RNS Number : 4342L

Citadel Group

12 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	11 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	963,424	0.98	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	240,100	0.24	795,700	0.81
Total	1,203,524	1.22	1,040,868	1.06

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	217	21.3800 USD
Common	Buy Transaction	1	21.3850 USD
Common	Buy Transaction	8,465	21.3900 USD
Common	Buy Transaction	919	21.3901 USD
Common	Buy Transaction	700	21.3929 USD
Common	Buy Transaction	200	21.3951 USD
Common	Buy Transaction	549	21.4000 USD
Common	Buy Transaction	1,204	21.4005 USD
Common	Buy Transaction	43	21.4093 USD
Common	Buy Transaction	273	21.4093 USD
Common	Buy Transaction	20	21.4100 USD
Common	Buy Transaction	292	21.4101 USD
Common	Buy Transaction	601	21.4200 USD
Common	Buy Transaction	619	21.4210 USD
Common	Buy Transaction	1,448	21.4238 USD
Common	Buy Transaction	338	21.4282 USD
Common	Buy Transaction	2,534	21.4300 USD
Common	Buy Transaction	246	21.4302 USD
Common	Buy Transaction	500	21.4310 USD
Common	Buy Transaction	297	21.4329 USD
Common	Buy Transaction	47	21.4351 USD
Common	Buy Transaction	466	21.4380 USD
Common	Buy Transaction	1,189	21.4391 USD
Common	Buy Transaction	556	21.4478 USD
Common	Buy Transaction	2,000	21.4500 USD
Common	Buy Transaction	95	21.4600 USD
Common	Buy Transaction	1,432	21.4603 USD
Common	Buy Transaction	700	21.4743 USD
Common	Buy Transaction	600	21.4750 USD
Common	Buy Transaction	22	21.4845 USD
Common	Buy Transaction	371	21.4860 USD
Common	Buy Transaction	496	21.4900 USD
Common	Buy Transaction	10	21.4950 USD
Common	Buy Transaction	100	21.5000 USD
Common	Buy Transaction	137	21.5300 USD
Common	Sell Transaction	22	21.3800 USD
Common	Sell Transaction	406	21.3821 USD
Common	Sell Transaction	56	21.3850 USD
Common	Sell Transaction	303	21.3860 USD
Common	Sell Transaction	342	21.3888 USD
Common	Sell Transaction	14,894	21.3900 USD
Common	Sell Transaction	119	21.3902 USD
Common	Sell Transaction	208	21.3902 USD
Common	Sell Transaction	50	21.3922 USD
Common	Sell Transaction	448	21.3924 USD
Common	Sell Transaction	154	21.3935 USD
Common	Sell Transaction	840	21.3943 USD
Common	Sell Transaction	23	21.3952 USD
Common	Sell Transaction	5	21.3980 USD
Common	Sell Transaction	52	21.3985 USD
Common	Sell Transaction	563	21.4000 USD
Common	Sell Transaction	937	21.4001 USD
Common	Sell Transaction	1,031	21.4039 USD
Common	Sell Transaction	11	21.4073 USD
Common	Sell Transaction	2,914	21.4087 USD
Common	Sell Transaction	735	21.4099 USD
Common	Sell Transaction	36	21.4100 USD
Common	Sell Transaction	51	21.4200 USD
Common	Sell Transaction	4,629	21.4201 USD
Common	Sell Transaction	1,555	21.4250 USD
Common	Sell Transaction	901	21.4251 USD
Common	Sell Transaction	203	21.4258 USD
Common	Sell Transaction	3,282	21.4291 USD
Common	Sell Transaction	1	21.4350 USD
Common	Sell Transaction	111	21.4375 USD
Common	Sell Transaction	1,664	21.4376 USD
Common	Sell Transaction	22	21.4400 USD
Common	Sell Transaction	756	21.4400 USD
Common	Sell Transaction	499	21.4401 USD
Common	Sell Transaction	13	21.4469 USD
Common	Sell Transaction	452	21.4500 USD
Common	Sell Transaction	717	21.4530 USD
Common	Sell Transaction	1,375	21.4537 USD
Common	Sell Transaction	476	21.4579 USD
Common	Sell Transaction	96	21.4600 USD
Common	Sell Transaction	403	21.4605 USD
Common	Sell Transaction	622	21.4638 USD
Common	Sell Transaction	2	21.4650 USD
Common	Sell Transaction	36	21.4653 USD
Common	Sell Transaction	441	21.4660 USD
Common	Sell Transaction	1	21.4700 USD
Common	Sell Transaction	837	21.4711 USD
Common	Sell Transaction	71	21.4789 USD
Common	Sell Transaction	20	21.4800 USD
Common	Sell Transaction	143	21.4849 USD
Common	Sell Transaction	533	21.4887 USD
Common	Sell Transaction	627	21.4898 USD
Common	Sell Transaction	51	21.4951 USD
Common	Sell Transaction	11	21.5000 USD
Common	Sell Transaction	184	21.5072 USD
Common	Sell Transaction	3	21.5200 USD
Common	Sell Transaction	25	21.5300 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	10.0000 USD	American	2026-01-16	11.4100 USD
Common	Call Option	Sell Transaction	100	22.5000 USD	American	2027-01-15	0.2800 USD
Common	Call Option	Sell Transaction	200	15.0000 USD	American	2026-01-16	6.5400 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	12 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	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	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	59,800	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	23,700	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	5,000	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
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	Call Option	Purchased	0	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-29,900	22.5 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-20,800	17.5 USD	American	19/12/2025
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-147,900	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-6,500	20.0 USD	American	20/03/2026
Common	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
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	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,800	25.0 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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