Last month, Flutter announced it would be consulting with shareholders on an additional US listing of the group’s ordinary shares and set out what it touted as the long-term strategic benefits of this move. Now, following said consultation with shareholders representing a significant majority of its issued share capital, Flutter said there was strong support for the plan.
According to the company, the listing would support its wider growth plans in the country, as well as drive further growth within its FanDuel business. The Flutter Board has now also announced that a formal resolution will be put to shareholders on this proposal at the forthcoming AGM on April 27, 2023.
The resolution comprises a number of changes to Flutter’s articles of association necessary to facilitate the additional US listing. Accordingly, the resolution requires the 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 specific details of the listing have not yet been disclosed. However, Flutter said the initiative would better enable the recruitment and retention of talent in the US, and grant access to deeper capital markets and US domestic investment.
Other potential benefits sounded out by Flutter included greater overall liquidity in the company’s shares and the optionality to pursue a primary US listing, listed as one of the criteria for access to important US indices.
The announcement came after Flutter reported a 27% year-over-year rise in revenue during its 2022 financial year earlier this month. This was primarily due to the ongoing growth within the US and its acquisitions of Sisal and Tombola.
Peter Jackson, Flutter’s chief executive
The operator said its US-facing FanDuel brand continued to increase its market share, with this reaching 50% in the online sportsbook segment in Q4 and 21% for iGaming, with the US business expected to be EBITDA-positive in 2023.
Peter Jackson, Flutter’s chief executive, commented: “We have an unparalleled number one position in the US where we continue to go from strength to strength. The combined power of the FanDuel Advantage and the Flutter Edge delivered our most successful launches to date in Maryland and Ohio.”
Original article: https://www.yogonet.com/international/news/2023/03/27/66596-flutter-says-additional-us-listing-plan-has-34strong-34-shareholder-support
