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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

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.
Read Answer Asked by Wayne on January 26, 2024
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?
Read Answer Asked by Earl on January 19, 2024
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 .
Read Answer Asked by richard on February 02, 2023
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