RNS Number : 5174G

Citadel Group

06 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	5 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	1,831,478	1.87	446,884	0.45
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	172,200	0.17	1,455,100	1.49
Total	2,003,678	2.05	1,901,984	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	16,460	18.8900 USD
Common	Buy Transaction	166	18.9000 USD
Common	Buy Transaction	725	18.9003 USD
Common	Buy Transaction	18	18.9028 USD
Common	Buy Transaction	2,227	18.9045 USD
Common	Buy Transaction	125	18.9073 USD
Common	Buy Transaction	5	18.9100 USD
Common	Buy Transaction	10	18.9140 USD
Common	Buy Transaction	104	18.9150 USD
Common	Buy Transaction	112	18.9151 USD
Common	Buy Transaction	705	18.9157 USD
Common	Buy Transaction	4,118	18.9184 USD
Common	Buy Transaction	1,207	18.9200 USD
Common	Buy Transaction	658	18.9212 USD
Common	Buy Transaction	19	18.9237 USD
Common	Buy Transaction	1,000	18.9240 USD
Common	Buy Transaction	158	18.9249 USD
Common	Buy Transaction	606	18.9250 USD
Common	Buy Transaction	300	18.9250 USD
Common	Buy Transaction	283	18.9250 USD
Common	Buy Transaction	593	18.9267 USD
Common	Buy Transaction	4	18.9275 USD
Common	Buy Transaction	7	18.9286 USD
Common	Buy Transaction	16	18.9294 USD
Common	Buy Transaction	2,125	18.9300 USD
Common	Buy Transaction	512	18.9300 USD
Common	Buy Transaction	614	18.9301 USD
Common	Buy Transaction	31	18.9339 USD
Common	Buy Transaction	1,453	18.9343 USD
Common	Buy Transaction	222	18.9349 USD
Common	Buy Transaction	55	18.9351 USD
Common	Buy Transaction	131	18.9351 USD
Common	Buy Transaction	1,765	18.9359 USD
Common	Buy Transaction	157	18.9375 USD
Common	Buy Transaction	102	18.9378 USD
Common	Buy Transaction	71	18.9400 USD
Common	Buy Transaction	2,690	18.9418 USD
Common	Buy Transaction	99	18.9451 USD
Common	Buy Transaction	351	18.9454 USD
Common	Buy Transaction	41	18.9471 USD
Common	Buy Transaction	55	18.9482 USD
Common	Buy Transaction	13	18.9485 USD
Common	Buy Transaction	584	18.9496 USD
Common	Buy Transaction	985	18.9499 USD
Common	Buy Transaction	1,213	18.9500 USD
Common	Buy Transaction	1,333	18.9508 USD
Common	Buy Transaction	836	18.9554 USD
Common	Buy Transaction	61	18.9570 USD
Common	Buy Transaction	401	18.9576 USD
Common	Buy Transaction	217	18.9578 USD
Common	Buy Transaction	19,347	18.9600 USD
Common	Buy Transaction	475	18.9611 USD
Common	Buy Transaction	600	18.9650 USD
Common	Buy Transaction	46	18.9652 USD
Common	Buy Transaction	800	18.9662 USD
Common	Buy Transaction	181	18.9664 USD
Common	Buy Transaction	2,950	18.9700 USD
Common	Buy Transaction	498	18.9742 USD
Common	Buy Transaction	907	18.9745 USD
Common	Buy Transaction	490	18.9800 USD
Common	Buy Transaction	784	18.9849 USD
Common	Buy Transaction	800	18.9900 USD
Common	Buy Transaction	512	18.9939 USD
Common	Buy Transaction	400	18.9950 USD
Common	Buy Transaction	200	19.0000 USD
Common	Sell Transaction	8,230	18.8900 USD
Common	Sell Transaction	4,000	18.9000 USD
Common	Sell Transaction	200	18.9100 USD
Common	Sell Transaction	312	18.9150 USD
Common	Sell Transaction	400	18.9163 USD
Common	Sell Transaction	535	18.9163 USD
Common	Sell Transaction	307	18.9167 USD
Common	Sell Transaction	158	18.9174 USD
Common	Sell Transaction	1,412	18.9200 USD
Common	Sell Transaction	658	18.9212 USD
Common	Sell Transaction	606	18.9217 USD
Common	Sell Transaction	319	18.9224 USD
Common	Sell Transaction	53	18.9243 USD
Common	Sell Transaction	101	18.9250 USD
Common	Sell Transaction	266	18.9259 USD
Common	Sell Transaction	10	18.9260 USD
Common	Sell Transaction	114	18.9261 USD
Common	Sell Transaction	1,225	18.9282 USD
Common	Sell Transaction	383	18.9300 USD
Common	Sell Transaction	146	18.9312 USD
Common	Sell Transaction	432	18.9325 USD
Common	Sell Transaction	102	18.9350 USD
Common	Sell Transaction	11	18.9355 USD
Common	Sell Transaction	453	18.9358 USD
Common	Sell Transaction	95	18.9365 USD
Common	Sell Transaction	344	18.9400 USD
Common	Sell Transaction	300	18.9417 USD
Common	Sell Transaction	2	18.9450 USD
Common	Sell Transaction	1,056	18.9462 USD
Common	Sell Transaction	251	18.9469 USD
Common	Sell Transaction	400	18.9475 USD
Common	Sell Transaction	597	18.9489 USD
Common	Sell Transaction	1,736	18.9500 USD
Common	Sell Transaction	110	18.9509 USD
Common	Sell Transaction	153	18.9521 USD
Common	Sell Transaction	150	18.9537 USD
Common	Sell Transaction	645	18.9547 USD
Common	Sell Transaction	800	18.9550 USD
Common	Sell Transaction	75	18.9556 USD
Common	Sell Transaction	304	18.9568 USD
Common	Sell Transaction	1,691	18.9578 USD
Common	Sell Transaction	406	18.9583 USD
Common	Sell Transaction	2,131	18.9590 USD
Common	Sell Transaction	77	18.9596 USD
Common	Sell Transaction	201	18.9600 USD
Common	Sell Transaction	4,575	18.9600 USD
Common	Sell Transaction	352	18.9650 USD
Common	Sell Transaction	855	18.9673 USD
Common	Sell Transaction	89	18.9687 USD
Common	Sell Transaction	1,053	18.9690 USD
Common	Sell Transaction	891	18.9700 USD
Common	Sell Transaction	42	18.9729 USD
Common	Sell Transaction	5	18.9760 USD
Common	Sell Transaction	211	18.9783 USD
Common	Sell Transaction	101	18.9799 USD
Common	Sell Transaction	1,696	18.9800 USD
Common	Sell Transaction	200	18.9900 USD
Common	Sell Transaction	828	19.0000 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	300	20.0000 USD	American	2027-01-15	0.4700 USD
Common	Call Option	Buy Transaction	300	17.5000 USD	American	2025-11-21	1.5000 USD
Common	Call Option	Buy Transaction	200	15.0000 USD	American	2025-11-21	4.0000 USD
Common	Put Option	Sell Transaction	20,000	5.0000 USD	American	2026-01-16	0.0500 USD
Common	Put Option	Sell Transaction	30,000	5.0000 USD	American	2026-01-16	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	6 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	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-184,000	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-165,900	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,900	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
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	-31,500	15.0 USD	American	21/11/2025
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	-10,700	7.5 USD	American	15/01/2027
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
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	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-44,000	20.0 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	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-900	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-227,300	17.5 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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