Form 4: Flutter Entertainment Director Enters New Swap Agreement

Flutter Entertainment Director Kenneth Bryan Dart has entered into a new total return swap agreement related to 195,649 common shares.

Summary

• Kenneth Bryan Dart, a Director of Flutter Entertainment plc, has entered into a new total return swap agreement.
• The agreement, dated March 31, 2026, is for 195,649 common shares of Flutter Entertainment.
• The reference price for the swap is $102.2761 per share.
• The swap is scheduled to terminate on March 2, 2028, and will be cash-settled.
• Under the swap, Dart will pay any decrease in the market price below the reference price and receive any increase above it.
• He is also entitled to receive dividends paid on the referenced shares during the term of the swap.
• Monthly interest payments are required on the financing leg of the swap.
• The reporting person may be deemed to beneficially own these securities through his ownership of Lake Michigan Limited and LBS Limited, but disclaims beneficial ownership beyond his pecuniary interest.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it represents a financial transaction by a director rather than a direct operational or financial update from the company itself.

Positives

• The swap agreement allows the reporting person to benefit from any increase in Flutter Entertainment's share price.
• The reporting person is entitled to receive dividends paid on the referenced shares.

Negatives

• The reporting person is obligated to pay the counterparty any decrease in the market price of the referenced shares below the reference price.
• The reporting person must make monthly interest payments on the financing leg of the swap.

Risks

• The value of the swap is directly tied to the market price of Flutter Entertainment's common stock, exposing the reporting person to potential losses if the stock price declines.
• The swap agreement has a fixed termination date, meaning the reporting person's exposure is limited to the term of the agreement.

Future Outlook

The total return swap is set to terminate on March 2, 2028, at which point it will be cash-settled, reflecting the net gain or loss based on the share price movement relative to the reference price.

Industry Context

StockSavvy.ai notes that the use of total return swaps by insiders is a common financial strategy to gain economic exposure to a company's stock without direct ownership, often for tax or diversification purposes. This filing indicates continued engagement with such instruments by Flutter Entertainment's director.

Related Party Transactions

• The filing details a total return swap transaction involving Kenneth Bryan Dart, a Director, and a counterparty. The reporting person's beneficial ownership is potentially influenced by his ownership of Lake Michigan Limited and LBS Limited, which are parties to swap transactions.

Stakeholder Impact

• Shareholders: The transaction itself does not directly impact the company's operations or shareholder value, but it reflects a director's financial strategy related to the company's stock.
• Counterparty: The counterparty to the swap agreement has exposure to the price movements of Flutter Entertainment's shares.

Next Steps

• The total return swap will be cash-settled on March 2, 2028.

Key Dates

Keywords

Flutter Entertainment, FLUT, Form 4, Total Return Swap, Kenneth Bryan Dart, Director, Beneficial Ownership, Securities Exchange Act, Derivative Securities