RNS Number : 3146M

Citadel Group

19 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	18 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	936,799	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	253,400	0.25	808,700	0.82
Total	1,190,199	1.21	1,017,754	1.03

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	21.3800 USD
Common	Buy Transaction	1,109	21.3900 USD
Common	Buy Transaction	385	21.3926 USD
Common	Buy Transaction	592	21.3934 USD
Common	Buy Transaction	26	21.3938 USD
Common	Buy Transaction	310	21.3950 USD
Common	Buy Transaction	9	21.3956 USD
Common	Buy Transaction	480	21.3975 USD
Common	Buy Transaction	1,937	21.3984 USD
Common	Buy Transaction	304	21.3985 USD
Common	Buy Transaction	610	21.3986 USD
Common	Buy Transaction	201	21.4000 USD
Common	Buy Transaction	924	21.4000 USD
Common	Buy Transaction	729	21.4005 USD
Common	Buy Transaction	160	21.4019 USD
Common	Buy Transaction	700	21.4043 USD
Common	Buy Transaction	11	21.4050 USD
Common	Buy Transaction	734	21.4065 USD
Common	Buy Transaction	287	21.4070 USD
Common	Buy Transaction	82	21.4078 USD
Common	Buy Transaction	400	21.4090 USD
Common	Buy Transaction	556	21.4093 USD
Common	Buy Transaction	1,739	21.4096 USD
Common	Buy Transaction	7,306	21.4100 USD
Common	Buy Transaction	157	21.4115 USD
Common	Buy Transaction	164	21.4122 USD
Common	Buy Transaction	111	21.4128 USD
Common	Buy Transaction	890	21.4136 USD
Common	Buy Transaction	700	21.4143 USD
Common	Buy Transaction	100	21.4145 USD
Common	Buy Transaction	920	21.4147 USD
Common	Buy Transaction	200	21.4150 USD
Common	Buy Transaction	193	21.4152 USD
Common	Buy Transaction	565	21.4154 USD
Common	Buy Transaction	300	21.4167 USD
Common	Buy Transaction	1,200	21.4175 USD
Common	Buy Transaction	804	21.4175 USD
Common	Buy Transaction	180	21.4198 USD
Common	Buy Transaction	7,368	21.4200 USD
Common	Buy Transaction	301	21.4211 USD
Common	Buy Transaction	1,350	21.4221 USD
Common	Buy Transaction	318	21.4228 USD
Common	Buy Transaction	246	21.4243 USD
Common	Buy Transaction	350	21.4250 USD
Common	Buy Transaction	365	21.4258 USD
Common	Buy Transaction	274	21.4278 USD
Common	Buy Transaction	88	21.4286 USD
Common	Buy Transaction	63	21.4287 USD
Common	Buy Transaction	1,518	21.4300 USD
Common	Buy Transaction	1,800	21.4400 USD
Common	Buy Transaction	2,819	21.4428 USD
Common	Buy Transaction	2,656	21.4448 USD
Common	Buy Transaction	272	21.4471 USD
Common	Buy Transaction	501	21.4500 USD
Common	Sell Transaction	4	21.3850 USD
Common	Sell Transaction	15	21.3860 USD
Common	Sell Transaction	2,100	21.3867 USD
Common	Sell Transaction	126	21.3875 USD
Common	Sell Transaction	1,000	21.3900 USD
Common	Sell Transaction	1,701	21.4000 USD
Common	Sell Transaction	5	21.4020 USD
Common	Sell Transaction	1	21.4050 USD
Common	Sell Transaction	2,900	21.4060 USD
Common	Sell Transaction	14	21.4071 USD
Common	Sell Transaction	400	21.4090 USD
Common	Sell Transaction	7,219	21.4099 USD
Common	Sell Transaction	2	21.4100 USD
Common	Sell Transaction	6	21.4117 USD
Common	Sell Transaction	129	21.4142 USD
Common	Sell Transaction	80	21.4169 USD
Common	Sell Transaction	16,338	21.4200 USD
Common	Sell Transaction	529	21.4243 USD
Common	Sell Transaction	1,455	21.4246 USD
Common	Sell Transaction	752	21.4250 USD
Common	Sell Transaction	819	21.4254 USD
Common	Sell Transaction	3,100	21.4290 USD
Common	Sell Transaction	923	21.4300 USD
Common	Sell Transaction	60	21.4303 USD
Common	Sell Transaction	44	21.4345 USD
Common	Sell Transaction	412	21.4356 USD
Common	Sell Transaction	1,696	21.4400 USD
Common	Sell Transaction	12	21.4475 USD
Common	Sell Transaction	1,605	21.4500 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	Put Option	Buy Transaction	18,700	15.0000 USD	American	2026-01-16	0.0001 USD
Common	Call Option	Sell Transaction	5,900	22.5000 USD	American	2027-01-15	0.2000 USD
Common	Call Option	Sell Transaction	2,000	17.5000 USD	American	2026-03-20	4.0000 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	19 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	86,200	20.0 USD	American	19/12/2025
Common	Put Option	Purchased	-79,400	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Call Option	Purchased	0	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
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	Call Option	Purchased	4,900	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	15,800	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-179,300	10.0 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	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,200	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-147,800	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-32,400	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-1,400	22.5 USD	American	15/01/2027
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	-10,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
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	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-5,600	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-63,500	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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