01—Abstract
Summary
Summary of the 8-K filed November 29, 2024. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc filed this Form 8-K on November 29, 2024 under Item 7.01 (Regulation FD Disclosure), furnishing as Exhibit 99.1 an RNS announcement made November 28, 2024.
The announcement concerns a Standard Form TR-1 notification of major holdings submitted to the Company, made to comply with the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules. No financial results, operating metrics, or guidance are contained in this filing. The notification was submitted by Parvus Asset Management Europe Limited, with the threshold crossed on November 21, 2024 and the issuer notified on November 27, 2024.
The filing states that the resulting position comprised 4,273,634 shares, or 2.400011%a of voting rights attached to shares, plus financial instruments equivalent to 2.539822% through equity swaps settled in cash, for a total of 4.939833%. Total voting rights held were 8,796,223. The filing reports the previous notification at 1.711000% in shares, 4.968000% through financial instruments, and 6.679000% in total.
For investors, the key takeaway is a shift in the composition of Parvus's reported holding: its direct share position rose relative to the prior notification while its instrument-based exposure fell, and its total reported position declined from 6.679000%b to 4.939833%. The filing identifies Edoardo Mercadante as the ultimate controlling person in the chain of controlled undertakings. Parvus acts as investment manager for a number of funds and managed accounts and holds voting power over their physical shareholdings.
02—Key points
Key Highlights
- Form 8-K Item 7.01 furnishes an RNS announcement dated November 28, 2024 regarding a Standard Form TR-1 major holdings notification.
- Parvus Asset Management Europe Limited reported a threshold crossing on November 21, 2024, and the issuer was notified on November 27, 2024.
- Resulting direct voting rights attached to shares were 4,273,634, or 2.400011%, versus 1.711000% in the previous notification.
- Financial instruments with similar economic effect (cash-settled equity swaps) equal 2.539822%, down from 4.968000% previously.
- Total reported position is 4.939833% of voting rights (8,796,223 voting rights), compared with 6.679000% in the prior notification.
- Edoardo Mercadante is identified as the ultimate controlling person in the chain of controlled undertakings.
- Parvus manages funds and accounts as Investment Manager and holds the power to vote their physical shareholdings.
03—Questions
Frequently Asked Questions
What was disclosed in this Form 8-K?
The company furnished, under Regulation FD, an RNS announcement made November 28, 2024 that reports a TR-1 major holdings notification submitted by Parvus Asset Management Europe Limited. The notification was made to comply with UK FCA Disclosure Guidance and Transparency Rules.
Does this filing contain financial results or guidance?
No. The filing addresses only a shareholder notification and does not include financial results, operating metrics, or forward-looking guidance.
How did Parvus's reported holding change?
The filing shows the total reported position falling from 6.679000% to 4.939833% of voting rights. Direct share voting rights rose from 1.711000% to 2.400011%, while instrument-based exposure fell from 4.968000% to 2.539822%.
What types of financial instruments are included?
The reported instruments are equity swaps settled in cash, with expiration dates of 13/03/2025, 03/07/2025, and 05/01/2026, covering 3,137,304, 1,304,438, and 80,847 voting rights respectively.
Who is the ultimate controlling person?
The filing names Edoardo Mercadante as the ultimate controlling person in the chain running through Parvus Asset Management (Cayman) Limited, Parvus Asset Management Limited, and Parvus Asset Management Europe Limited.
04—Continue