RNS Number : 0619H

Citadel Group

11 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	10 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	1,835,072	1.87	446,828	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	1,479,700	1.51
Total	2,007,272	2.05	1,926,528	1.97

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	23	18.6300 USD
Common	Buy Transaction	602	18.6900 USD
Common	Buy Transaction	1,551	18.7000 USD
Common	Buy Transaction	170	18.7025 USD
Common	Buy Transaction	96	18.7050 USD
Common	Buy Transaction	1	18.7100 USD
Common	Buy Transaction	49	18.7161 USD
Common	Buy Transaction	13	18.7192 USD
Common	Buy Transaction	1,100	18.7200 USD
Common	Buy Transaction	40	18.7228 USD
Common	Buy Transaction	450	18.7228 USD
Common	Buy Transaction	4,700	18.7250 USD
Common	Buy Transaction	284	18.7255 USD
Common	Buy Transaction	7	18.7257 USD
Common	Buy Transaction	825	18.7270 USD
Common	Buy Transaction	180	18.7270 USD
Common	Buy Transaction	136	18.7276 USD
Common	Buy Transaction	36	18.7289 USD
Common	Buy Transaction	802	18.7300 USD
Common	Buy Transaction	574	18.7302 USD
Common	Buy Transaction	1,256	18.7318 USD
Common	Buy Transaction	103	18.7325 USD
Common	Buy Transaction	234	18.7335 USD
Common	Buy Transaction	3,034	18.7340 USD
Common	Buy Transaction	1,214	18.7348 USD
Common	Buy Transaction	144	18.7350 USD
Common	Buy Transaction	671	18.7350 USD
Common	Buy Transaction	1,000	18.7350 USD
Common	Buy Transaction	591	18.7355 USD
Common	Buy Transaction	539	18.7358 USD
Common	Buy Transaction	16	18.7362 USD
Common	Buy Transaction	3,228	18.7388 USD
Common	Buy Transaction	909	18.7400 USD
Common	Buy Transaction	1,897	18.7403 USD
Common	Buy Transaction	1,240	18.7410 USD
Common	Buy Transaction	1,049	18.7417 USD
Common	Buy Transaction	268	18.7435 USD
Common	Buy Transaction	239	18.7449 USD
Common	Buy Transaction	1,645	18.7492 USD
Common	Buy Transaction	26	18.7500 USD
Common	Buy Transaction	90	18.7522 USD
Common	Buy Transaction	16	18.7550 USD
Common	Buy Transaction	518	18.7576 USD
Common	Buy Transaction	792	18.7586 USD
Common	Buy Transaction	316	18.7600 USD
Common	Buy Transaction	1,670	18.7601 USD
Common	Buy Transaction	554	18.7650 USD
Common	Buy Transaction	8,200	18.7700 USD
Common	Buy Transaction	117	18.7701 USD
Common	Buy Transaction	53	18.7736 USD
Common	Buy Transaction	1,000	18.7770 USD
Common	Buy Transaction	1,225	18.7772 USD
Common	Buy Transaction	550	18.7941 USD
Common	Buy Transaction	1,951	18.8000 USD
Common	Buy Transaction	1,000	18.8000 USD
Common	Sell Transaction	521	18.6900 USD
Common	Sell Transaction	500	18.6950 USD
Common	Sell Transaction	64	18.6962 USD
Common	Sell Transaction	5,512	18.7000 USD
Common	Sell Transaction	28	18.7014 USD
Common	Sell Transaction	21	18.7033 USD
Common	Sell Transaction	5,450	18.7100 USD
Common	Sell Transaction	208	18.7118 USD
Common	Sell Transaction	539	18.7174 USD
Common	Sell Transaction	201	18.7200 USD
Common	Sell Transaction	106	18.7221 USD
Common	Sell Transaction	1,300	18.7250 USD
Common	Sell Transaction	200	18.7250 USD
Common	Sell Transaction	405	18.7251 USD
Common	Sell Transaction	12	18.7258 USD
Common	Sell Transaction	527	18.7272 USD
Common	Sell Transaction	6,602	18.7274 USD
Common	Sell Transaction	310	18.7287 USD
Common	Sell Transaction	70	18.7293 USD
Common	Sell Transaction	2,157	18.7300 USD
Common	Sell Transaction	366	18.7307 USD
Common	Sell Transaction	750	18.7310 USD
Common	Sell Transaction	670	18.7311 USD
Common	Sell Transaction	993	18.7330 USD
Common	Sell Transaction	1,679	18.7335 USD
Common	Sell Transaction	800	18.7338 USD
Common	Sell Transaction	1,450	18.7340 USD
Common	Sell Transaction	520	18.7350 USD
Common	Sell Transaction	97	18.7351 USD
Common	Sell Transaction	350	18.7357 USD
Common	Sell Transaction	762	18.7360 USD
Common	Sell Transaction	3	18.7367 USD
Common	Sell Transaction	726	18.7396 USD
Common	Sell Transaction	158	18.7397 USD
Common	Sell Transaction	5,781	18.7400 USD
Common	Sell Transaction	1,164	18.7404 USD
Common	Sell Transaction	569	18.7412 USD
Common	Sell Transaction	1,281	18.7417 USD
Common	Sell Transaction	200	18.7426 USD
Common	Sell Transaction	614	18.7437 USD
Common	Sell Transaction	559	18.7443 USD
Common	Sell Transaction	400	18.7450 USD
Common	Sell Transaction	15	18.7453 USD
Common	Sell Transaction	448	18.7459 USD
Common	Sell Transaction	589	18.7466 USD
Common	Sell Transaction	1,584	18.7468 USD
Common	Sell Transaction	800	18.7475 USD
Common	Sell Transaction	911	18.7483 USD
Common	Sell Transaction	200	18.7500 USD
Common	Sell Transaction	5	18.7540 USD
Common	Sell Transaction	100	18.7550 USD
Common	Sell Transaction	118	18.7569 USD
Common	Sell Transaction	359	18.7579 USD
Common	Sell Transaction	1,111	18.7600 USD
Common	Sell Transaction	225	18.7623 USD
Common	Sell Transaction	124	18.7650 USD
Common	Sell Transaction	60	18.7652 USD
Common	Sell Transaction	103	18.7676 USD
Common	Sell Transaction	1,951	18.8000 USD
Common	Sell Transaction	832	18.8000 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	2026-01-16	1.7000 USD
Common	Call Option	Buy Transaction	900	10.0000 USD	American	2027-01-15	8.7600 USD
Common	Call Option	Sell Transaction	300	30.0000 USD	American	2026-01-16	0.0400 USD
Common	Call Option	Sell Transaction	500	17.5000 USD	American	2025-11-21	1.2900 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	11 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	0	5.0 USD	American	16/01/2026
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	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	0	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	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
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	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,800	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-184,000	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-52,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-227,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-179,200	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-31,500	15.0 USD	American	21/11/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
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	-900	20.0 USD	American	15/01/2027
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,300	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:

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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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