RNS Number : 7072J

Citadel Group

01 December 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	28 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	961,622	0.98	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	162,400	0.16	782,700	0.80
Total	1,124,022	1.15	1,100,585	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	1,457	21.4200 USD
Common	Buy Transaction	5	21.4260 USD
Common	Buy Transaction	27	21.4400 USD
Common	Buy Transaction	90	21.4500 USD
Common	Buy Transaction	58	21.4509 USD
Common	Buy Transaction	3,815	21.4523 USD
Common	Buy Transaction	372	21.4550 USD
Common	Buy Transaction	139	21.4550 USD
Common	Buy Transaction	1,097	21.4588 USD
Common	Buy Transaction	184	21.4591 USD
Common	Buy Transaction	14	21.4600 USD
Common	Buy Transaction	197	21.4650 USD
Common	Buy Transaction	457	21.4664 USD
Common	Buy Transaction	72	21.4700 USD
Common	Buy Transaction	9	21.4733 USD
Common	Buy Transaction	13	21.4738 USD
Common	Buy Transaction	847	21.4777 USD
Common	Buy Transaction	650	21.4777 USD
Common	Buy Transaction	105	21.4785 USD
Common	Buy Transaction	9,403	21.4792 USD
Common	Buy Transaction	1,301	21.4800 USD
Common	Buy Transaction	792	21.4800 USD
Common	Buy Transaction	149	21.4801 USD
Common	Buy Transaction	674	21.4813 USD
Common	Buy Transaction	188	21.4819 USD
Common	Buy Transaction	2	21.4850 USD
Common	Buy Transaction	63	21.4851 USD
Common	Buy Transaction	729	21.4851 USD
Common	Buy Transaction	608	21.4880 USD
Common	Buy Transaction	420	21.4889 USD
Common	Buy Transaction	5,693	21.4897 USD
Common	Buy Transaction	2,676	21.4900 USD
Common	Buy Transaction	4	21.4950 USD
Common	Buy Transaction	683	21.4952 USD
Common	Buy Transaction	1,244	21.4965 USD
Common	Buy Transaction	4,244	21.5000 USD
Common	Buy Transaction	1,951	21.5023 USD
Common	Buy Transaction	35	21.5051 USD
Common	Buy Transaction	132	21.5100 USD
Common	Buy Transaction	549	21.5101 USD
Common	Buy Transaction	293	21.5120 USD
Common	Buy Transaction	1,289	21.5139 USD
Common	Buy Transaction	24	21.5150 USD
Common	Buy Transaction	813	21.5200 USD
Common	Buy Transaction	177	21.5202 USD
Common	Buy Transaction	396	21.5212 USD
Common	Buy Transaction	135	21.5236 USD
Common	Buy Transaction	36	21.5358 USD
Common	Buy Transaction	102	21.5398 USD
Common	Buy Transaction	1	21.5400 USD
Common	Buy Transaction	800	21.5612 USD
Common	Sell Transaction	344	21.4100 USD
Common	Sell Transaction	1,400	21.4150 USD
Common	Sell Transaction	419	21.4200 USD
Common	Sell Transaction	374	21.4220 USD
Common	Sell Transaction	125	21.4248 USD
Common	Sell Transaction	201	21.4251 USD
Common	Sell Transaction	286	21.4298 USD
Common	Sell Transaction	549	21.4300 USD
Common	Sell Transaction	143	21.4308 USD
Common	Sell Transaction	350	21.4310 USD
Common	Sell Transaction	119	21.4312 USD
Common	Sell Transaction	14	21.4350 USD
Common	Sell Transaction	79	21.4351 USD
Common	Sell Transaction	263	21.4486 USD
Common	Sell Transaction	50	21.4500 USD
Common	Sell Transaction	300	21.4517 USD
Common	Sell Transaction	200	21.4525 USD
Common	Sell Transaction	273	21.4578 USD
Common	Sell Transaction	370	21.4600 USD
Common	Sell Transaction	300	21.4667 USD
Common	Sell Transaction	218	21.4694 USD
Common	Sell Transaction	449	21.4700 USD
Common	Sell Transaction	210	21.4710 USD
Common	Sell Transaction	900	21.4739 USD
Common	Sell Transaction	650	21.4777 USD
Common	Sell Transaction	108	21.4783 USD
Common	Sell Transaction	709	21.4787 USD
Common	Sell Transaction	240	21.4794 USD
Common	Sell Transaction	823	21.4800 USD
Common	Sell Transaction	104	21.4804 USD
Common	Sell Transaction	911	21.4811 USD
Common	Sell Transaction	120	21.4812 USD
Common	Sell Transaction	200	21.4825 USD
Common	Sell Transaction	102	21.4850 USD
Common	Sell Transaction	602	21.4853 USD
Common	Sell Transaction	26	21.4854 USD
Common	Sell Transaction	34	21.4856 USD
Common	Sell Transaction	500	21.4860 USD
Common	Sell Transaction	78	21.4869 USD
Common	Sell Transaction	1,045	21.4873 USD
Common	Sell Transaction	5,354	21.4900 USD
Common	Sell Transaction	500	21.4950 USD
Common	Sell Transaction	400	21.4975 USD
Common	Sell Transaction	1,004	21.4999 USD
Common	Sell Transaction	507	21.5000 USD
Common	Sell Transaction	705	21.5013 USD
Common	Sell Transaction	4	21.5075 USD
Common	Sell Transaction	1	21.5100 USD
Common	Sell Transaction	1,419	21.5150 USD
Common	Sell Transaction	2,395	21.5272 USD
Common	Sell Transaction	24	21.5362 USD
Common	Sell Transaction	2	21.8100 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	100	22.5000 USD	American	2025-12-19	0.1000 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	1 December 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	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
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	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
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	100	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-148,000	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-700	20.0 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	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Put Option	Sold	5,300	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
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	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026

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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