RNS Number : 3133K

Citadel Group

04 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	3 December 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	997,740	1.02	277,101	0.28
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	190,700	0.19	792,000	0.81
Total	1,188,440	1.21	1,069,101	1.09

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	1,393	21.3500 USD
Common	Buy Transaction	8,147	21.3502 USD
Common	Buy Transaction	589	21.3512 USD
Common	Buy Transaction	500	21.3530 USD
Common	Buy Transaction	114	21.3550 USD
Common	Buy Transaction	155	21.3550 USD
Common	Buy Transaction	758	21.3550 USD
Common	Buy Transaction	32	21.3556 USD
Common	Buy Transaction	463	21.3557 USD
Common	Buy Transaction	12,913	21.3570 USD
Common	Buy Transaction	354	21.3580 USD
Common	Buy Transaction	1,420	21.3584 USD
Common	Buy Transaction	336	21.3592 USD
Common	Buy Transaction	834	21.3597 USD
Common	Buy Transaction	21,417	21.3600 USD
Common	Buy Transaction	1,000	21.3601 USD
Common	Buy Transaction	57	21.3614 USD
Common	Buy Transaction	219	21.3632 USD
Common	Buy Transaction	99	21.3635 USD
Common	Buy Transaction	677	21.3639 USD
Common	Buy Transaction	238	21.3642 USD
Common	Buy Transaction	2,953	21.3643 USD
Common	Buy Transaction	92	21.3643 USD
Common	Buy Transaction	177	21.3647 USD
Common	Buy Transaction	113	21.3647 USD
Common	Buy Transaction	1,711	21.3649 USD
Common	Buy Transaction	162	21.3650 USD
Common	Buy Transaction	103	21.3670 USD
Common	Buy Transaction	5,881	21.3679 USD
Common	Buy Transaction	104	21.3680 USD
Common	Buy Transaction	33,387	21.3700 USD
Common	Buy Transaction	9,500	21.3711 USD
Common	Buy Transaction	936	21.3711 USD
Common	Buy Transaction	490	21.3711 USD
Common	Buy Transaction	602	21.3733 USD
Common	Buy Transaction	9,757	21.3736 USD
Common	Buy Transaction	1,367	21.3738 USD
Common	Buy Transaction	648	21.3746 USD
Common	Buy Transaction	6,744	21.3748 USD
Common	Buy Transaction	291	21.3748 USD
Common	Buy Transaction	600	21.3750 USD
Common	Buy Transaction	1,053	21.3761 USD
Common	Buy Transaction	221	21.3790 USD
Common	Buy Transaction	436	21.3799 USD
Common	Buy Transaction	201	21.3800 USD
Common	Buy Transaction	1,564	21.3800 USD
Common	Buy Transaction	25	21.3832 USD
Common	Buy Transaction	300	21.3833 USD
Common	Buy Transaction	700	21.3850 USD
Common	Buy Transaction	419	21.3852 USD
Common	Buy Transaction	1,400	21.3939 USD
Common	Buy Transaction	700	21.4000 USD
Common	Buy Transaction	1	21.4300 USD
Common	Sell Transaction	3,025	21.3500 USD
Common	Sell Transaction	8,047	21.3501 USD
Common	Sell Transaction	36	21.3511 USD
Common	Sell Transaction	100	21.3550 USD
Common	Sell Transaction	1,025	21.3550 USD
Common	Sell Transaction	201	21.3551 USD
Common	Sell Transaction	1,107	21.3555 USD
Common	Sell Transaction	180	21.3565 USD
Common	Sell Transaction	641	21.3586 USD
Common	Sell Transaction	534	21.3586 USD
Common	Sell Transaction	557	21.3589 USD
Common	Sell Transaction	257	21.3589 USD
Common	Sell Transaction	218	21.3592 USD
Common	Sell Transaction	570	21.3594 USD
Common	Sell Transaction	110	21.3596 USD
Common	Sell Transaction	28,770	21.3600 USD
Common	Sell Transaction	634	21.3606 USD
Common	Sell Transaction	375	21.3607 USD
Common	Sell Transaction	22	21.3614 USD
Common	Sell Transaction	239	21.3617 USD
Common	Sell Transaction	9,400	21.3623 USD
Common	Sell Transaction	1,100	21.3627 USD
Common	Sell Transaction	650	21.3631 USD
Common	Sell Transaction	1,941	21.3636 USD
Common	Sell Transaction	109	21.3638 USD
Common	Sell Transaction	64	21.3641 USD
Common	Sell Transaction	678	21.3652 USD
Common	Sell Transaction	7	21.3671 USD
Common	Sell Transaction	30	21.3673 USD
Common	Sell Transaction	400	21.3675 USD
Common	Sell Transaction	2,517	21.3680 USD
Common	Sell Transaction	324	21.3693 USD
Common	Sell Transaction	4,678	21.3697 USD
Common	Sell Transaction	301	21.3700 USD
Common	Sell Transaction	31,235	21.3700 USD
Common	Sell Transaction	1,884	21.3723 USD
Common	Sell Transaction	400	21.3725 USD
Common	Sell Transaction	300	21.3733 USD
Common	Sell Transaction	500	21.3750 USD
Common	Sell Transaction	187	21.3750 USD
Common	Sell Transaction	100	21.3756 USD
Common	Sell Transaction	700	21.3793 USD
Common	Sell Transaction	279	21.3798 USD
Common	Sell Transaction	100	21.3800 USD
Common	Sell Transaction	359	21.3834 USD
Common	Sell Transaction	485	21.3869 USD
Common	Sell Transaction	140	21.3873 USD
Common	Sell Transaction	1,086	21.3879 USD
Common	Sell Transaction	222	21.3880 USD
Common	Sell Transaction	209	21.3883 USD
Common	Sell Transaction	106	21.3883 USD
Common	Sell Transaction	817	21.3900 USD
Common	Sell Transaction	471	21.3923 USD
Common	Sell Transaction	1,382	21.4000 USD
Common	Sell Transaction	400	21.4050 USD
Common	Sell Transaction	137	21.4050 USD
Common	Sell Transaction	174	21.4085 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	10,500	20.0000 USD	American	2025-12-19	1.3500 USD
Common	Call Option	Buy Transaction	6,000	20.0000 USD	American	2025-12-19	1.3600 USD
Common	Call Option	Buy Transaction	7,200	20.0000 USD	American	2025-12-19	1.4000 USD
Common	Call Option	Buy Transaction	100	10.0000 USD	American	2027-01-15	11.2300 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	4 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	-900	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Call Option	Purchased	29,100	20.0 USD	American	19/12/2025
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,100	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	15.0 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	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Sold	5,300	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
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	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-182,900	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-9,900	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
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	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027

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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