Investment Q&A

Q: Hi, 5i

I'm not sure I have the correct ticker symbol above as there were three to choose from for Flutter. I've held this stock since the Amaya days and, simply because of my own inaction and intertia, I now have something crazy like a 1500% return.

My question is around this special meeting and vote. Can you just touch on the pros and cons of what I'm voting on and what you think is the path to continuing to see a great return?

Thanks for doing what you do.

Robert

Q: Would you tender the British Flutter shares for the US?

Q: A further update on converting PDYPF "shares" to FLUT shares. Two weeks ago I asked BMO IL to journal my PDYPF shares to FLUT so I can sell them on the NYSE when I want. My son did the same at Questrade. His shares were converted in one day. I'm still waiting. I called today and essentially I was told that their computer set up cannot do this. Further more, PDYPF shares were CDIs, that is they are held by the CREST depository in the UK. OK that sent me back to re-read the notice 5i posted and section II #5 applies to CDIs which have been now converted to DIs (Depository Interests) which is essentially no change but Computershare holds them and sells them through CREST. Can you convert DIs to FLUT? The notice says YES but there is a charge by CREST. I guess this is the 1% "stamp tax" I was told about. I am now looking to transfer my shares to Questrade where it will be more visible and open. My son did not pay any "stamp tax" but maybe he will when he goes to sell the shares. Read the notice for more info here: https://www.flutter.com/media/kjyhh5da/updated-faqs-final-7-12-23.pdf
Earl

Q: Thanks to Earl for his recent note on how to go about selling PDYPF shares (?) through BMO InvestorLine.

However I'm still confused as to what the Flutter Entertainment transaction is actually all about.

Is the Fan Duel listing a spin out from Flutter and a completely separate listing? Ie, is this a choice between owning Flutter shares or Fan Duel shares on the NYSE?

Is it a choice between what exchanges you want to hold your shares on, NYSE or London?

If the Fan Duel listing is a spin out, do PDYPF share holders get some Flutter shares and some Fan Duel shares?

Finally, if it's a choice between one or the other, which one do you favour, Flutter or Fan Duel?

Thanks,
Pete

Q: I need to sell my PDYPF shares but there is no hurry at all. Would you wait until the FanDuel spinout or would you sell now. In other words is the spinout likely to significantly increase the price enough for me to wait. Just your best guess. Thanks.

Q: I got a call back from BMO Investorline as a follow up to my questions last week. I think I now have the answers and want to share them. The PDYPF are not ADRs and he did not see a need to do anything immediately. I can have the shares converted to FLUT on the NYSE but there is a 1% "stamp" tax ($608 for me) plus to sell I would pay the standard $10 commission and would then have to do Norbert's Gambit to convert to CAD or pay their conversion fees. If I sell the shares on the LSE I would pay slightly over $280 commission plus two fees/taxes totaling 0.6% and have to pay the conversion from sterling to CAD. I'm glad I have a good profit on these shares because that sure adds up. I both cases slightly over 1% of the value. I hope this information helps others.

Q: What are your thoughts on this IPO
Thanx
Gary

Q: Hi 5i,

Here's what I received from Investorline. ADRs are not automatically converted, but you must call in for Option 1. Otherwise, I think they just cash them out later on.

MO InvestorLine has been informed of an ADR Termination on FLUTTER ENTMT PLC AMERICAN DEPOSITARY RECEIPTS UNSPONSORED.
Terms:
Due to the ratio of Flutter ADSs to Shares, ADSs MUST be surrendered for cancellation in lots of 2 ADSs for 1 Share.
Option 1: Convert to Ordinary Shares (a cancellation Fee of USD $0.05 per ADR and a cable fee of USD $17.50 would apply) (See Important Notes)
To receive One (1) Ordinary share of Flutter Entmt Plc for Two (2) ADR surrendered.
Option 99: Take No Action (Default)
See Important Notes

Important Notes:

Flutter Entertainment PLC has announced that it intends to delist its Shares from the Euronext Dublin exchange and list its Shares on The New York Stock Exchange, both to be effective January 29, 2024. The Depositary believes that the direct listing of the Shares on the NYSE will make the ADS facility for the Shares unnecessary. Accordingly, the Depositary has determined to terminate the ADS facility and to make certain amendments to the form of ADRs and Statement of Terms and Conditions under which the ADSs are issued to facilitate that termination. The last day to trade Flutter Shares in Euronext Dublin is expected to be January 23, 2024. ADS holders who wish to sell Flutter Shares in Euronext Dublin must surrender their Flutter ADSs as soon as possible to receive delivery of Shares in time to become holders in an account with their broker or financial intermediary.

Holders are hereby notified that the Depositary has amended the Terms and Conditions of the ADSs to (i) reduce the required notice period for termination of the agreement under which the ADSs are issued from 90 days to 30 days and (ii) require the Depositary to wait at least six months after the termination date before selling the Shares represented by the remaining ADSs. The Article of the Terms and Conditions dealing with termination, as amended, is Annex A.

Holders are further notified that the agreement providing for issuance of the ADSs, as set out in the Terms and Conditions, as amended, will terminate at 5:00 p.m. (Eastern time) on January 26, 2024.

Under the Terms and Conditions, as amended, holder will have until at least July 26, 2024 to surrender your Flutter Entertainment ADS for delivery of the underlying Shares. If you surrender ADSs for delivery of the underlying Shares, holders must pay a cable fee of USD $17.50, a cancellation fee of USD $.05 per ADS surrendered and any applicable U.S. or local taxes or governmental charges.

After July 29, 2024, the Depositary intends to attempt to sell the Shares underlying any remaining ADSs. If the Depositary has sold those Shares, holders must surrender their ADSs to obtain payment of the sale proceeds, net of the expenses of sale, any applicable U.S. or local taxes or governmental charges.


BMO InvestorLine requests that you direct inquiries pertaining to the offer (other than submission of instructions) to FLUTTER ENTMT PLC. Shareholders are advised to obtain independent advice and consult the offering circular regarding any possible tax consequences and for further details of the offer.

Please call BMO InvestorLine on 1-888-776-6886 and provide your instructions. Faxes and/or written instructions will not be accepted. Instructions must be received prior to July 18, 2024 9:00am Eastern Standard Time (EST). Any instructions received after this time will be sent on a best effort basis only. If no instructions are received, BMO InvestorLine will take no action.

BMO InvestorLine does not charge your account any commission for reorganizations or entitlements. Please allow 1-3 weeks after the expiry date for processing of Canadian issues and up to 90 days if US based. If you tender your shares to an offer, please ensure you do not place any sell orders on the position. This may result in a short position and financial losses that you may be responsible for. If you wish to place a sell order, please contact us first to ensure your original instructions can be cancelled.

For offers that include a cash payment, the payment will be deposited in the account in the same currency as the currency in which the position is held in the account, which may result in exposure to a foreign currency conversion. BMO Investorline will not be responsible for any losses incurred as a result of a foreign exchange conversion.

Regards,
BMO InvestorLine
The information in this letter is compiled from sources believed reliable. However, BMO InvestorLine does not ensure the accuracy, adequacy, timeliness, completeness, or fitness of the data and as such assumes no liability for any losses resulting in its use.

Q: I've discussed my Flutter shares with BMO Investorline representatives (and their backroom) for a couple of days now. The PDYPF shares are NOT ADRs but I'm not sure what they are. Are they CDIs (Depository Interest)? BMO IL says that I can only sell my shares on the LSE but to do that my shares need to be converted to FLTR. I see no logical reason they could not be converted to FLUT and sold on the NYSE. I don't think I am being given the right answer. Do you know what a PDYPF share actually is??

Q: Question about Flutter Entertainment. I have received the LSE stocks (FLTR.L) following the deal with Amaya. I was wondering would it be possible to exchange my LSE stocks for the NYSE one after January 29th listing. What would be the charge if any you think?

Thank you again for the great service by team 5iR

Q: I expected an announcement from Flutter today about our PDYPF shares. Is there going to be a "forced sale" of our shares on Jan. 29 or will they be converted to the NYSE listed shares. What do we need to do if we want to retain the shares? If there is a forced sale, who pays the commissions? In short, what's happening that shareholders need to know?

Q: Hi there, any reason for the nice move today regarding Flutter?

Any other intel regarding the US listing coming soon?

Anything else you can add would be greatly appreciated.

When do they report next, and what is expected, etc etc

Thanks!

Q: I hold PDYPF:US OTC Pink shares, and since 5i / affiliated companies have financial interest also, I was wondering if you know what will happen on Jan 29/2024 when Flutter Entertainment begins trading on the NYSE under the new ticker FLUT?

Q: What changes over the last few months or weeks may alter your sentiment of Flutter as a long term hold? What would you list as positive and what would you list as negative developments that would impact this sentiment? Thanks.

Q: does flutter plan to spin out common shares of fan duel to existing common shareholders of flutter? and if so any idea as to the number of shares of fan duel per one common share of flutter thanks Richard

Q: what is the latest news about the spin out of common shares of fan duel to flutter shareholders. thanks Richard

Q: WHi Peter,

I read your comparison of Flutter and DraftKings on July 13.

Do the recent results from DraftKings shift the needle significantly for growth as well as profitability making it less risky and would give it the nod over Flutter for a balanced portfolio investment. Is DKNY a buy now?
Regards
Rajiv

Q: I have owned Flutter for some time and am generally pleased with its performance. I am wondering if you are still positive on the name and if you see good growth potentail ahead. If so, what makes you bullish (or bearish). Finally do you see the listing of Fan Duel as likely to happen and is it a strong catalyst that gives us another reason to continue to hold beyond the basic business performance? Many thanks
Scott

Q: Your thoughts please on the latest quarter from Flutter and when Fanduel might be listed in the US.?

Thx

Q: does PDYPY equal one share of flutter? does PDYPF equal one half share of flutter? flutter is listed on the LSE as FLTR.L the current share price is 13,345 pence how much is this in CAD? how much is this inUSD? what is your current opinion on Flutter hold or sell ? thanks Richard .