Large shareholder increases economic exposure via cash-settled swap, without direct share purchases or voting rights.
A Dart-affiliated entity, LBS Limited, entered a total return swap over 418,077 Flutter shares at a reference price of $94.7179 per share, adding to an already sizable swap-based position. This is an economic bet on Flutter’s share price, not a direct share acquisition.
The swap is cash-settled at maturity on March 2, 2028. The Dart entity will pay the counterparty if Flutter’s price ends below the reference level and receive cash if it ends above, while paying SOFR-based financing and collecting dividend-equivalent cash flows. This structure provides leverage and economic exposure without altering the public share float.
LBS Limited and another Dart-affiliated entity previously held swaps over 13,480,529 notional shares, and post-transaction the filing shows exposure tied to 14,598,606 shares. Because the position is derivative and beneficial ownership is disclaimed beyond pecuniary interest, this is best viewed as a large shareholder adjusting economic exposure rather than a traditional insider stock purchase.
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