RNS Number : 3430F

Citadel Group

29 October 2025

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FORM 8.3

IRISH TAKEOVER PANEL

OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER

RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

1.             KEY INFORMATION

(a)   Full name of discloser	Citadel Group
(b)   Owner or controller of interests and short positions disclosed, if different from 1(a) The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c)   Name of offeror/offeree in relation to whose relevant securities this form relates Use a separate form for each offeror/offeree	AVADEL PHARMACEUTICALS PLC
(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree (Note 1)	N/A
(e)   Date position held/dealing undertaken For an opening position disclosure, state the latest practicable date prior to the disclosure	28 October 2025
(f)    In addition to the company in 1(c) above, is the discloser also making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A"	N/A

2.             INTERESTS AND SHORT POSITIONS

If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security.

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Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

(Note 2)

Class of relevant security (Note 3)	Common Stock ISIN IE00BDGMC594 $0.01 ordinary shares
	Interests		Short positions
	Number	%	Number	%
(1)   Relevant securities owned and/or controlled	1,788,340	1.83	486,869	0.49
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	119,300	0.12	1,458,300	1.49
Total	1,907,640	1.95	1,945,169	1.99

All interests and all short positions should be disclosed.

Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.

3.             DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (Note 4)

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)           Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit (Note 5)
Common	Buy Transaction	294	18.5500 USD
Common	Buy Transaction	15,164	18.5600 USD
Common	Buy Transaction	2,300	18.5601 USD
Common	Buy Transaction	80	18.5602 USD
Common	Buy Transaction	500	18.5610 USD
Common	Buy Transaction	984	18.5619 USD
Common	Buy Transaction	598	18.5642 USD
Common	Buy Transaction	2,185	18.5645 USD
Common	Buy Transaction	2,508	18.5650 USD
Common	Buy Transaction	5,500	18.5665 USD
Common	Buy Transaction	300	18.5667 USD
Common	Buy Transaction	485	18.5679 USD
Common	Buy Transaction	641	18.5688 USD
Common	Buy Transaction	655	18.5688 USD
Common	Buy Transaction	95	18.5688 USD
Common	Buy Transaction	130	18.5688 USD
Common	Buy Transaction	172	18.5692 USD
Common	Buy Transaction	15,670	18.5700 USD
Common	Buy Transaction	40,000	18.5701 USD
Common	Buy Transaction	500	18.5701 USD
Common	Buy Transaction	250	18.5701 USD
Common	Buy Transaction	642	18.5705 USD
Common	Buy Transaction	18	18.5711 USD
Common	Buy Transaction	15	18.5713 USD
Common	Buy Transaction	12	18.5717 USD
Common	Buy Transaction	1,400	18.5726 USD
Common	Buy Transaction	19	18.5747 USD
Common	Buy Transaction	3,200	18.5751 USD
Common	Buy Transaction	545	18.5751 USD
Common	Buy Transaction	35	18.5751 USD
Common	Buy Transaction	5	18.5760 USD
Common	Buy Transaction	284	18.5771 USD
Common	Buy Transaction	129	18.5773 USD
Common	Buy Transaction	32,284	18.5800 USD
Common	Buy Transaction	3,120	18.5800 USD
Common	Buy Transaction	1,900	18.5811 USD
Common	Buy Transaction	2,500	18.5834 USD
Common	Buy Transaction	128	18.5847 USD
Common	Buy Transaction	301	18.5850 USD
Common	Buy Transaction	400	18.5850 USD
Common	Buy Transaction	16,300	18.5857 USD
Common	Buy Transaction	5	18.5860 USD
Common	Buy Transaction	14,917	18.5864 USD
Common	Buy Transaction	8,030	18.5885 USD
Common	Buy Transaction	11,105	18.5891 USD
Common	Buy Transaction	796	18.5898 USD
Common	Buy Transaction	50,300	18.5900 USD
Common	Buy Transaction	155,447	18.5900 USD
Common	Buy Transaction	41	18.5907 USD
Common	Buy Transaction	16	18.5956 USD
Common	Buy Transaction	510	18.6000 USD
Common	Buy Transaction	300	18.6017 USD
Common	Buy Transaction	200	18.6150 USD
Common	Sell Transaction	1,212	18.5500 USD
Common	Sell Transaction	22,326	18.5600 USD
Common	Sell Transaction	248	18.5620 USD
Common	Sell Transaction	1,511	18.5623 USD
Common	Sell Transaction	700	18.5643 USD
Common	Sell Transaction	1,100	18.5645 USD
Common	Sell Transaction	1,212	18.5650 USD
Common	Sell Transaction	1,203	18.5650 USD
Common	Sell Transaction	284	18.5650 USD
Common	Sell Transaction	1,758	18.5659 USD
Common	Sell Transaction	300	18.5667 USD
Common	Sell Transaction	952	18.5668 USD
Common	Sell Transaction	3,546	18.5671 USD
Common	Sell Transaction	2,875	18.5674 USD
Common	Sell Transaction	959	18.5679 USD
Common	Sell Transaction	1,903	18.5682 USD
Common	Sell Transaction	6,876	18.5698 USD
Common	Sell Transaction	8,966	18.5699 USD
Common	Sell Transaction	3,553	18.5699 USD
Common	Sell Transaction	15,382	18.5700 USD
Common	Sell Transaction	2,000	18.5700 USD
Common	Sell Transaction	1,325	18.5700 USD
Common	Sell Transaction	3,110	18.5700 USD
Common	Sell Transaction	207	18.5703 USD
Common	Sell Transaction	7,557	18.5705 USD
Common	Sell Transaction	612	18.5708 USD
Common	Sell Transaction	9,519	18.5709 USD
Common	Sell Transaction	444	18.5711 USD
Common	Sell Transaction	300	18.5717 USD
Common	Sell Transaction	48	18.5729 USD
Common	Sell Transaction	307	18.5735 USD
Common	Sell Transaction	358	18.5739 USD
Common	Sell Transaction	43	18.5742 USD
Common	Sell Transaction	6,178	18.5750 USD
Common	Sell Transaction	11	18.5755 USD
Common	Sell Transaction	114	18.5755 USD
Common	Sell Transaction	158	18.5758 USD
Common	Sell Transaction	38	18.5763 USD
Common	Sell Transaction	517	18.5773 USD
Common	Sell Transaction	1,020	18.5774 USD
Common	Sell Transaction	206	18.5800 USD
Common	Sell Transaction	18	18.5822 USD
Common	Sell Transaction	20	18.5825 USD
Common	Sell Transaction	13	18.5869 USD
Common	Sell Transaction	276	18.5871 USD
Common	Sell Transaction	800	18.5875 USD
Common	Sell Transaction	2,500	18.5894 USD
Common	Sell Transaction	146,238	18.5900 USD
Common	Sell Transaction	3,888	18.5945 USD
Common	Sell Transaction	1,455	18.5967 USD
Common	Sell Transaction	820	18.6000 USD

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(b)           Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/ closing a long/ short position, increasing/ reducing a long/ short position	Number of reference securities (Note 6)	Price per unit (Note 5)
Common	CFD	Closing short position	9,557	18.5798 USD

(c)           Stock-settled derivative transactions (including options)

(i)            Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates (Note 6)	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
Common	Call Option	Buy Transaction	200	20.0000 USD	American	2026-03-20	0.1000 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-11-21	1.1000 USD
Common	Call Option	Buy Transaction	10,000	17.5000 USD	American	2025-11-21	1.1200 USD
Common	Call Option	Buy Transaction	600	17.5000 USD	American	2025-11-21	1.1500 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-12-19	1.2000 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2026-01-16	1.2700 USD
Common	Call Option	Buy Transaction	600	17.5000 USD	American	2026-01-16	1.2900 USD

(ii)           Exercise

Class of
relevant
security Product
description
e.g. call
option Exercising/
exercised
against Number of
securities Exercise
price per
unit
(Note 5)

(d)           Other dealings (including transactions in respect of new securities) (Note 3)

Class of
relevant
security Nature of dealing
e.g. subscription,
conversion, exercise Details Price per unit (if
applicable)
(Note 5)

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4.             OTHER INFORMATION

(a)           Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer.

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

 None

(b)           Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

 None

(c)           Attachments

Is a Supplemental Form 8 attached? YES

Date of disclosure	29 October 2025
Contact name	Paula Santos
Telephone number	020 7645 9700

Public disclosures under Rule 8.3 of the Rules must be made to a Regulatory Information Service.

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SUPPLEMENTAL FORM 8

IRISH TAKEOVER PANEL

DISCLOSURE UNDER RULE 8.1, RULE 8.3, RULE 38.5(b) AND
RULE 38.6 OF THE IRISH TAKEOVER PANEL ACT, 1997,
TAKEOVER RULES, 2022

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING
OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL AND
RIGHTS TO SUBSCRIBE FOR NEW SECURITIES

1.             KEY INFORMATION

Full name of person making disclosure:	Citadel Group
Name of offeror/offeree in relation to whose relevant securities the disclosure relates:	AVADEL PHARMACEUTICALS PLC

2.             STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

Class of relevant security	Product description e.g. call option	Written or purchased	Number of securities to which option or derivative relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,200	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,100	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	5,600	20.0 USD	American	19/12/2025
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-32,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-17,200	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-151,200	15.0 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,000	17.5 USD	American	15/01/2027
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-4,000	17.5 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-185,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-161,600	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-229,700	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-28,700	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-67,300	12.5 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-200	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-1,200	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-52,500	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-39,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	400	20.0 USD	American	21/11/2025
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026

3.             AGREEMENTS TO PURCHASE OR SELL

Full details should be given so that the nature of the interest or position can be fully understood:

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4.             RIGHTS TO SUBSCRIBE FOR NEW SECURITIES (INCLUDING DIRECTORS' AND OTHER EMPLOYEE OPTIONS)

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

It is not necessary to provide details on a Supplemental Form with regard to cash-settled derivatives.

The currency of all prices and other monetary amounts should be stated.

For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel.

References in these notes to "the Rules" are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

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