Flutter holder adds swap on 322,567 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.
Flutter Entertainment plc insider reporting shows an entity associated with major shareholder Kenneth Bryan Dart entering into a new Total Return Swap tied to 322,567 shares of Flutter common stock. The swap has a reference price of $94.9972 per share and is scheduled to terminate on March 2, 2028, when it will be cash-settled.
The swap requires the reporting person to pay monthly interest based on SOFR and entitles them to payments equal to any dividends on the referenced shares. The position is held directly by LBS Limited, and together with previously reported swaps, provides an aggregate exposure to 16,786,085 notional shares, which Mr. Dart may be deemed to beneficially own, subject to a pecuniary-interest-based disclaimer.
Insider Trade Summary
Net Buyer: 322,567 shares
Net Buy
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
322,567 shs ($30.64M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap | 322,567 | $94.9972 | $30.64M |
Holdings After Transaction:
Total Return Swap — 16,786,085 contracts (Indirect, See footnote)
Footnotes (2)
- F1. The reference price for the Swap is $94.9972 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 16,463,518 "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
New swap notional: 322,567 shares
Reference price: $94.9972 per share
Swap maturity: March 2, 2028
+2 more
5 metrics
New swap notional
322,567 shares
Reference number of Flutter common shares in new Total Return Swap
Reference price
$94.9972 per share
Swap reference price for the 322,567 notional shares
Swap maturity
March 2, 2028
Scheduled termination date when the swap will be cash-settled
Aggregate notional exposure
16,786,085 shares
Total notional shares across previously reported swaps plus this transaction
Post-transaction position
16,786,085 shares
Total shares following transaction as reported for swaps
Key Terms
Total Return Swap, reference price, cash-settled, SOFR, +2 more
6 terms
Total Return Swap financial
"entering into a new Total Return Swap tied to 322,567 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 $94.9972 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.
SOFR financial
"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.
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 Flutter (FLUT) report for Kenneth Bryan Dart?
An entity associated with Kenneth Bryan Dart entered a new Total Return Swap on 322,567 Flutter shares. The swap increases his economic exposure through derivatives while remaining cash-settled at maturity rather than involving direct share ownership.
What are the key terms of Kenneth Dart’s Flutter Total Return Swap?
The Total Return Swap references 322,567 Flutter common shares at a $94.9972 reference price. It is cash-settled at maturity on March 2, 2028, with monthly interest payments based on SOFR and dividend-equivalent payments to the reporting person.
How large is Kenneth Dart’s aggregate Flutter exposure via swaps after this trade?
After this transaction, previously reported swaps together provide exposure to 16,786,085 notional Flutter shares. This total combines earlier swaps and the new 322,567-share reference position documented in the latest Form 4 filing.
Does the Total Return Swap give Kenneth Dart voting rights in Flutter (FLUT)?
The filing describes exposure through notional shares under a cash-settled Total Return Swap. It characterizes LBS Limited as the holder of notional shares but does not state that this structure grants voting rights typically associated with direct share ownership.
How does the payoff on Kenneth Dart’s Flutter Total Return Swap work?
At maturity, the reporting person pays any decrease in Flutter’s market price below $94.9972 per share and receives any increase above that level. During the term, they also pay SOFR-based interest and receive payments equal to dividends on the referenced shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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