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Flutter Entertainment 8-K Report, Regulation FD Disclosure (Nov 13, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed November 13, 2024
Period End
November 13, 2024
Security
FLUT
In the record · 2016–202610-K810-Q98-K280

FLUT filed 8 annual reports (10-K), 9 quarterly reports (10-Q) and 280 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed November 13, 2024. Cited figures are marked; the original filing is the authoritative source.

Flutter Entertainment plc filed an 8-K on November 13, 2024 to furnish a press release announcing the launch of the first tranche of its share repurchase program.

Flutter has entered into non-discretionary arrangements with Goldman Sachs & Co LLC to repurchase ordinary shares on its behalf, for an aggregate maximum consideration of up to $350 milliona on the New York Stock Exchange. The buyback begins November 14, 2024 and must end no later than March 31, 2025. This tranche is part of a share repurchase program of up to $5 billion that the Board authorized, as announced on September 25, 2024.

Goldman Sachs will make trading decisions independently under pre-set parameters, and the maximum number of ordinary shares that may be acquired is 17,739,905. The repurchased shares will be cancelled, and the stated purpose of the buyback is to reduce Flutter's share capital. The buyback will be conducted under Rule 10b5-1 and Rule 10b-18 under the U.S. Exchange Act, as well as EU and UK market abuse regulations.

The company states that the amount and timing of any future buyback tranches will depend on an ongoing assessment of the business's capital needs and general market conditions. The release also reports fiscal 2023 global revenue of $11,790 millionb, up 25% year over year, and third-quarter 2024 revenue of $3,248 million for the quarter ended September 30, 2024. The filing was made to comply with UK Financial Conduct Authority disclosure requirements.

02—Key points

Key Highlights

  1. Flutter launched the first tranche of its share repurchase program, with up to $350 million in aggregate maximum consideration via Goldman Sachs & Co LLC on the NYSE.
  2. The buyback runs from November 14, 2024 through no later than March 31, 2025.
  3. The tranche is part of a program of up to $5 billion authorized by the Board, as announced on September 25, 2024.
  4. The maximum number of ordinary shares that may be acquired under this tranche is 17,739,905.
  5. Repurchased shares will be cancelled, with the stated purpose of reducing Flutter's share capital.
  6. Future tranche amounts and timing will depend on the company's ongoing assessment of capital needs and market conditions.
  7. Fiscal 2023 global revenue was $11,790 million, up 25% year over year; Q3 2024 revenue was $3,248 million.

03—Questions

Frequently Asked Questions

  1. How much is Flutter authorized to spend on this buyback tranche?

    The first tranche allows for an aggregate maximum consideration of up to $350 million for repurchases of ordinary shares on the New York Stock Exchange.

  2. What is the total size of the share repurchase program?

    The Board authorized a share repurchase program of up to $5 billion, as announced on September 25, 2024. This tranche is the first part of that program.

  3. When will the buyback start and end?

    The buyback commences on November 14, 2024 and will end no later than March 31, 2025.

  4. Who makes the trading decisions for the buyback?

    Goldman Sachs & Co LLC conducts the buyback on Flutter's behalf and makes trading decisions independently of Flutter, in accordance with certain pre-set parameters.

  5. What will happen to the shares Flutter repurchases?

    The repurchased ordinary shares will be cancelled, and the stated purpose of the buyback is to reduce Flutter's share capital.

04—Continue

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