RNS Number : 5456F

Citadel Group

30 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	29 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	1,829,014	1.87	440,708	0.45
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	116,800	0.11	1,452,500	1.49
Total	1,945,814	1.99	1,893,208	1.94

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	2,012	18.6000 USD
Common	Buy Transaction	200	18.6001 USD
Common	Buy Transaction	4,937	18.6100 USD
Common	Buy Transaction	100	18.6150 USD
Common	Buy Transaction	993	18.6151 USD
Common	Buy Transaction	1,503	18.6153 USD
Common	Buy Transaction	27,291	18.6300 USD
Common	Buy Transaction	2	18.6500 USD
Common	Buy Transaction	500	18.6810 USD
Common	Buy Transaction	300	18.6851 USD
Common	Buy Transaction	110	18.6868 USD
Common	Buy Transaction	180	18.6950 USD
Common	Buy Transaction	300	18.6950 USD
Common	Buy Transaction	2,311	18.7000 USD
Common	Buy Transaction	2	18.7100 USD
Common	Buy Transaction	2,600	18.7169 USD
Common	Buy Transaction	110	18.7224 USD
Common	Buy Transaction	1,979	18.7300 USD
Common	Buy Transaction	524	18.7443 USD
Common	Buy Transaction	200	18.7450 USD
Common	Buy Transaction	900	18.7490 USD
Common	Buy Transaction	3,966	18.7500 USD
Common	Buy Transaction	2	18.7550 USD
Common	Buy Transaction	3	18.7600 USD
Common	Buy Transaction	5,045	18.7650 USD
Common	Buy Transaction	486	18.7683 USD
Common	Buy Transaction	240	18.7703 USD
Common	Buy Transaction	2,250	18.7717 USD
Common	Buy Transaction	3,000	18.7750 USD
Common	Buy Transaction	1,184	18.7835 USD
Common	Buy Transaction	4,767	18.7846 USD
Common	Buy Transaction	742	18.7850 USD
Common	Buy Transaction	2,535	18.7900 USD
Common	Buy Transaction	1,975	18.7901 USD
Common	Buy Transaction	30,000	18.7940 USD
Common	Buy Transaction	2,649	18.8000 USD
Common	Buy Transaction	22	18.8100 USD
Common	Buy Transaction	2,055	18.8148 USD
Common	Buy Transaction	4,251	18.8200 USD
Common	Buy Transaction	1,119	18.8214 USD
Common	Buy Transaction	21	18.8219 USD
Common	Buy Transaction	13,512	18.8262 USD
Common	Buy Transaction	3,929	18.8294 USD
Common	Buy Transaction	2,900	18.8300 USD
Common	Buy Transaction	1,201	18.8326 USD
Common	Buy Transaction	62	18.8331 USD
Common	Buy Transaction	718	18.8344 USD
Common	Buy Transaction	3,500	18.8350 USD
Common	Buy Transaction	742	18.8400 USD
Common	Buy Transaction	15	18.8407 USD
Common	Buy Transaction	61	18.8410 USD
Common	Buy Transaction	61	18.8434 USD
Common	Buy Transaction	277	18.8451 USD
Common	Buy Transaction	19	18.8458 USD
Common	Buy Transaction	479	18.8458 USD
Common	Buy Transaction	2,274	18.8500 USD
Common	Buy Transaction	200	18.8501 USD
Common	Buy Transaction	852	18.8519 USD
Common	Buy Transaction	479	18.8523 USD
Common	Buy Transaction	6,524	18.8527 USD
Common	Buy Transaction	9	18.8533 USD
Common	Buy Transaction	134	18.8553 USD
Common	Buy Transaction	2,000	18.8575 USD
Common	Buy Transaction	393	18.8584 USD
Common	Buy Transaction	5,290	18.8585 USD
Common	Buy Transaction	2,605	18.8594 USD
Common	Buy Transaction	754	18.8597 USD
Common	Buy Transaction	3,401	18.8600 USD
Common	Buy Transaction	511	18.8624 USD
Common	Buy Transaction	380	18.8637 USD
Common	Buy Transaction	100	18.8650 USD
Common	Buy Transaction	3,000	18.8690 USD
Common	Buy Transaction	1,633	18.8700 USD
Common	Buy Transaction	3	18.8767 USD
Common	Buy Transaction	3,910	18.8775 USD
Common	Buy Transaction	102	18.8792 USD
Common	Buy Transaction	405	18.8807 USD
Common	Buy Transaction	595	18.8807 USD
Common	Buy Transaction	5,038	18.8845 USD
Common	Buy Transaction	1,098	18.8891 USD
Common	Buy Transaction	2,622	18.8900 USD
Common	Buy Transaction	18	18.8911 USD
Common	Buy Transaction	11	18.8945 USD
Common	Buy Transaction	1,400	18.8964 USD
Common	Buy Transaction	8,220	18.9000 USD
Common	Buy Transaction	46,037	18.9100 USD
Common	Buy Transaction	1,200	18.9142 USD
Common	Buy Transaction	300	18.9150 USD
Common	Buy Transaction	5,000	18.9151 USD
Common	Buy Transaction	41,816	18.9200 USD
Common	Buy Transaction	226	18.9250 USD
Common	Buy Transaction	2,975	18.9300 USD
Common	Buy Transaction	4	18.9350 USD
Common	Buy Transaction	800	18.9400 USD
Common	Sell Transaction	1,822	18.6000 USD
Common	Sell Transaction	600	18.6017 USD
Common	Sell Transaction	3,945	18.6050 USD
Common	Sell Transaction	1,162	18.6075 USD
Common	Sell Transaction	2,449	18.6100 USD
Common	Sell Transaction	19	18.6105 USD
Common	Sell Transaction	50	18.6150 USD
Common	Sell Transaction	827	18.6184 USD
Common	Sell Transaction	2,010	18.6234 USD
Common	Sell Transaction	4,000	18.6245 USD
Common	Sell Transaction	15	18.6253 USD
Common	Sell Transaction	11	18.6255 USD
Common	Sell Transaction	700	18.6464 USD
Common	Sell Transaction	6	18.6633 USD
Common	Sell Transaction	27	18.6685 USD
Common	Sell Transaction	159	18.6700 USD
Common	Sell Transaction	311	18.6721 USD
Common	Sell Transaction	2,200	18.6800 USD
Common	Sell Transaction	448	18.7171 USD
Common	Sell Transaction	100	18.7350 USD
Common	Sell Transaction	9	18.7467 USD
Common	Sell Transaction	900	18.7499 USD
Common	Sell Transaction	1,100	18.7514 USD
Common	Sell Transaction	24	18.7587 USD
Common	Sell Transaction	8,871	18.7604 USD
Common	Sell Transaction	1,576	18.7710 USD
Common	Sell Transaction	5	18.7800 USD
Common	Sell Transaction	2,500	18.7850 USD
Common	Sell Transaction	370	18.7858 USD
Common	Sell Transaction	1,202	18.7864 USD
Common	Sell Transaction	41	18.7868 USD
Common	Sell Transaction	6,110	18.7900 USD
Common	Sell Transaction	123	18.7911 USD
Common	Sell Transaction	9,659	18.7936 USD
Common	Sell Transaction	24,000	18.7950 USD
Common	Sell Transaction	547	18.7950 USD
Common	Sell Transaction	30	18.7980 USD
Common	Sell Transaction	739	18.7996 USD
Common	Sell Transaction	12,059	18.8017 USD
Common	Sell Transaction	1,000	18.8030 USD
Common	Sell Transaction	3,446	18.8041 USD
Common	Sell Transaction	415	18.8184 USD
Common	Sell Transaction	800	18.8200 USD
Common	Sell Transaction	1,079	18.8300 USD
Common	Sell Transaction	151	18.8311 USD
Common	Sell Transaction	231	18.8339 USD
Common	Sell Transaction	1,701	18.8359 USD
Common	Sell Transaction	20	18.8365 USD
Common	Sell Transaction	59	18.8373 USD
Common	Sell Transaction	4,461	18.8376 USD
Common	Sell Transaction	2,206	18.8400 USD
Common	Sell Transaction	700	18.8407 USD
Common	Sell Transaction	92	18.8413 USD
Common	Sell Transaction	31	18.8426 USD
Common	Sell Transaction	14	18.8436 USD
Common	Sell Transaction	6,632	18.8449 USD
Common	Sell Transaction	665	18.8451 USD
Common	Sell Transaction	374	18.8463 USD
Common	Sell Transaction	1,455	18.8497 USD
Common	Sell Transaction	1,832	18.8500 USD
Common	Sell Transaction	352	18.8505 USD
Common	Sell Transaction	179	18.8523 USD
Common	Sell Transaction	306	18.8557 USD
Common	Sell Transaction	595	18.8578 USD
Common	Sell Transaction	7,626	18.8600 USD
Common	Sell Transaction	2,400	18.8605 USD
Common	Sell Transaction	24	18.8637 USD
Common	Sell Transaction	689	18.8656 USD
Common	Sell Transaction	302	18.8660 USD
Common	Sell Transaction	1,827	18.8700 USD
Common	Sell Transaction	46	18.8741 USD
Common	Sell Transaction	56	18.8750 USD
Common	Sell Transaction	4,500	18.8777 USD
Common	Sell Transaction	1,965	18.8783 USD
Common	Sell Transaction	3,208	18.8800 USD
Common	Sell Transaction	14	18.8807 USD
Common	Sell Transaction	505	18.8812 USD
Common	Sell Transaction	300	18.8867 USD
Common	Sell Transaction	5,950	18.8872 USD
Common	Sell Transaction	1,564	18.8874 USD
Common	Sell Transaction	500	18.8900 USD
Common	Sell Transaction	3,733	18.8960 USD
Common	Sell Transaction	2,754	18.9000 USD
Common	Sell Transaction	187	18.9021 USD
Common	Sell Transaction	47,498	18.9100 USD
Common	Sell Transaction	4	18.9150 USD
Common	Sell Transaction	535	18.9200 USD
Common	Sell Transaction	617	18.9382 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)

(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	500	17.5000 USD	American	2025-11-21	1.2000 USD
Common	Call Option	Buy Transaction	1,300	17.5000 USD	American	2025-11-21	1.2500 USD
Common	Call Option	Buy Transaction	7,100	17.5000 USD	American	2026-03-20	1.3500 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2026-01-16	1.6400 USD
Common	Call Option	Sell Transaction	3,200	20.0000 USD	American	2025-11-21	0.0500 USD
Common	Call Option	Sell Transaction	2,500	20.0000 USD	American	2025-12-19	0.0900 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	30 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	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	3,100	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-1,100	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,200	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-200	5.0 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-52,500	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-151,200	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-67,300	12.5 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,000	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-164,800	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-185,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,200	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-3,900	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-28,700	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-32,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-227,900	17.5 USD	American	21/11/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025

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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