RNS Number : 0485L

Citadel Group

10 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	9 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	972,967	0.99	245,168	0.24
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	225,700	0.22	794,500	0.80
Total	1,198,667	1.22	1,039,668	1.05

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	500	21.2900 USD
Common	Buy Transaction	174	21.2915 USD
Common	Buy Transaction	440	21.2989 USD
Common	Buy Transaction	614	21.2996 USD
Common	Buy Transaction	2,222	21.3000 USD
Common	Buy Transaction	159	21.3002 USD
Common	Buy Transaction	1,300	21.3008 USD
Common	Buy Transaction	462	21.3023 USD
Common	Buy Transaction	117	21.3024 USD
Common	Buy Transaction	14	21.3029 USD
Common	Buy Transaction	700	21.3050 USD
Common	Buy Transaction	2,493	21.3052 USD
Common	Buy Transaction	44	21.3052 USD
Common	Buy Transaction	600	21.3055 USD
Common	Buy Transaction	32	21.3069 USD
Common	Buy Transaction	280	21.3082 USD
Common	Buy Transaction	31,206	21.3084 USD
Common	Buy Transaction	366	21.3091 USD
Common	Buy Transaction	224	21.3099 USD
Common	Buy Transaction	590	21.3099 USD
Common	Buy Transaction	26,425	21.3100 USD
Common	Buy Transaction	100	21.3101 USD
Common	Buy Transaction	770	21.3129 USD
Common	Buy Transaction	204	21.3150 USD
Common	Buy Transaction	4,200	21.3157 USD
Common	Buy Transaction	801	21.3200 USD
Common	Buy Transaction	520	21.3217 USD
Common	Buy Transaction	262	21.3217 USD
Common	Buy Transaction	500	21.3240 USD
Common	Buy Transaction	200	21.3250 USD
Common	Buy Transaction	400	21.3275 USD
Common	Buy Transaction	1,130	21.3288 USD
Common	Buy Transaction	924	21.3300 USD
Common	Buy Transaction	500	21.3311 USD
Common	Sell Transaction	316	21.2900 USD
Common	Sell Transaction	2,904	21.2935 USD
Common	Sell Transaction	16	21.2950 USD
Common	Sell Transaction	470	21.2962 USD
Common	Sell Transaction	38	21.2979 USD
Common	Sell Transaction	205	21.2992 USD
Common	Sell Transaction	3,447	21.3000 USD
Common	Sell Transaction	159	21.3002 USD
Common	Sell Transaction	1,300	21.3008 USD
Common	Sell Transaction	1,128	21.3009 USD
Common	Sell Transaction	1,332	21.3021 USD
Common	Sell Transaction	2,005	21.3050 USD
Common	Sell Transaction	515	21.3061 USD
Common	Sell Transaction	1,134	21.3074 USD
Common	Sell Transaction	1,406	21.3079 USD
Common	Sell Transaction	671	21.3079 USD
Common	Sell Transaction	11,852	21.3100 USD
Common	Sell Transaction	1,013	21.3101 USD
Common	Sell Transaction	684	21.3101 USD
Common	Sell Transaction	520	21.3102 USD
Common	Sell Transaction	67	21.3112 USD
Common	Sell Transaction	750	21.3113 USD
Common	Sell Transaction	55	21.3115 USD
Common	Sell Transaction	25	21.3122 USD
Common	Sell Transaction	122	21.3123 USD
Common	Sell Transaction	330	21.3132 USD
Common	Sell Transaction	43	21.3133 USD
Common	Sell Transaction	366	21.3134 USD
Common	Sell Transaction	4,923	21.3144 USD
Common	Sell Transaction	24,918	21.3150 USD
Common	Sell Transaction	104	21.3150 USD
Common	Sell Transaction	34	21.3156 USD
Common	Sell Transaction	691	21.3162 USD
Common	Sell Transaction	2,552	21.3163 USD
Common	Sell Transaction	7	21.3171 USD
Common	Sell Transaction	62	21.3184 USD
Common	Sell Transaction	103	21.3197 USD
Common	Sell Transaction	12,090	21.3200 USD
Common	Sell Transaction	131	21.3217 USD
Common	Sell Transaction	400	21.3225 USD
Common	Sell Transaction	174	21.3236 USD
Common	Sell Transaction	57	21.3247 USD
Common	Sell Transaction	5,000	21.3250 USD
Common	Sell Transaction	39	21.3254 USD
Common	Sell Transaction	50	21.3258 USD
Common	Sell Transaction	104	21.3262 USD
Common	Sell Transaction	14	21.3279 USD
Common	Sell Transaction	481	21.3284 USD
Common	Sell Transaction	453	21.3300 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	4,200	20.0000 USD	American	2025-12-19	1.3000 USD
Common	Put Option	Sell Transaction	300	20.0000 USD	American	2025-12-19	0.0400 USD
Common	Put Option	Sell Transaction	22,100	20.0000 USD	American	2025-12-19	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)

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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	10 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	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	-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	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	-100	20.0 USD	American	18/06/2026
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	-100	7.5 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	-900	25.0 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	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	41,800	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Call Option	Purchased	5,100	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-20,800	17.5 USD	American	19/12/2025
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-147,700	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-29,900	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
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	-30,000	15.0 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	-179,400	10.0 USD	American	16/01/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-4,900	22.5 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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