RNS Number : 9450F

Citadel Group

03 November 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	31 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	1,802,910	1.85	443,404	0.45
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	122,200	0.12	1,457,400	1.49
Total	1,925,110	1.97	1,900,804	1.95

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	1,087	18.8000 USD
Common	Buy Transaction	173	18.8181 USD
Common	Buy Transaction	139	18.8181 USD
Common	Buy Transaction	60	18.8200 USD
Common	Buy Transaction	2	18.8250 USD
Common	Buy Transaction	1	18.8300 USD
Common	Buy Transaction	800	18.8301 USD
Common	Buy Transaction	400	18.8400 USD
Common	Buy Transaction	1,095	18.8500 USD
Common	Buy Transaction	1,500	18.8550 USD
Common	Buy Transaction	66	18.8588 USD
Common	Buy Transaction	277	18.8589 USD
Common	Buy Transaction	3,700	18.8592 USD
Common	Buy Transaction	11,725	18.8599 USD
Common	Buy Transaction	2,100	18.8600 USD
Common	Buy Transaction	575	18.8636 USD
Common	Buy Transaction	255	18.8650 USD
Common	Buy Transaction	300	18.8651 USD
Common	Buy Transaction	2	18.8700 USD
Common	Buy Transaction	690	18.8703 USD
Common	Buy Transaction	151	18.8705 USD
Common	Buy Transaction	227	18.8733 USD
Common	Buy Transaction	1,222	18.8800 USD
Common	Buy Transaction	2,198	18.8819 USD
Common	Buy Transaction	2,000	18.8851 USD
Common	Buy Transaction	937	18.8853 USD
Common	Buy Transaction	202	18.8874 USD
Common	Buy Transaction	4,453	18.8900 USD
Common	Buy Transaction	1,366	18.8904 USD
Common	Buy Transaction	1,836	18.8955 USD
Common	Buy Transaction	179	18.8959 USD
Common	Buy Transaction	1,142	18.9000 USD
Common	Buy Transaction	1,000	18.9008 USD
Common	Buy Transaction	500	18.9040 USD
Common	Buy Transaction	260	18.9040 USD
Common	Buy Transaction	15	18.9100 USD
Common	Buy Transaction	24	18.9112 USD
Common	Buy Transaction	6,400	18.9150 USD
Common	Buy Transaction	275	18.9150 USD
Common	Buy Transaction	61	18.9159 USD
Common	Buy Transaction	2,382	18.9184 USD
Common	Buy Transaction	788	18.9188 USD
Common	Buy Transaction	7	18.9229 USD
Common	Buy Transaction	5,500	18.9250 USD
Common	Buy Transaction	65	18.9263 USD
Common	Buy Transaction	45	18.9289 USD
Common	Buy Transaction	200	18.9300 USD
Common	Buy Transaction	3,088	18.9330 USD
Common	Buy Transaction	100	18.9350 USD
Common	Buy Transaction	121	18.9351 USD
Common	Buy Transaction	308	18.9374 USD
Common	Buy Transaction	324	18.9388 USD
Common	Buy Transaction	1	18.9400 USD
Common	Buy Transaction	600	18.9410 USD
Common	Buy Transaction	28	18.9414 USD
Common	Buy Transaction	1,956	18.9448 USD
Common	Buy Transaction	296	18.9450 USD
Common	Buy Transaction	301	18.9500 USD
Common	Buy Transaction	200	18.9550 USD
Common	Buy Transaction	170	18.9600 USD
Common	Buy Transaction	3,287	18.9873 USD
Common	Buy Transaction	25	19.0000 USD
Common	Sell Transaction	407	18.8000 USD
Common	Sell Transaction	168	18.8100 USD
Common	Sell Transaction	2,764	18.8197 USD
Common	Sell Transaction	200	18.8200 USD
Common	Sell Transaction	20	18.8250 USD
Common	Sell Transaction	100	18.8300 USD
Common	Sell Transaction	10	18.8350 USD
Common	Sell Transaction	576	18.8400 USD
Common	Sell Transaction	25	18.8452 USD
Common	Sell Transaction	432	18.8500 USD
Common	Sell Transaction	139	18.8536 USD
Common	Sell Transaction	843	18.8557 USD
Common	Sell Transaction	5,408	18.8567 USD
Common	Sell Transaction	105	18.8574 USD
Common	Sell Transaction	4,731	18.8600 USD
Common	Sell Transaction	4,399	18.8601 USD
Common	Sell Transaction	17	18.8612 USD
Common	Sell Transaction	1,200	18.8650 USD
Common	Sell Transaction	2,125	18.8664 USD
Common	Sell Transaction	2,403	18.8700 USD
Common	Sell Transaction	86	18.8707 USD
Common	Sell Transaction	1,110	18.8717 USD
Common	Sell Transaction	800	18.8750 USD
Common	Sell Transaction	74	18.8759 USD
Common	Sell Transaction	1,001	18.8765 USD
Common	Sell Transaction	6	18.8800 USD
Common	Sell Transaction	25	18.8816 USD
Common	Sell Transaction	54	18.8846 USD
Common	Sell Transaction	1,700	18.8850 USD
Common	Sell Transaction	143	18.8850 USD
Common	Sell Transaction	64	18.8875 USD
Common	Sell Transaction	23	18.8896 USD
Common	Sell Transaction	49	18.8896 USD
Common	Sell Transaction	7,246	18.8900 USD
Common	Sell Transaction	355	18.8910 USD
Common	Sell Transaction	1,161	18.8954 USD
Common	Sell Transaction	6	18.8983 USD
Common	Sell Transaction	293	18.8987 USD
Common	Sell Transaction	40	18.8987 USD
Common	Sell Transaction	97	18.9000 USD
Common	Sell Transaction	7,826	18.9046 USD
Common	Sell Transaction	1,800	18.9050 USD
Common	Sell Transaction	269	18.9070 USD
Common	Sell Transaction	359	18.9070 USD
Common	Sell Transaction	503	18.9090 USD
Common	Sell Transaction	5,188	18.9093 USD
Common	Sell Transaction	586	18.9098 USD
Common	Sell Transaction	2,143	18.9100 USD
Common	Sell Transaction	424	18.9143 USD
Common	Sell Transaction	5,300	18.9150 USD
Common	Sell Transaction	1,850	18.9182 USD
Common	Sell Transaction	991	18.9191 USD
Common	Sell Transaction	1,776	18.9248 USD
Common	Sell Transaction	200	18.9250 USD
Common	Sell Transaction	306	18.9263 USD
Common	Sell Transaction	571	18.9275 USD
Common	Sell Transaction	1,650	18.9300 USD
Common	Sell Transaction	830	18.9306 USD
Common	Sell Transaction	2,068	18.9337 USD
Common	Sell Transaction	560	18.9345 USD
Common	Sell Transaction	1,100	18.9350 USD
Common	Sell Transaction	1,351	18.9360 USD
Common	Sell Transaction	2,476	18.9372 USD
Common	Sell Transaction	387	18.9400 USD
Common	Sell Transaction	500	18.9450 USD
Common	Sell Transaction	69	18.9451 USD
Common	Sell Transaction	400	18.9500 USD
Common	Sell Transaction	326	18.9800 USD
Common	Sell Transaction	300	18.9900 USD
Common	Sell Transaction	25	19.0000 USD
Common	Sell Transaction	3	19.0167 USD
Common	Sell Transaction	1,000	19.0450 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	100	17.5000 USD	American	2025-11-21	1.4800 USD
Common	Call Option	Buy Transaction	600	15.0000 USD	American	2026-01-16	4.1100 USD
Common	Put Option	Sell Transaction	9,900	5.0000 USD	American	2026-01-16	0.0500 USD
Common	Put Option	Sell Transaction	200	5.0000 USD	American	2026-01-16	0.0700 USD
Common	Call Option	Sell Transaction	5,000	20.0000 USD	American	2026-01-16	0.1600 USD
Common	Call Option	Sell Transaction	2,900	20.0000 USD	American	2025-12-19	0.2100 USD
Common	Call Option	Sell Transaction	1,000	20.0000 USD	American	2025-12-19	0.2400 USD
Common	Call Option	Sell Transaction	1,000	17.5000 USD	American	2025-12-19	1.5000 USD
Common	Call Option	Sell Transaction	2,900	15.0000 USD	American	2025-11-21	4.0000 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	3 November 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	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
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	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
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	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
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	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-227,700	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-185,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,900	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-1,200	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-52,500	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-200	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Put Option	Sold	9,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,000	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-44,000	20.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-165,300	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-31,600	15.0 USD	American	21/11/2025
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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