RNS Number : 7301G

Citadel Group

07 November 2025

Ap27

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	6 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.

Ap28

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	1,832,735	1.87	444,563	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	1,468,400	1.50
Total	2,004,935	2.05	1,912,963	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	182,219	18.7100 USD
Common	Buy Transaction	1	18.7300 USD
Common	Buy Transaction	51	18.7335 USD
Common	Buy Transaction	14	18.7336 USD
Common	Buy Transaction	1	18.7600 USD
Common	Buy Transaction	375	18.7680 USD
Common	Buy Transaction	3,534	18.7717 USD
Common	Buy Transaction	321	18.7750 USD
Common	Buy Transaction	3,381	18.7786 USD
Common	Buy Transaction	710	18.7795 USD
Common	Buy Transaction	559	18.7800 USD
Common	Buy Transaction	1,664	18.7858 USD
Common	Buy Transaction	123	18.7859 USD
Common	Buy Transaction	10,431	18.7861 USD
Common	Buy Transaction	647	18.7885 USD
Common	Buy Transaction	450	18.7900 USD
Common	Buy Transaction	359	18.7915 USD
Common	Buy Transaction	893	18.7983 USD
Common	Buy Transaction	1,200	18.8000 USD
Common	Buy Transaction	9	18.8011 USD
Common	Buy Transaction	317	18.8024 USD
Common	Buy Transaction	369	18.8029 USD
Common	Buy Transaction	811	18.8029 USD
Common	Buy Transaction	430	18.8070 USD
Common	Buy Transaction	14	18.8071 USD
Common	Buy Transaction	85	18.8092 USD
Common	Buy Transaction	46	18.8098 USD
Common	Buy Transaction	175	18.8105 USD
Common	Buy Transaction	4,709	18.8120 USD
Common	Buy Transaction	27	18.8128 USD
Common	Buy Transaction	1	18.8200 USD
Common	Buy Transaction	575	18.8228 USD
Common	Buy Transaction	10	18.8250 USD
Common	Buy Transaction	2,790	18.8260 USD
Common	Buy Transaction	600	18.8300 USD
Common	Buy Transaction	537	18.8318 USD
Common	Buy Transaction	29	18.8324 USD
Common	Buy Transaction	975	18.8336 USD
Common	Buy Transaction	940	18.8343 USD
Common	Buy Transaction	275	18.8363 USD
Common	Buy Transaction	1,114	18.8401 USD
Common	Buy Transaction	300	18.8401 USD
Common	Buy Transaction	5	18.8420 USD
Common	Buy Transaction	421	18.8426 USD
Common	Buy Transaction	40	18.8445 USD
Common	Buy Transaction	75	18.8451 USD
Common	Buy Transaction	17	18.8471 USD
Common	Buy Transaction	36	18.8486 USD
Common	Buy Transaction	1,926	18.8500 USD
Common	Buy Transaction	976	18.8522 USD
Common	Buy Transaction	5	18.8540 USD
Common	Buy Transaction	2,107	18.8551 USD
Common	Buy Transaction	15	18.8553 USD
Common	Buy Transaction	22	18.8555 USD
Common	Buy Transaction	350	18.8555 USD
Common	Buy Transaction	1,158	18.8566 USD
Common	Buy Transaction	3	18.8567 USD
Common	Buy Transaction	414	18.8591 USD
Common	Buy Transaction	945	18.8600 USD
Common	Buy Transaction	287	18.8645 USD
Common	Buy Transaction	8	18.8650 USD
Common	Buy Transaction	700	18.8672 USD
Common	Buy Transaction	438	18.8689 USD
Common	Buy Transaction	592	18.8700 USD
Common	Buy Transaction	254	18.8706 USD
Common	Buy Transaction	264	18.8731 USD
Common	Buy Transaction	13	18.8754 USD
Common	Buy Transaction	198	18.8900 USD
Common	Buy Transaction	300	18.8950 USD
Common	Buy Transaction	3	18.9133 USD
Common	Buy Transaction	36	18.9183 USD
Common	Buy Transaction	11	18.9200 USD
Common	Buy Transaction	2,070	18.9300 USD
Common	Buy Transaction	47	18.9351 USD
Common	Buy Transaction	552	18.9353 USD
Common	Buy Transaction	18	18.9400 USD
Common	Buy Transaction	603	18.9450 USD
Common	Buy Transaction	326	18.9470 USD
Common	Buy Transaction	54	18.9600 USD
Common	Buy Transaction	74	18.9900 USD
Common	Sell Transaction	146,016	18.7100 USD
Common	Sell Transaction	1	18.7200 USD
Common	Sell Transaction	100	18.7300 USD
Common	Sell Transaction	133	18.7659 USD
Common	Sell Transaction	3,082	18.7716 USD
Common	Sell Transaction	2,866	18.7734 USD
Common	Sell Transaction	94	18.7770 USD
Common	Sell Transaction	200	18.7800 USD
Common	Sell Transaction	618	18.7801 USD
Common	Sell Transaction	816	18.7826 USD
Common	Sell Transaction	3,702	18.7839 USD
Common	Sell Transaction	400	18.7850 USD
Common	Sell Transaction	10,431	18.7861 USD
Common	Sell Transaction	300	18.7900 USD
Common	Sell Transaction	1,559	18.7905 USD
Common	Sell Transaction	16,406	18.7920 USD
Common	Sell Transaction	1,402	18.7946 USD
Common	Sell Transaction	581	18.7963 USD
Common	Sell Transaction	3,542	18.7967 USD
Common	Sell Transaction	239	18.7979 USD
Common	Sell Transaction	1,420	18.7981 USD
Common	Sell Transaction	4,006	18.8000 USD
Common	Sell Transaction	846	18.8015 USD
Common	Sell Transaction	200	18.8050 USD
Common	Sell Transaction	99	18.8100 USD
Common	Sell Transaction	1,108	18.8162 USD
Common	Sell Transaction	245	18.8206 USD
Common	Sell Transaction	876	18.8224 USD
Common	Sell Transaction	501	18.8300 USD
Common	Sell Transaction	197	18.8313 USD
Common	Sell Transaction	12	18.8367 USD
Common	Sell Transaction	275	18.8369 USD
Common	Sell Transaction	97	18.8400 USD
Common	Sell Transaction	220	18.8420 USD
Common	Sell Transaction	144	18.8431 USD
Common	Sell Transaction	1,415	18.8435 USD
Common	Sell Transaction	1,269	18.8475 USD
Common	Sell Transaction	214	18.8494 USD
Common	Sell Transaction	748	18.8494 USD
Common	Sell Transaction	2,007	18.8498 USD
Common	Sell Transaction	924	18.8499 USD
Common	Sell Transaction	394	18.8499 USD
Common	Sell Transaction	3,800	18.8500 USD
Common	Sell Transaction	3,646	18.8505 USD
Common	Sell Transaction	4,143	18.8547 USD
Common	Sell Transaction	1,581	18.8549 USD
Common	Sell Transaction	793	18.8577 USD
Common	Sell Transaction	319	18.8700 USD
Common	Sell Transaction	187	18.8714 USD
Common	Sell Transaction	2,350	18.8806 USD
Common	Sell Transaction	2,700	18.8850 USD
Common	Sell Transaction	195	18.8900 USD
Common	Sell Transaction	624	18.9005 USD
Common	Sell Transaction	231	18.9200 USD
Common	Sell Transaction	200	18.9250 USD
Common	Sell Transaction	101	18.9294 USD
Common	Sell Transaction	716	18.9300 USD
Common	Sell Transaction	62	18.9326 USD
Common	Sell Transaction	294	18.9346 USD
Common	Sell Transaction	243	18.9399 USD
Common	Sell Transaction	70	18.9400 USD
Common	Sell Transaction	1,194	18.9410 USD
Common	Sell Transaction	190	18.9450 USD
Common	Sell Transaction	423	18.9548 USD
Common	Sell Transaction	86	18.9664 USD
Common	Sell Transaction	3	18.9767 USD

Ap29

(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	Sell Transaction	13,300	20.0000 USD	American	2025-11-21	0.0500 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)

Ap30

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	7 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.

Ap32

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	-45,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
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	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
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	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-100	7.5 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	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
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	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,900	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-179,200	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-44,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-227,300	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-31,500	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-900	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-184,000	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-800	20.0 USD	American	19/12/2025

3.             AGREEMENTS TO PURCHASE OR SELL

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

Ap33

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ITPUBSORVNUARAA