SBC News Flutter prepares AGM vote on dual US listing

Flutter prepares AGM vote on dual US listing

Flutter Entertainment’s Board of Directors has notified investors that the FTSE100 business “aims to implement an additional US listing during Q4 2023”. 

In February, Flutter’s board revealed that it was reviewing options to proceed with a ‘secondary US listing’ of its ordinary shares.

Primary benefits highlighted by Flutter governance included a “deeper access to capital markets and to new US domestic investors”, needed to accelerate the development of its FanDuel US wagering property. 

At the time, Flutter said it would start shareholder consultation immediately and in the event of broad support this would supersede a possible listing of a minority stake in FanDuel.

The board announced: “Having consulted widely with shareholders representing a significant majority of Flutter’s issued share capital and received very strong support, the Flutter Board is pleased to announce that a formal resolution will be put to shareholders on this proposal at the forthcoming AGM on 27 April 2023.”

Flutter has begun to undertake changes necessary to its ‘articles of association’ needed to facilitate an additional US listing. As yet, the board has provided no information on who will serve as its broker, the % of shares that it will allocate and which US stock exchange it desires to list on. 

At the AGM the resolution will require an approval of 75% of the votes cast by Flutter shareholders in person or by proxy.

“Should shareholders approve the resolution at the AGM, Flutter will aim to implement the additional US listing during Q4 2023,” the board concluded.

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