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Paddy Power owner Flutter confirms dates for Dublin delisting and New York debut

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Flutter confirmed on Friday that the last day of share dealing on Dublin’s Euronext will be January 23, with the shares delisting on January 29.

The well-flagged move comes as Flutter nears the completion of its application to list its shares in New York.

Trading of Flutter’s shares on the New York Stock Exchange is also expected to commence on January 29.

Flutter’s primary share listing is currently in London. But it has said it will look at the potential of later moving its primary listing from London to the United States. However, its shares will continue to be traded in London following the debut on the US market.

Paddy Power made its stock exchange debut in Dublin in 2000. Since then, the wider group has grown to become the world’s biggest online gambling group.

It has operations in countries including the UK, Australia, India, Serbia and Georgia. It also owns Betfair as well as FanDuel in the United States and in 2019 agreed to buy the Stars Group, catapulting Flutter into gambling stratosphere.

It’s long way from the humble beginnings of Paddy Power, which started life in 1988 with the merger of 40 outlets that were owned by David Power, Stewart Kenny and John Corcoran.

Flutter, whose chief executive is Peter Jackson, has been working towards a New York listing in order to gain exposure to US investors.

Mr Jackson previously pointed out that potential investors in the US like to see companies reporting under US GAAP (Generally Accepted Accounting Practices).

“They also like to see companies listed on their domestic exchanges,” he said in August. “It gives people a lot more comfort in their ability to invest.”

Mr Jackson said that a lack of stamp duty on share trades in the US, and high levels of equity liquidity are also helpful for investors.

“There are lots of technical reasons like that (why) a US listing is exciting to us,” he added.

“We also think it helps grow our profile in the US and enables us to attract and retain talent and have a local equity that we can use for doing deals, whether that’s with media companies, influencers.”

Flutter believes that it is appropriate to maintain just two listings to minimise regulatory complexities and has notified Euronext Dublin of its intention to cancel its secondary listing on Euronext Dublin with effect from 8.00am on Monday, 29 January 2024,” the company said on Friday this week.

“The last day of trading of Flutter’s ordinary shares on Euronext Dublin will be Tuesday 23 January 2024, with trading suspended from close of business on that day to allow for the settlement of pending trades and repositioning instructions, in advance of effectiveness of the US listing,” it added.

Flutter will release a trading update for the three-months to the end of December and for the whole of 2023 on January 18.

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