01—Abstract
Summary
Summary of the 8-K filed October 24, 2024. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc filed this Form 8-K on October 24, 2024 under Item 7.01 (Regulation FD Disclosure) to furnish Exhibit 99.1, an RNS Announcement released that day in London.
The announcement concerns a Standard Form TR-1 major holdings notification, made to comply with the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules. The filing contains no financial results, guidance, or operating metrics. The notification was submitted by Parvus Asset Management Europe Limited, with the threshold crossed on October 16, 2024 and the issuer notified on October 22, 2024.
The reason given is an acquisition or disposal of financial instruments. Following the transaction, the filer's total position is 6.679%a of Flutter's voting rights, comprising 1.711% through direct shares (3,042,740 voting rights) and 4.968% through financial instruments, which are cash-settled equity swaps. The total number of voting rights in the issuer is 11,878,094.
The previous notification showed 5.039908%b through financial instruments and no direct holding. For investors, the filing is primarily a disclosure of a shareholder's changing stake rather than a company-level event.
The filing identifies Edoardo Mercadante as the ultimate controlling person of the Parvus entities. It also notes that Parvus holds voting power over physical shareholdings for funds and managed accounts under its investment management agreements.
02—Key points
Key Highlights
- Form 8-K Item 7.01 furnishes Exhibit 99.1, an RNS Announcement dated October 24, 2024, containing a Standard Form TR-1 major holdings notification
- Parvus Asset Management Europe Limited reported a total position of 6.679% of voting rights in Flutter, with the threshold crossed on October 16, 2024
- Direct voting rights are 1.711% (3,042,740 shares), and voting rights through financial instruments are 4.968%
- The financial instruments are cash-settled equity swaps with expiration dates ranging from January 13, 2025 to June 3, 2026
- The prior notification showed 5.039908% through financial instruments and 0.000000% direct, so the position moved from entirely synthetic to partly direct
- Total voting rights in the issuer are 11,878,094
- The notification was made to comply with UK Financial Conduct Authority Disclosure Guidance and Transparency Rules
03—Questions
Frequently Asked Questions
What is this filing about?
Flutter Entertainment furnished an RNS Announcement under Regulation FD. The announcement reports a major holdings notification (Standard Form TR-1) submitted by Parvus Asset Management Europe Limited regarding its interest in Flutter's voting rights.
How large is Parvus's stake in Flutter?
The filing reports a total of 6.679% of voting rights, made up of 1.711% held directly in shares and 4.968% through financial instruments.
What are the financial instruments referenced?
The filing lists seven cash-settled equity swaps with expiration dates from January 13, 2025 to June 3, 2026. Together they cover 8,835,354 voting rights, equal to 4.968%.
Did the company itself make any announcement about its results or operations?
No. The filing contains only the shareholder major holdings notification and does not include company financial results, guidance, or operating information.
Who is the ultimate controlling person behind the notifying entities?
The filing identifies Edoardo Mercadante as the ultimate controlling person of Parvus Asset Management (Cayman) Limited, Parvus Asset Management Limited, and Parvus Asset Management Europe Limited.
04—Continue