01—Abstract
Summary
Summary of the 8-K filed January 29, 2024. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc, which files with the SEC voluntarily on Form 10-K, 10-Q and 8-K although it qualifies as a foreign private issuer, reported on January 29, 2024 that its ordinary shares began trading on the New York Stock Exchange under the ticker "FLUT" that day, with trading commencing at 09.30 ET.
The company also confirmed that the cancellation of the secondary listing on Euronext Dublin took effect at 08.00 GMT that day, and that it retains its premium listing and Main Market trading on the London Stock Exchange under the ticker "FLTR". The filing states that the Board believes a NYSE listing will bring long-term strategic and capital market benefits, including a stronger US profile, better recruitment and retention of US talent, access to deeper capital markets and new US domestic investors, greater liquidity in Flutter shares, and the option to pursue a US primary listing, which is one of the criteria for access to important US indices. Management reports that engagement with US and global shareholders since February 2023 has been very supportive of moving the primary listing to the US.
The proposal to transition the primary listing to the NYSE will be put to shareholders as a Special Resolution at the 2024 AGM on 1 May 2024. Subject to approval, the transition is expected to become effective in late Q2 or early Q3 2024, and the Board intends to keep the UK listing as a secondary listing after the transition.
02—Key points
Key Highlights
- Ordinary shares listed on the NYSE and began trading January 29, 2024 under ticker "FLUT" (CUSIP G3643J 108).
- Cancellation of the secondary listing on Euronext Dublin took effect at 08.00 GMT on January 29, 2024.
- Premium listing and Main Market trading on the London Stock Exchange continue under ticker "FLTR" (ISIN IE00BWT6H894).
- Board proposes moving the primary listing to the NYSE, to be voted as a Special Resolution at the 1 May 2024 AGM.
- Transition to a US primary listing is expected to become effective in late Q2 or early Q3 2024, subject to shareholder approval.
- The UK listing is to be retained as a secondary listing after the transition.
- CEO Peter Jackson cited Fanduel's #1 US position and expectation that the US will contribute the largest proportion of profits in the near future as the rationale for a US primary listing.
03—Questions
Frequently Asked Questions
When did Flutter's shares begin trading on the NYSE and under what ticker?
Trading commenced on the NYSE on January 29, 2024 at 09.30 ET under the ticker symbol "FLUT" (CUSIP G3643J 108).
Is Flutter leaving the London Stock Exchange?
No. The filing states Flutter retains its premium listing on the LSE and its shares continue to trade on the Main Market under the ticker "FLTR". The Board intends to keep the UK listing as a secondary listing after the proposed primary listing transition.
What is changing with the Euronext Dublin listing?
The cancellation of the secondary listing of the ordinary shares on Euronext Dublin took effect at 08.00 GMT on January 29, 2024.
What must happen before Flutter's primary listing moves to the NYSE?
The proposal must be approved by shareholders as a Special Resolution at the 2024 AGM on 1 May 2024. If approved, the transition is expected to become effective in late Q2 or early Q3 2024.
Why is Flutter moving its primary listing to the US?
The Board believes a US primary listing will enhance the group's US profile, help recruit and retain US talent, provide access to deeper capital markets and new US domestic investors, increase share liquidity, and give the option to pursue a US primary listing, one of the criteria for access to important US indices.
04—Continue