBFR."
pecuniary interest financial
"disclaims such beneficial ownership except to the extent of his pecuniary interest therein."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did Flutter Entertainment (FLUT) report?
Flutter Entertainment reported that an entity affiliated with Kenneth Bryan Dart entered into a Total Return Swap referencing 332,237 notional shares of Flutter common stock, expanding an existing swap exposure position.
How large is Kenneth Bryan Dart’s total swap exposure in Flutter (FLUT)?
After the new Total Return Swap, entities associated with Kenneth Bryan Dart have aggregate exposure to 21,560,084 notional shares of Flutter common stock through swap transactions, according to the disclosed beneficial ownership figures.
Who is the direct party to the Flutter (FLUT) swap transaction?
The direct party and holder of the notional shares is Lake Michigan Limited. As owner of Lake Michigan Limited and LBS Limited, Kenneth Bryan Dart may be deemed a beneficial owner but disclaims ownership beyond his pecuniary interest.
Is the Flutter (FLUT) swap transaction under a Rule 10b5-1 trading plan?
The filing indicates the Rule 10b5-1 checkbox is not affirmatively marked, and there is no footnote stating the swap was executed pursuant to a pre-established 10b5-1 trading plan.