RNS Number : 5307M

Citadel Group

22 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	19 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	969,796	0.98	207,382	0.21
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	126,300	0.12	747,700	0.76
Total	1,096,096	1.11	955,082	0.97

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	750	21.4000 USD
Common	Buy Transaction	6,846	21.4001 USD
Common	Buy Transaction	620	21.4001 USD
Common	Buy Transaction	1,254	21.4050 USD
Common	Buy Transaction	219	21.4060 USD
Common	Buy Transaction	953	21.4095 USD
Common	Buy Transaction	154	21.4099 USD
Common	Buy Transaction	5,671	21.4100 USD
Common	Buy Transaction	119	21.4130 USD
Common	Buy Transaction	192	21.4151 USD
Common	Buy Transaction	1,672	21.4151 USD
Common	Buy Transaction	38	21.4174 USD
Common	Buy Transaction	1,700	21.4194 USD
Common	Buy Transaction	76	21.4199 USD
Common	Buy Transaction	5,385	21.4200 USD
Common	Buy Transaction	326	21.4229 USD
Common	Buy Transaction	57	21.4230 USD
Common	Buy Transaction	200	21.4250 USD
Common	Buy Transaction	2,343	21.4300 USD
Common	Buy Transaction	2,460	21.4316 USD
Common	Buy Transaction	11	21.4327 USD
Common	Buy Transaction	4,203	21.4329 USD
Common	Buy Transaction	25	21.4344 USD
Common	Buy Transaction	442	21.4350 USD
Common	Buy Transaction	906	21.4357 USD
Common	Buy Transaction	6	21.4373 USD
Common	Buy Transaction	178	21.4384 USD
Common	Buy Transaction	1,101	21.4400 USD
Common	Buy Transaction	582	21.4431 USD
Common	Buy Transaction	4,100	21.4450 USD
Common	Buy Transaction	15	21.4453 USD
Common	Buy Transaction	78	21.4500 USD
Common	Buy Transaction	47	21.4600 USD
Common	Buy Transaction	3,193	21.4700 USD
Common	Buy Transaction	1,672	21.4800 USD
Common	Sell Transaction	2	21.3900 USD
Common	Sell Transaction	6,373	21.4000 USD
Common	Sell Transaction	1,370	21.4000 USD
Common	Sell Transaction	520	21.4029 USD
Common	Sell Transaction	214	21.4064 USD
Common	Sell Transaction	723	21.4092 USD
Common	Sell Transaction	1,856	21.4095 USD
Common	Sell Transaction	4,051	21.4100 USD
Common	Sell Transaction	41	21.4137 USD
Common	Sell Transaction	3,001	21.4150 USD
Common	Sell Transaction	153	21.4160 USD
Common	Sell Transaction	245	21.4171 USD
Common	Sell Transaction	79	21.4178 USD
Common	Sell Transaction	127	21.4190 USD
Common	Sell Transaction	2,129	21.4200 USD
Common	Sell Transaction	1,254	21.4200 USD
Common	Sell Transaction	120	21.4217 USD
Common	Sell Transaction	54	21.4241 USD
Common	Sell Transaction	23	21.4243 USD
Common	Sell Transaction	12	21.4250 USD
Common	Sell Transaction	402	21.4250 USD
Common	Sell Transaction	202	21.4250 USD
Common	Sell Transaction	27	21.4252 USD
Common	Sell Transaction	22	21.4300 USD
Common	Sell Transaction	847	21.4311 USD
Common	Sell Transaction	1,036	21.4331 USD
Common	Sell Transaction	32	21.4341 USD
Common	Sell Transaction	1,808	21.4358 USD
Common	Sell Transaction	400	21.4368 USD
Common	Sell Transaction	12	21.4373 USD
Common	Sell Transaction	1,009	21.4400 USD
Common	Sell Transaction	322	21.4430 USD
Common	Sell Transaction	84	21.4450 USD
Common	Sell Transaction	39	21.4477 USD
Common	Sell Transaction	100	21.4480 USD
Common	Sell Transaction	366	21.4500 USD
Common	Sell Transaction	44	21.4550 USD
Common	Sell Transaction	1	21.4600 USD
Common	Sell Transaction	10,053	21.4700 USD
Common	Sell Transaction	1,672	21.4800 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	700	22.5000 USD	American	2027-01-15	0.1100 USD
Common	Call Option	Buy Transaction	300	20.0000 USD	American	2025-12-19	1.4000 USD
Common	Call Option	Buy Transaction	700	15.0000 USD	American	2025-12-19	6.3000 USD
Common	Call Option	Buy Transaction	200	5.0000 USD	American	2027-01-15	16.3200 USD
Common	Call Option	Sell Transaction	20,000	22.5000 USD	American	2026-01-16	0.1000 USD
Common	Call Option	Sell Transaction	100	20.0000 USD	American	2025-12-19	1.5000 USD
Common	Call Option	Sell Transaction	500	15.0000 USD	American	2027-01-15	6.5000 USD
Common	Call Option	Sell Transaction	100	12.5000 USD	American	2026-01-16	8.9800 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)
Common	Call Option	Exercised against	5,100	10.0000 USD
Common	Call Option	Exercised against	6,200	12.5000 USD
Common	Call Option	Exercised against	37,300	15.0000 USD
Common	Call Option	Exercised against	10,800	17.5000 USD
Common	Call Option	Exercising	900	7.5000 USD
Common	Call Option	Exercising	86,400	20.0000 USD

(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	22 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	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-79,400	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,800	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
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	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
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	4,400	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,700	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-63,600	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-147,800	15.0 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-45,800	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-700	22.5 USD	American	15/01/2027
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-52,400	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-12,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,200	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-34,000	5.0 USD	American	15/01/2027
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027

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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