RNS Number : 1159M

Citadel Group

18 December 2025

Ap27

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	17 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	933,881	0.95	209,054	0.21
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	257,900	0.26	786,600	0.80
Total	1,191,781	1.21	995,654	1.01

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	2,156	21.3700 USD
Common	Buy Transaction	356	21.3703 USD
Common	Buy Transaction	309	21.3703 USD
Common	Buy Transaction	305	21.3708 USD
Common	Buy Transaction	211	21.3726 USD
Common	Buy Transaction	341	21.3754 USD
Common	Buy Transaction	280	21.3771 USD
Common	Buy Transaction	10	21.3800 USD
Common	Buy Transaction	400	21.3850 USD
Common	Buy Transaction	2,647	21.3896 USD
Common	Buy Transaction	101	21.3900 USD
Common	Buy Transaction	1,100	21.3918 USD
Common	Buy Transaction	1,532	21.3937 USD
Common	Buy Transaction	21	21.3948 USD
Common	Buy Transaction	2,018	21.3950 USD
Common	Buy Transaction	1,438	21.3966 USD
Common	Buy Transaction	400	21.3975 USD
Common	Buy Transaction	3,690	21.4000 USD
Common	Buy Transaction	79	21.4006 USD
Common	Buy Transaction	966	21.4014 USD
Common	Buy Transaction	700	21.4014 USD
Common	Buy Transaction	600	21.4025 USD
Common	Buy Transaction	390	21.4038 USD
Common	Buy Transaction	108	21.4040 USD
Common	Buy Transaction	860	21.4042 USD
Common	Buy Transaction	2,583	21.4044 USD
Common	Buy Transaction	190	21.4050 USD
Common	Buy Transaction	910	21.4055 USD
Common	Buy Transaction	321	21.4088 USD
Common	Buy Transaction	65	21.4089 USD
Common	Buy Transaction	522	21.4092 USD
Common	Buy Transaction	315	21.4099 USD
Common	Buy Transaction	6,234	21.4100 USD
Common	Buy Transaction	343	21.4105 USD
Common	Buy Transaction	1,420	21.4111 USD
Common	Buy Transaction	2,208	21.4113 USD
Common	Buy Transaction	905	21.4127 USD
Common	Buy Transaction	235	21.4133 USD
Common	Buy Transaction	300	21.4133 USD
Common	Buy Transaction	500	21.4140 USD
Common	Buy Transaction	448	21.4144 USD
Common	Buy Transaction	1	21.4150 USD
Common	Buy Transaction	111	21.4150 USD
Common	Buy Transaction	224	21.4151 USD
Common	Buy Transaction	100	21.4151 USD
Common	Buy Transaction	83	21.4160 USD
Common	Buy Transaction	437	21.4173 USD
Common	Buy Transaction	40	21.4175 USD
Common	Buy Transaction	81	21.4195 USD
Common	Buy Transaction	1,317	21.4200 USD
Common	Buy Transaction	134	21.4230 USD
Common	Buy Transaction	44	21.4250 USD
Common	Buy Transaction	505	21.4397 USD
Common	Sell Transaction	100	21.3800 USD
Common	Sell Transaction	465	21.3900 USD
Common	Sell Transaction	300	21.3950 USD
Common	Sell Transaction	7,538	21.4000 USD
Common	Sell Transaction	495	21.4006 USD
Common	Sell Transaction	4,600	21.4021 USD
Common	Sell Transaction	2	21.4025 USD
Common	Sell Transaction	2,156	21.4035 USD
Common	Sell Transaction	438	21.4050 USD
Common	Sell Transaction	237	21.4062 USD
Common	Sell Transaction	1,071	21.4080 USD
Common	Sell Transaction	1,550	21.4083 USD
Common	Sell Transaction	4,883	21.4100 USD
Common	Sell Transaction	1,394	21.4114 USD
Common	Sell Transaction	10	21.4140 USD
Common	Sell Transaction	559	21.4145 USD
Common	Sell Transaction	59	21.4146 USD
Common	Sell Transaction	347	21.4149 USD
Common	Sell Transaction	85	21.4150 USD
Common	Sell Transaction	372	21.4163 USD
Common	Sell Transaction	634	21.4164 USD
Common	Sell Transaction	595	21.4170 USD
Common	Sell Transaction	529	21.4176 USD
Common	Sell Transaction	33	21.4176 USD
Common	Sell Transaction	1,130	21.4193 USD
Common	Sell Transaction	1,200	21.4200 USD
Common	Sell Transaction	1,436	21.4252 USD
Common	Sell Transaction	100	21.4300 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	3,300	20.0000 USD	American	2025-12-19	1.3500 USD
Common	Call Option	Buy Transaction	400	20.0000 USD	American	2026-01-16	1.5800 USD
Common	Call Option	Buy Transaction	100	15.0000 USD	American	2026-01-16	6.4000 USD
Common	Call Option	Sell Transaction	500	25.0000 USD	American	2026-01-16	0.0400 USD
Common	Call Option	Sell Transaction	2,500	22.5000 USD	American	2026-01-16	0.0900 USD
Common	Call Option	Sell Transaction	100	22.5000 USD	American	2026-03-20	0.1000 USD
Common	Call Option	Sell Transaction	200	20.0000 USD	American	2026-03-20	1.5500 USD
Common	Call Option	Sell Transaction	200	15.0000 USD	American	2027-01-15	6.5600 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	18 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	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	0	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
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	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	15,800	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	4,500	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	4,900	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
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	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	86,200	20.0 USD	American	19/12/2025
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	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-10,800	17.5 USD	American	19/12/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,200	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-45,800	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,700	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-63,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
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	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-32,400	22.5 USD	American	16/01/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-5,600	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-147,800	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Put Option	Sold	300	20.0 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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