Kenneth Dart entity adds swap on 512K shares
DART KENNETH BRYAN reported open-market purchase transactions in this Form 4 filing.
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Form Type
4
Rhea-AI Filing Summary
DART KENNETH BRYAN reported open-market purchase transactions in this Form 4 filing.
LBS Limited, an entity owned by Kenneth Bryan Dart, entered into a new total return swap referencing 512,615 notional shares of Flutter Entertainment plc common stock at a reference price of $92.9224 per share. The swap is scheduled to terminate on March 2, 2028, when it will be cash-settled, with Dart’s entity paying any decline in share price below the reference price and receiving any increase above it, plus dividend-equivalent payments while paying interest based on SOFR. Footnotes state Lake Michigan Limited and LBS Limited were already parties to swaps covering an aggregate 13,480,529 notional shares, and the filing reports 15,770,270 notional shares following this transaction. Mr. Dart may be deemed to beneficially own these positions through his ownership of the entities but disclaims beneficial ownership except to the extent of his pecuniary interest.
Insider Trade Summary
Net Buyer: 512,615 shares
Net Buy
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
512,615 shs ($47.63M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap | 512,615 | $92.9224 | $47.63M |
Holdings After Transaction:
Total Return Swap — 15,770,270 contracts (Indirect, See footnote)
Footnotes (2)
- F1. The reference price for the Swap is $92.9224 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 13,480,529 "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: 512,615 notional shares
Reference price: $92.9224 per share
Swap maturity: March 2, 2028
+3 more
6 metrics
New swap notional
512,615 notional shares
Total return swap referencing Flutter common stock
Reference price
$92.9224 per share
Swap reference price for Flutter common stock
Swap maturity
March 2, 2028
Scheduled termination and cash settlement date
Position after transaction
15,770,270 notional shares
Total reported notional shares following the swap
Prior aggregate swaps
13,480,529 notional shares
Previously reported swap transactions’ notional exposure
Interest basis
SOFR-based rate
Monthly interest paid on swap financing leg
Key Terms
Total Return Swap, notional shares, SOFR, cash-settled, +2 more
6 terms
Total Return Swap financial
"The reference price for the Swap is $92.9224 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.
SOFR financial
"The Swap requires the Reporting Person to pay monthly interest ... 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.
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.
beneficially own financial
"Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership"
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.
pecuniary interest financial
"disclaims such beneficial ownership except to the extent of his pecuniary interest therein."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Kenneth Dart report for Flutter (FLUT)?
An entity owned by Kenneth Dart entered a new total return swap on 512,615 notional Flutter shares. The swap references common stock and is structured as a cash-settled derivative, rather than a direct purchase of actual shares in the market.
What is the reference price on Kenneth Dart’s new Flutter (FLUT) swap?
The swap references Flutter shares at a price of $92.9224 per share. This reference level determines cash payments at maturity, based on how Flutter’s market price compares to that fixed price then.
When does Kenneth Dart’s new Flutter (FLUT) total return swap mature?
The total return swap is scheduled to terminate on March 2, 2028. At that time, the position will be cash-settled, with payments based on changes in Flutter’s share price and dividends over the swap’s term.
Does Kenneth Dart directly hold the Flutter (FLUT) swap position?
The swap is held by LBS Limited, with Lake Michigan Limited also party to prior swaps. As owner of these entities, Dart may be deemed a beneficial owner but disclaims ownership beyond his pecuniary interest.
What payments are exchanged under Kenneth Dart’s Flutter (FLUT) swap?
Dart’s entity pays monthly interest to the counterparty at a SOFR-based rate and any share-price decline below the reference price. In return, it receives any price increase above the reference price and dividend-equivalent payments.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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