Flutter insider adds swap on 145,375 notional shares
Flutter Entertainment plc insider transactions show an entity associated with major shareholder Kenneth Bryan Dart entering into a cash-settled Total Return Swap referencing 145,375 notional common shares at a reference price of $107.1282 per share.
Rhea-AI Filing Summary
Flutter Entertainment plc insider transactions show an entity associated with major shareholder Kenneth Bryan Dart entering into a cash-settled Total Return Swap referencing 145,375 notional common shares at a reference price of $107.1282 per share. The swap, booked as an open-market purchase of a derivative, is scheduled to terminate on March 2, 2028, when it will be cash-settled based on changes in Flutter’s share price relative to the reference price. Lake Michigan Limited is the direct party to this swap, while Dart, as owner of Lake Michigan Limited and LBS Limited, may be deemed to beneficially own the position but disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 145,375 shares
Net Buy
1 txn
Insider
DART KENNETH BRYAN
Role
10% Owner
Bought
145,375 shs ($15.57M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Total Return Swap | 145,375 | $107.1282 | $15.57M |
Holdings After Transaction:
Total Return Swap — 13,480,529 contracts (Indirect, See footnote)
Footnotes (2)
- F1. The reference price for the Swap is $107.1282 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
Notional shares in swap: 145,375 shares
Reference price: $107.1282 per share
Position after transaction: 13,480,529 shares
+2 more
5 metrics
Notional shares in swap
145,375 shares
Total Return Swap referencing Flutter common stock
Reference price
$107.1282 per share
Swap reference price for Flutter common stock
Position after transaction
13,480,529 shares
Total shares following transaction as reported
Additional notional exposure
7,453,418 shares
Previously reported swaps via LBS Limited
Swap maturity date
March 2, 2028
Scheduled termination and cash settlement of swap
Key Terms
Total Return Swap, notional shares, OBFR, beneficially own, +1 more
5 terms
Total Return Swap financial
"The reference price for the Swap is $107.1282 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.
OBFR financial
"monthly interest to the counterparty on the financing leg of the Swap at a rate based on OBFR."
beneficially own regulatory
"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
What insider transaction did Flutter (FLUT) report for Kenneth Bryan Dart?
Flutter reported an entity associated with Kenneth Bryan Dart entering a Total Return Swap referencing 145,375 notional common shares at a reference price of $107.1282 per share, treated as an open-market purchase of a derivative security.
When does the Flutter (FLUT) Total Return Swap reported by Dart mature?
The Total Return Swap referencing Flutter shares is scheduled to terminate on March 2, 2028. At that time, the position will be cash-settled based on Flutter’s market price relative to the $107.1282 reference price for the 145,375 notional shares.
What ongoing payments are required under the Flutter (FLUT) Total Return Swap?
The Dart-associated entity must pay monthly interest on the swap’s financing leg at a rate based on OBFR. In return, it receives payments equivalent to Flutter dividends and any share price gains above the $107.1282 reference price on 145,375 notional shares.
What is Dart’s broader notional position in Flutter (FLUT) via swaps?
Footnotes indicate LBS Limited, another Dart-related entity, is party to previously reported swaps referencing an aggregate 7,453,418 notional Flutter shares. Together with Lake Michigan Limited’s new swap, these positions contribute to Dart’s overall economic exposure through derivatives.
AI-generated analysis. How Rhea-AI works. Not financial advice.
