Flutter Shareholders to Vote on US Listing Resolution
Shareholders at the AGM will be asked to vote on a resolution requiring changes to Flutter's articles of association
Global gaming group Flutter Entertainment announced today that its Board of Directors has decided to put to shareholders at the forthcoming annual general meeting (AGM) in April the proposal for an additional share listing in the US.
Wide Consultation Showed Strong Support
The decision to put to shareholder vote the idea of listing Flutter ordinary shares in the US came after a period of consultation with the holders of a significant majority of Flutter Entertainment’s issued share capital which showed very strong support for the proposal.
The FTSE-listed gaming and entertainment company announced on February 14 it would be seeking the opinion of its shareholders on a potential secondary listing of the group in the US as part of the group’s efforts to pursue its long-term strategic goals.
Back then, the Board noted the growing importance of FanDuel to the group, as highlighted by the capital markets day in New York on November 16, and in line with the expectations that this trend is likely to continue and make FanDuel the group’s largest business by revenue and an ever-greater proportion of its overall value, the Board proposed the idea of issuing a small listing in the FanDuel brand.
Further evaluating the potential secondary ordinary shares listing of the group, the directors outlined a number of long-term strategic and capital markets benefits, including strengthening the group’s profile in the US, facilitating the recruitment and retention of talent, providing access to new capital markets and groups of investors, boosting the overall liquidity in Flutter shares, and the opportunity to pursue a primary US listing under one of US Indices.
Targeting US Listing during the Fourth Quarter
Acting on the results of the wide consultation with shareholders representing a significant majority of the issued share capital of the group, the Board will ask shareholders at the AGM on April 27, 2023, to vote on a resolution comprising a number of changes to Flutter’s articles of association that are deemed necessary for the US listing.
The resolution will need the approval of at least 75% of the votes of shareholders cast personally or by proxy, and if successful, the Board is planning to implement the ordinary shares listing in the US during the fourth business quarter of 2023.
Earlier in March, Flutter Entertainment released its financial results for the twelve months ended December 31, 2022, posting an increase in revenue and gross profit of 27% and 20%, respectively, driven by a 49% increase in its online segment.
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