01—Abstract
Summary
Summary of the 8-K filed May 31, 2024. Cited figures are marked; the original filing is the authoritative source.
On May 31, 2024, Flutter Entertainment plc filed a Form 8-K under Item 7.01 (Regulation FD Disclosure) reporting that its primary listing is now on the New York Stock Exchange, effective that day.
The move follows the transfer of its listing category on the UK Financial Conduct Authority's Official List from "Premium Listing (commercial company)" to "Standard Listing (shares)" as of 8:00 a.m. BST / 3:00 a.m. ET on May 31, 2024.
Its shares remain eligible for and continue to trade on the Main Market of the London Stock Exchange on the Standard Listing segment. Shareholders approved the category change at the Annual General Meeting held on May 1, 2024, following the first step of an additional NYSE listing on January 29, 2024. The company's CEO, Peter Jackson, described the NYSE primary listing as an important milestone, citing the recent move of operational headquarters to New York and the growing importance of the US sports betting and iGaming market to the business.
The release states that FanDuel is the clear number one operator in the US. The release also reports fiscal 2023 global revenue of $11,790 milliona, up 25% year over year, and $3,397 million of revenue for the quarter ended March 31, 2024. A second exhibit announces a change in Group Chief Financial Officer.
Paul Edgecliffe-Johnson leaves the Group and is succeeded by Rob Coldrake with immediate effect. The Board said it concluded that Edgecliffe-Johnson should step down as Group CFO and Executive Director, given the need for extensive executive time in the United States ahead of the primary listing and his family commitments in the UK. Coldrake was previously CFO of Flutter International, a role he has held since joining the Group in 2020, and earlier spent 14 years at TUI Travel plc.
02—Key points
Key Highlights
- Flutter's primary listing moved to the New York Stock Exchange effective May 31, 2024, following a transfer of its UK listing category to Standard Listing.
- Shares continue to trade on the London Stock Exchange Main Market under the Standard Listing segment.
- Shareholders passed the special resolution for the listing category change at the Annual General Meeting held on May 1, 2024.
- Fiscal 2023 global revenue was $11,790 million, up 25% year over year; Q1 2024 (quarter ended March 31, 2024) revenue was $3,397 million.
- CEO Peter Jackson cited the move of operational headquarters to New York and FanDuel's position as the clear number one US operator.
- Group CFO Paul Edgecliffe-Johnson stepped down as CFO and Executive Director with immediate effect; Rob Coldrake succeeded him.
- Rob Coldrake previously served as CFO of Flutter International since 2020 and spent 14 years at TUI Travel plc.
03—Questions
Frequently Asked Questions
Where is Flutter's primary listing now?
Flutter's primary listing is on the New York Stock Exchange, effective May 31, 2024. Its shares remain eligible for and continue to trade on the London Stock Exchange Main Market under the Standard Listing segment.
Why did Flutter change its listing category in the UK?
The filing states that the listing category on the Official List of the UK Financial Conduct Authority moved from Premium Listing (commercial company) to Standard Listing (shares), following shareholder approval at the May 1, 2024 Annual General Meeting. The company cites management's engagement with US investors, which it describes as very supportive of moving the primary listing to the United States.
Who is the new Group CFO and why did the prior CFO leave?
Rob Coldrake succeeded Paul Edgecliffe-Johnson as Group CFO with immediate effect. The Board concluded that Edgecliffe-Johnson should step down because of the need for extensive executive management time in the United States following the US primary listing, and his ability to meet that requirement given family commitments in the UK.
How large is Flutter's revenue?
The release reports global revenue of $11,790 million for fiscal 2023, up 25% year over year, and $3,397 million for the quarter ended March 31, 2024.
04—Continue