Large Flutter (FLUT) holder gains swap exposure to 553K notional shares
Rhea-AI Filing Summary
DART KENNETH BRYAN reported open-market purchase transactions in this Form 4 filing.
Lake Michigan Limited, an entity owned by Kenneth Bryan Dart, entered into a Total Return Swap referencing 553,522 shares of Flutter Entertainment common stock at a reference price of $101.9655 per share. The swap is scheduled to terminate on March 2, 2028 and will be cash-settled, with Dart entitled to payments reflecting any price increases and dividends, and obligated to pay any price decreases and financing interest based on OBFR. Through ownership of Lake Michigan Limited and LBS Limited, Dart may be deemed to beneficially own these derivative positions but disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
553,522 shs ($56.44M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap | 553,522 | $101.9655 | $56.44M |
Holdings After Transaction:
Total Return Swap — 12,469,734 shares (Indirect, See footnote)
Footnotes (2)
- F1. The reference price for the Swap is $101.9655 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. LBS Limited is a party to previously reported swap transactions that provide an aggregate position in 7,453,418 "notional" shares. As owner of Lake Michigan Limited and 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.
Key Figures
New swap notional: 553,522 shares
Reference price: $101.9655 per share
Swap maturity date: March 2, 2028
+2 more
5 metrics
New swap notional
553,522 shares
Total Return Swap referencing Flutter common stock
Reference price
$101.9655 per share
Price used to determine swap gains or losses
Swap maturity date
March 2, 2028
Scheduled termination, cash-settled at maturity
Post-transaction position
12,469,734 shares
Total shares following transaction as reported in Form 4
Previously reported swaps
7,453,418 shares
Aggregate notional shares via LBS Limited swaps
Key Terms
Total Return Swap, reference price, cash-settled, OBFR, +2 more
6 terms
Total Return Swap financial
"The reference price for the Swap is $101.9655 per share."
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 $101.9655 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
"The Swap requires the Reporting Person to pay monthly interest ... 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 did Kenneth Bryan Dart’s affiliated entity do in this Flutter (FLUT) Form 4?
An affiliated entity of Kenneth Bryan Dart, Lake Michigan Limited, entered into a Total Return Swap referencing 553,522 Flutter Entertainment shares at a $101.9655 reference price. The position is economic exposure, not direct share ownership, and settles in cash at maturity.
How large is the new Total Return Swap position reported for Flutter (FLUT)?
The newly reported Total Return Swap references 553,522 notional Flutter Entertainment common shares at a $101.9655 per share reference price. This adds to previously reported swap positions providing exposure to 7,453,418 notional shares through another Dart-owned entity, LBS Limited.
When does the reported Total Return Swap on Flutter (FLUT) terminate and how is it settled?
The Total Return Swap is scheduled to terminate on March 2, 2028 and will be cash-settled. At maturity, Dart’s entity pays any decline below $101.9655 per share, while receiving any increase above that reference price from the counterparty, rather than receiving actual shares.
What payments are exchanged under Kenneth Dart’s Flutter (FLUT) Total Return Swap?
Under the swap, Lake Michigan Limited must pay monthly interest on the financing leg at a rate based on OBFR. In return, it is entitled to receive payments mirroring any dividends and stock price increases on the 553,522 referenced Flutter shares over the swap’s term.
How does this Form 4 describe Kenneth Bryan Dart’s beneficial ownership in Flutter (FLUT)?
The filing explains that Lake Michigan Limited and LBS Limited are the direct holders of the notional swap positions. As their owner, Kenneth Bryan Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
Is the Flutter (FLUT) swap transaction a direct purchase of common stock?
No, the transaction is a derivative in the form of a Total Return Swap on 553,522 notional shares. It provides economic exposure to Flutter’s share price and dividends, but will be settled in cash at maturity rather than through delivery of common stock.