RNS Number : 3268G

Citadel Group

05 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	4 November 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	1,796,932	1.84	444,216	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	1,455,900	1.49
Total	1,919,132	1.96	1,900,116	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	13	18.7500 USD
Common	Buy Transaction	1,998	18.7900 USD
Common	Buy Transaction	149	18.8200 USD
Common	Buy Transaction	659	18.8444 USD
Common	Buy Transaction	200	18.8550 USD
Common	Buy Transaction	536	18.8559 USD
Common	Buy Transaction	1	18.8600 USD
Common	Buy Transaction	36	18.8650 USD
Common	Buy Transaction	596	18.8700 USD
Common	Buy Transaction	1,203	18.8782 USD
Common	Buy Transaction	103	18.8800 USD
Common	Buy Transaction	194	18.8838 USD
Common	Buy Transaction	28	18.8850 USD
Common	Buy Transaction	398	18.8851 USD
Common	Buy Transaction	387	18.8901 USD
Common	Buy Transaction	712	18.8911 USD
Common	Buy Transaction	50	18.8950 USD
Common	Buy Transaction	124	18.8994 USD
Common	Buy Transaction	8,204	18.9000 USD
Common	Buy Transaction	70	18.9001 USD
Common	Buy Transaction	24	18.9017 USD
Common	Buy Transaction	158	18.9024 USD
Common	Buy Transaction	3,464	18.9044 USD
Common	Buy Transaction	3,050	18.9050 USD
Common	Buy Transaction	1,225	18.9050 USD
Common	Buy Transaction	150	18.9051 USD
Common	Buy Transaction	25	18.9052 USD
Common	Buy Transaction	346	18.9072 USD
Common	Buy Transaction	28	18.9075 USD
Common	Buy Transaction	234	18.9080 USD
Common	Buy Transaction	400	18.9088 USD
Common	Buy Transaction	202	18.9096 USD
Common	Buy Transaction	5,530	18.9100 USD
Common	Buy Transaction	5,097	18.9107 USD
Common	Buy Transaction	900	18.9110 USD
Common	Buy Transaction	625	18.9131 USD
Common	Buy Transaction	1,034	18.9147 USD
Common	Buy Transaction	100	18.9150 USD
Common	Buy Transaction	499	18.9151 USD
Common	Buy Transaction	820	18.9151 USD
Common	Buy Transaction	2,546	18.9161 USD
Common	Buy Transaction	1,766	18.9166 USD
Common	Buy Transaction	16	18.9169 USD
Common	Buy Transaction	95	18.9178 USD
Common	Buy Transaction	480	18.9184 USD
Common	Buy Transaction	2,194	18.9200 USD
Common	Buy Transaction	1,500	18.9201 USD
Common	Buy Transaction	577	18.9216 USD
Common	Buy Transaction	148	18.9218 USD
Common	Buy Transaction	195	18.9232 USD
Common	Buy Transaction	900	18.9250 USD
Common	Buy Transaction	64	18.9298 USD
Common	Buy Transaction	275	18.9300 USD
Common	Buy Transaction	189	18.9317 USD
Common	Buy Transaction	76	18.9347 USD
Common	Buy Transaction	100	18.9350 USD
Common	Buy Transaction	784	18.9364 USD
Common	Buy Transaction	329	18.9365 USD
Common	Buy Transaction	101	18.9399 USD
Common	Buy Transaction	530	18.9400 USD
Common	Buy Transaction	640	18.9450 USD
Common	Buy Transaction	511	18.9455 USD
Common	Buy Transaction	64	18.9462 USD
Common	Buy Transaction	106	18.9494 USD
Common	Buy Transaction	230	18.9500 USD
Common	Sell Transaction	62	18.8148 USD
Common	Sell Transaction	222	18.8200 USD
Common	Sell Transaction	792	18.8224 USD
Common	Sell Transaction	1,059	18.8317 USD
Common	Sell Transaction	57	18.8400 USD
Common	Sell Transaction	156	18.8451 USD
Common	Sell Transaction	347	18.8497 USD
Common	Sell Transaction	922	18.8529 USD
Common	Sell Transaction	601	18.8800 USD
Common	Sell Transaction	299	18.8900 USD
Common	Sell Transaction	197	18.8901 USD
Common	Sell Transaction	513	18.8966 USD
Common	Sell Transaction	9,585	18.9000 USD
Common	Sell Transaction	1,315	18.9002 USD
Common	Sell Transaction	33	18.9012 USD
Common	Sell Transaction	200	18.9017 USD
Common	Sell Transaction	11	18.9018 USD
Common	Sell Transaction	181	18.9028 USD
Common	Sell Transaction	7	18.9029 USD
Common	Sell Transaction	11	18.9036 USD
Common	Sell Transaction	548	18.9050 USD
Common	Sell Transaction	325	18.9050 USD
Common	Sell Transaction	446	18.9051 USD
Common	Sell Transaction	14	18.9071 USD
Common	Sell Transaction	906	18.9072 USD
Common	Sell Transaction	300	18.9083 USD
Common	Sell Transaction	681	18.9083 USD
Common	Sell Transaction	298	18.9084 USD
Common	Sell Transaction	448	18.9100 USD
Common	Sell Transaction	2,260	18.9101 USD
Common	Sell Transaction	390	18.9108 USD
Common	Sell Transaction	94	18.9108 USD
Common	Sell Transaction	17	18.9109 USD
Common	Sell Transaction	92	18.9110 USD
Common	Sell Transaction	1,913	18.9117 USD
Common	Sell Transaction	5,903	18.9129 USD
Common	Sell Transaction	178	18.9150 USD
Common	Sell Transaction	337	18.9156 USD
Common	Sell Transaction	2,000	18.9160 USD
Common	Sell Transaction	110	18.9164 USD
Common	Sell Transaction	96	18.9173 USD
Common	Sell Transaction	430	18.9173 USD
Common	Sell Transaction	102	18.9175 USD
Common	Sell Transaction	1,182	18.9182 USD
Common	Sell Transaction	577	18.9200 USD
Common	Sell Transaction	200	18.9210 USD
Common	Sell Transaction	1,859	18.9217 USD
Common	Sell Transaction	6,578	18.9227 USD
Common	Sell Transaction	246	18.9229 USD
Common	Sell Transaction	657	18.9233 USD
Common	Sell Transaction	2,064	18.9243 USD
Common	Sell Transaction	100	18.9250 USD
Common	Sell Transaction	845	18.9259 USD
Common	Sell Transaction	938	18.9259 USD
Common	Sell Transaction	2,390	18.9267 USD
Common	Sell Transaction	98	18.9272 USD
Common	Sell Transaction	20	18.9275 USD
Common	Sell Transaction	1,613	18.9300 USD
Common	Sell Transaction	156	18.9312 USD
Common	Sell Transaction	655	18.9319 USD
Common	Sell Transaction	188	18.9325 USD
Common	Sell Transaction	2,810	18.9350 USD
Common	Sell Transaction	130	18.9400 USD
Common	Sell Transaction	957	18.9435 USD
Common	Sell Transaction	302	18.9450 USD
Common	Sell Transaction	53	18.9462 USD
Common	Sell Transaction	2,847	18.9499 USD
Common	Sell Transaction	108	18.9500 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	15.0000 USD	American	2025-11-21	3.9200 USD
Common	Call Option	Buy Transaction	500	15.0000 USD	American	2025-12-19	4.0000 USD
Common	Call Option	Buy Transaction	1,000	10.0000 USD	American	2026-01-16	9.0700 USD
Common	Call Option	Buy Transaction	200	10.0000 USD	American	2026-01-16	9.0800 USD
Common	Call Option	Sell Transaction	200	15.0000 USD	American	2025-11-21	3.9000 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	5 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	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
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	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
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	-200	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-44,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-184,000	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-1,900	17.5 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,200	20.0 USD	American	15/01/2027
Common	Put Option	Sold	9,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-31,700	15.0 USD	American	21/11/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-227,600	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-165,900	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027

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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