Dart entity adds swap on 150k Flutter shares
LBS Limited, an entity owned by Kenneth Bryan Dart, entered into a new Total Return Swap referencing 150,000 notional shares of Flutter Entertainment common stock at a reference price of $98.5340 per share.
Rhea-AI Filing Summary
LBS Limited, an entity owned by Kenneth Bryan Dart, entered into a new Total Return Swap referencing 150,000 notional shares of Flutter Entertainment common stock at a reference price of $98.5340 per share. The swap was executed as an open-market purchase and is scheduled to be cash-settled at maturity on March 2, 2028.
Including this transaction, swap agreements held by LBS Limited and Lake Michigan Limited provide exposure to an aggregate of 16,463,518 notional shares. Mr. Dart, as owner of these entities, may be deemed to beneficially own the referenced securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 150,000 shares
Net Buy
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
150,000 shs ($14.78M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap | 150,000 | $98.534 | $14.78M |
Holdings After Transaction:
Total Return Swap — 16,463,518 contracts (Indirect, See footnote)
Footnotes (2)
- F1. The reference price for the Swap is $98.5340 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 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 16,313,518 "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
Notional shares in new swap: 150,000 shares
Reference price per share: $98.5340/share
Aggregate notional exposure after trade: 16,463,518 shares
+3 more
6 metrics
Notional shares in new swap
150,000 shares
Total Return Swap referencing Flutter common stock
Reference price per share
$98.5340/share
Swap reference price for Flutter common stock
Aggregate notional exposure after trade
16,463,518 shares
Notional shares across swaps held by LBS and Lake Michigan
Swap maturity date
March 2, 2028
Scheduled termination and cash settlement of the swap
Post-transaction position in filing
16,463,518 shares
Total shares following transaction as reported in Form 4
Interest benchmark
SOFR-based rate
Monthly interest paid on the financing leg of the swap
Key Terms
Total Return Swap, reference price, SOFR, notional shares, +1 more
5 terms
Total Return Swap financial
"LBS Limited is the party to the reported transaction and direct "holder" of the "notional" shares."
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 $98.5340 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.
SOFR financial
"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."
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
beneficially own financial
"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."
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
FAQ
What did Kenneth Dart-linked entities do in this Flutter (FLUT) Form 4?
An entity owned by Kenneth Dart entered a new Total Return Swap referencing 150,000 Flutter common shares. The swap increases derivative exposure and is treated as an open-market purchase of notional shares, cash-settled at maturity in March 2028.
How large is the new Total Return Swap position reported for Flutter (FLUT)?
The new Total Return Swap references 150,000 notional Flutter common shares at a reference price of $98.5340 per share. This adds to existing swap positions, contributing to an aggregate exposure of 16,463,518 notional shares held through related entities.
When does the reported Flutter (FLUT) Total Return Swap transaction mature?
The Total Return Swap is scheduled to terminate on March 2, 2028, and will be cash-settled at that time. Until maturity, the parties exchange payments tied to changes in Flutter’s share price, interest on the financing leg, and any dividends on referenced shares.
Who is the direct party to the Flutter (FLUT) swap reported on Form 4?
LBS Limited is the direct party to the swap and holder of the notional shares. It and Lake Michigan Limited hold swap positions together, while Kenneth Dart owns these entities and may be deemed a beneficial owner, subject to his pecuniary interest.
What economic terms govern the Flutter (FLUT) Total Return Swap position?
The swap uses a $98.5340 reference price per share and is cash-settled at maturity. The Dart-linked entity pays monthly interest based on SOFR and receives payments equal to any share price increases and dividends on the referenced Flutter shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
