RNS Number : 1257J

Citadel Group

26 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	25 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	1,469,317	1.50	317,885	0.32
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	161,800	0.16	785,300	0.80
Total	1,631,117	1.67	1,103,185	1.12

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	856	22.8821 USD
Common	Buy Transaction	215	22.8937 USD
Common	Buy Transaction	166	22.9000 USD
Common	Buy Transaction	400	22.9050 USD
Common	Buy Transaction	131	22.9100 USD
Common	Buy Transaction	22,562	22.9184 USD
Common	Buy Transaction	1,491	22.9199 USD
Common	Buy Transaction	148	22.9200 USD
Common	Buy Transaction	4,454	22.9211 USD
Common	Buy Transaction	16	22.9225 USD
Common	Buy Transaction	39	22.9246 USD
Common	Buy Transaction	25	22.9248 USD
Common	Buy Transaction	232	22.9250 USD
Common	Buy Transaction	19	22.9253 USD
Common	Buy Transaction	188	22.9259 USD
Common	Buy Transaction	5	22.9260 USD
Common	Buy Transaction	100	22.9284 USD
Common	Buy Transaction	300	22.9285 USD
Common	Buy Transaction	40	22.9288 USD
Common	Buy Transaction	3,718	22.9296 USD
Common	Buy Transaction	18,375	22.9300 USD
Common	Buy Transaction	804	22.9302 USD
Common	Buy Transaction	416	22.9322 USD
Common	Buy Transaction	38	22.9324 USD
Common	Buy Transaction	124	22.9324 USD
Common	Buy Transaction	163	22.9339 USD
Common	Buy Transaction	611	22.9345 USD
Common	Buy Transaction	660	22.9345 USD
Common	Buy Transaction	16	22.9350 USD
Common	Buy Transaction	175	22.9366 USD
Common	Buy Transaction	537	22.9370 USD
Common	Buy Transaction	51	22.9390 USD
Common	Buy Transaction	269	22.9400 USD
Common	Buy Transaction	101	22.9402 USD
Common	Buy Transaction	776	22.9403 USD
Common	Buy Transaction	47	22.9406 USD
Common	Buy Transaction	101	22.9428 USD
Common	Buy Transaction	3	22.9433 USD
Common	Buy Transaction	428	22.9445 USD
Common	Buy Transaction	12	22.9458 USD
Common	Buy Transaction	459	22.9462 USD
Common	Buy Transaction	333	22.9463 USD
Common	Buy Transaction	250	22.9480 USD
Common	Buy Transaction	200	22.9498 USD
Common	Buy Transaction	1,013	22.9498 USD
Common	Buy Transaction	101	22.9499 USD
Common	Buy Transaction	4,258	22.9500 USD
Common	Buy Transaction	2,176	22.9501 USD
Common	Buy Transaction	1,833	22.9518 USD
Common	Buy Transaction	213	22.9519 USD
Common	Buy Transaction	214	22.9526 USD
Common	Buy Transaction	305	22.9531 USD
Common	Buy Transaction	106	22.9550 USD
Common	Buy Transaction	603	22.9590 USD
Common	Buy Transaction	251	22.9600 USD
Common	Buy Transaction	52	22.9619 USD
Common	Buy Transaction	5	22.9660 USD
Common	Buy Transaction	935	22.9686 USD
Common	Buy Transaction	1,434	22.9700 USD
Common	Buy Transaction	42	22.9705 USD
Common	Buy Transaction	38	22.9750 USD
Common	Buy Transaction	216	22.9770 USD
Common	Buy Transaction	891	22.9900 USD
Common	Buy Transaction	800	22.9950 USD
Common	Sell Transaction	2,100	22.8900 USD
Common	Sell Transaction	2,500	22.9000 USD
Common	Sell Transaction	810	22.9062 USD
Common	Sell Transaction	205	22.9150 USD
Common	Sell Transaction	2	22.9200 USD
Common	Sell Transaction	200	22.9250 USD
Common	Sell Transaction	446	22.9253 USD
Common	Sell Transaction	350	22.9268 USD
Common	Sell Transaction	254	22.9279 USD
Common	Sell Transaction	46	22.9283 USD
Common	Sell Transaction	88	22.9298 USD
Common	Sell Transaction	18,544	22.9300 USD
Common	Sell Transaction	261	22.9303 USD
Common	Sell Transaction	637	22.9342 USD
Common	Sell Transaction	465	22.9343 USD
Common	Sell Transaction	4	22.9350 USD
Common	Sell Transaction	1,362	22.9375 USD
Common	Sell Transaction	476	22.9400 USD
Common	Sell Transaction	78	22.9412 USD
Common	Sell Transaction	129	22.9414 USD
Common	Sell Transaction	262	22.9418 USD
Common	Sell Transaction	58	22.9431 USD
Common	Sell Transaction	886	22.9474 USD
Common	Sell Transaction	310	22.9494 USD
Common	Sell Transaction	1,034	22.9495 USD
Common	Sell Transaction	5,204	22.9500 USD
Common	Sell Transaction	139	22.9502 USD
Common	Sell Transaction	1,225	22.9506 USD
Common	Sell Transaction	551	22.9509 USD
Common	Sell Transaction	200	22.9510 USD
Common	Sell Transaction	442	22.9511 USD
Common	Sell Transaction	300	22.9550 USD
Common	Sell Transaction	7	22.9557 USD
Common	Sell Transaction	400	22.9575 USD
Common	Sell Transaction	103	22.9588 USD
Common	Sell Transaction	3	22.9600 USD
Common	Sell Transaction	650	22.9654 USD
Common	Sell Transaction	2	22.9700 USD
Common	Sell Transaction	654	22.9737 USD
Common	Sell Transaction	634	22.9765 USD
Common	Sell Transaction	579	22.9778 USD
Common	Sell Transaction	493	22.9789 USD
Common	Sell Transaction	512	22.9800 USD
Common	Sell Transaction	6	22.9867 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	Sell Transaction	2,500	25.0000 USD	American	2025-12-19	0.2000 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	26 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	-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	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
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	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	100	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
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	-100	15.0 USD	American	15/01/2027
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	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Put Option	Sold	4,800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-4,300	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026

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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