Flutter prices dividend shares at 7,938 pence sterling

Paddy Power owner Flutter Entertainment will issue shares priced at £79.38 sterling (€90.89) each in place of the cash dividend it originally intended paying investors.

Flutter confirmed last month that it would issue its proposed 133 pence sterling per share 2019 final dividend in the form of shares to preserve cash as the sports on which its customers bet shut down in the face of Covid-19.

The company said on Tuesday that, subject to shareholders’ backing at its annual general meeting next month, the price of the shares issued instead of the cash dividend would be 7,938p each.

This was the average closing price of Flutter's shares on the London Stock Exchange for the five consecutive dealing days beginning on April 9th.

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“The bonus shares will be issued on May 22nd to shareholders on the company’s register of members as at 7:00pm on April 14th, 2020,” Flutter said in a statement.

The company intends holding its agm on May 14th in Dublin.

It originally announced that it would pay the 133p per share dividend when publishing its annual results for 2019 in February.

Flutter owns Paddy Power, Betfair, Sportsbet in Australia and FanDuel in the United States.

The Irish gambling giant intends merging with Canada's The Stars Group, owner of Skybet and Full Tilt Poker among other businesses.