REG - FlutterEntertainment - Launch of Share Buyback Program

Flutter EntertainmentAnnouncement

13/11/2024 12:01

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RNS Number : 1062M  Flutter Entertainment PLC  13 November 2024

 

 

FOR IMMEDIATE RELEASE

 

Flutter Entertainment announces launch of first tranche of share repurchase
program

New York, November 13, 2024: Flutter Entertainment (NYSE:FLUT; LSE:FLTR), the
world's leading online sports betting and iGaming operator, announces that it
has entered into non-discretionary arrangements with Goldman Sachs & Co
LLC to repurchase ordinary shares on Flutter's behalf for an aggregate maximum
consideration of up to $350 million on the New York Stock Exchange (the
"Buyback").

 

The Buyback will commence November 14, 2024, on the New York Stock Exchange,
and will end no later than 31 March 2025. The purpose of the Buyback is to
reduce the share capital of Flutter. This Buyback is the first tranche of the
share repurchase program of up to $5bn authorized by the Board as announced on
25 September 2024.

Goldman Sachs & Co LLC will conduct the Buyback on Flutter's behalf and
will make trading decisions under the Buyback independently of Flutter in
accordance with certain pre-set parameters. The maximum number of ordinary
shares which may be acquired pursuant to the Buyback is 17,739,905.

The Buyback will be conducted within the parameters prescribed by (i) Rule
10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as
amended and (ii) the EU Market Abuse Regulation (596/2014) and Commission
Delegated Regulation (EU) 2016/1052 as such legislation forms part of law in
the United Kingdom pursuant to the EU (Withdrawal) Act 2018 (as may be
amended, extended and/or supplemented from time to time). The repurchased
ordinary shares will be cancelled.

Any decision in relation to the amount and timing of any future buyback
tranche will be based on an ongoing assessment of the capital needs of the
business and general market conditions.

 

Forward-Looking Statements

 

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including with relation
to our share repurchase program. These statements reflect our current
expectations as to future events based on certain assumptions and include any
statement that does not directly relate to any historical or current fact. In
some cases, you can identify these forward-looking statements by the use of
words such as "outlook", "believe(s)", "expect(s)", "potential",
"continue(s)", "may", "will", "should", "could", "would", "seek(s)",
"predict(s)", "intend(s)", "trends", "plan(s)", "estimate(s)", "anticipates",
"projection", "goal", "target", "aspire", "will likely result", and or the
negative version of these words or other comparable words of a future or
forward-looking nature. Such forward-looking statements are subject to various
risks and uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially from those
indicated in these statements. Factors that could cause the Company's results
to differ materially from those described in the forward-looking statements
can be found in Part I, "Item 1A. Risk Factors" of the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2023 as filed with the
Securities and Exchange Commission (SEC) and other periodic filings with the
SEC, which are accessible on the SEC's website at www.sec.gov
(http://www.sec.gov) . Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially from those
indicated in these statements. These factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included in the Company's filings with the SEC. The
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise, except as required by law.

 

About Flutter Entertainment plc

Flutter is the world's leading online sports betting and iGaming operator,
with a market leading position in the US and across the world. Our ambition is
to leverage our significant scale and our challenger mindset to change our
industry for the better. By Changing the Game, we believe we can deliver
long-term growth while promoting a positive, sustainable future for all our
stakeholders. We are well-placed to do so through the distinctive, global
advantages of the Flutter Edge, which gives our brands access to group-wide
benefits to stay ahead of the competition, as well as our clear vision for
sustainability through our Positive Impact Plan.

Flutter operates a diverse portfolio of leading online sports betting and
iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet,
PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and
Adjarabet. We are the industry leader with $11,790m of revenue globally for
fiscal 2023, up 25% YoY, and $3,248m of revenue globally for the quarter ended
September 30, 2024.

The person responsible for arranging release of this Announcement on behalf of
Flutter is Edward Traynor, Company Secretary of Flutter.

 

For further information on the Announcement, please contact:

 Investor Relations:                   Media Relations:
 Email: investorrelations@flutter.com  Email: corporatecomms@flutter.com

 

 

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