RNS Number : 6063L

Citadel Group

15 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	12 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	944,566	0.96	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	239,700	0.24	795,700	0.81
Total	1,184,266	1.20	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	800	21.3500 USD
Common	Buy Transaction	1,200	21.3504 USD
Common	Buy Transaction	47	21.3523 USD
Common	Buy Transaction	505	21.3548 USD
Common	Buy Transaction	1	21.3550 USD
Common	Buy Transaction	413	21.3552 USD
Common	Buy Transaction	1,094	21.3582 USD
Common	Buy Transaction	22	21.3595 USD
Common	Buy Transaction	1,461	21.3600 USD
Common	Buy Transaction	990	21.3601 USD
Common	Buy Transaction	324	21.3607 USD
Common	Buy Transaction	4	21.3625 USD
Common	Buy Transaction	1,050	21.3632 USD
Common	Buy Transaction	400	21.3650 USD
Common	Buy Transaction	612	21.3650 USD
Common	Buy Transaction	132	21.3651 USD
Common	Buy Transaction	327	21.3700 USD
Common	Buy Transaction	234	21.3706 USD
Common	Buy Transaction	94	21.3713 USD
Common	Buy Transaction	1,823	21.3716 USD
Common	Buy Transaction	905	21.3722 USD
Common	Buy Transaction	295	21.3731 USD
Common	Buy Transaction	4,762	21.3750 USD
Common	Buy Transaction	4,763	21.3759 USD
Common	Buy Transaction	2,278	21.3769 USD
Common	Buy Transaction	134	21.3781 USD
Common	Buy Transaction	309	21.3785 USD
Common	Buy Transaction	405	21.3793 USD
Common	Buy Transaction	204	21.3798 USD
Common	Buy Transaction	2,270	21.3800 USD
Common	Buy Transaction	500	21.3801 USD
Common	Buy Transaction	850	21.3824 USD
Common	Buy Transaction	273	21.3827 USD
Common	Buy Transaction	613	21.3839 USD
Common	Buy Transaction	3	21.3840 USD
Common	Buy Transaction	398	21.3882 USD
Common	Buy Transaction	473	21.3900 USD
Common	Buy Transaction	2,000	21.3950 USD
Common	Buy Transaction	3	21.3967 USD
Common	Buy Transaction	1,361	21.3999 USD
Common	Buy Transaction	8,823	21.4000 USD
Common	Buy Transaction	9	21.4044 USD
Common	Buy Transaction	9	21.4100 USD
Common	Sell Transaction	1,240	21.3500 USD
Common	Sell Transaction	2,497	21.3583 USD
Common	Sell Transaction	17,235	21.3600 USD
Common	Sell Transaction	36	21.3617 USD
Common	Sell Transaction	110	21.3637 USD
Common	Sell Transaction	50	21.3650 USD
Common	Sell Transaction	65	21.3658 USD
Common	Sell Transaction	3	21.3667 USD
Common	Sell Transaction	21	21.3671 USD
Common	Sell Transaction	158	21.3672 USD
Common	Sell Transaction	763	21.3677 USD
Common	Sell Transaction	4,712	21.3700 USD
Common	Sell Transaction	73	21.3704 USD
Common	Sell Transaction	2,447	21.3717 USD
Common	Sell Transaction	2,011	21.3722 USD
Common	Sell Transaction	20	21.3750 USD
Common	Sell Transaction	267	21.3751 USD
Common	Sell Transaction	301	21.3757 USD
Common	Sell Transaction	80	21.3762 USD
Common	Sell Transaction	195	21.3775 USD
Common	Sell Transaction	368	21.3779 USD
Common	Sell Transaction	379	21.3783 USD
Common	Sell Transaction	276	21.3794 USD
Common	Sell Transaction	4,793	21.3799 USD
Common	Sell Transaction	207	21.3799 USD
Common	Sell Transaction	3,556	21.3800 USD
Common	Sell Transaction	531	21.3835 USD
Common	Sell Transaction	329	21.3838 USD
Common	Sell Transaction	203	21.3850 USD
Common	Sell Transaction	3	21.3867 USD
Common	Sell Transaction	20	21.3900 USD
Common	Sell Transaction	357	21.3911 USD
Common	Sell Transaction	15	21.3913 USD
Common	Sell Transaction	1,760	21.3922 USD
Common	Sell Transaction	2	21.3950 USD
Common	Sell Transaction	11	21.3973 USD
Common	Sell Transaction	2	21.4000 USD
Common	Sell Transaction	400	21.4050 USD
Common	Sell Transaction	10	21.4060 USD
Common	Sell Transaction	21	21.4062 USD
Common	Sell Transaction	1,158	21.4100 USD
Common	Sell Transaction	1,452	21.4115 USD
Common	Sell Transaction	1,716	21.4173 USD
Common	Sell Transaction	1,501	21.4180 USD
Common	Sell Transaction	10,677	21.4200 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	400	22.5000 USD	American	2026-03-20	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	15 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	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,000	22.5 USD	American	15/01/2027
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	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	0	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
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	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
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	Put Option	Purchased	-1,000	17.5 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	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	23,300	22.5 USD	American	20/03/2026
Common	Call Option	Sold	-29,900	22.5 USD	American	16/01/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-20,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-147,900	15.0 USD	American	16/01/2026
Common	Put Option	Sold	5,500	12.5 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
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-6,500	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
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	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-2,600	30.0 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	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 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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