RNS Number : 8794M

Citadel Group

24 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	23 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.

Ap28

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	792,439	0.80	194,219	0.19
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	126,400	0.12	749,700	0.76
Total	918,839	0.93	943,919	0.96

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	3,335	21.4800 USD
Common	Buy Transaction	206	21.5000 USD
Common	Buy Transaction	116	21.5072 USD
Common	Buy Transaction	440	21.5100 USD
Common	Buy Transaction	400	21.5152 USD
Common	Buy Transaction	500	21.5209 USD
Common	Buy Transaction	1,780	21.5290 USD
Common	Buy Transaction	3,339	21.5300 USD
Common	Buy Transaction	4,074	21.5303 USD
Common	Buy Transaction	1,360	21.5350 USD
Common	Buy Transaction	33	21.5352 USD
Common	Buy Transaction	85	21.5386 USD
Common	Buy Transaction	10,529	21.5400 USD
Common	Buy Transaction	1,304	21.5415 USD
Common	Buy Transaction	957	21.5441 USD
Common	Buy Transaction	2,362	21.5458 USD
Common	Buy Transaction	300	21.5483 USD
Common	Buy Transaction	13,863	21.5500 USD
Common	Buy Transaction	18	21.5522 USD
Common	Buy Transaction	82	21.5550 USD
Common	Buy Transaction	395	21.5550 USD
Common	Buy Transaction	3,928	21.5556 USD
Common	Buy Transaction	676	21.5600 USD
Common	Buy Transaction	114	21.5602 USD
Common	Buy Transaction	456	21.5608 USD
Common	Buy Transaction	1,142	21.5664 USD
Common	Buy Transaction	729	21.5697 USD
Common	Buy Transaction	203	21.5697 USD
Common	Buy Transaction	611	21.5700 USD
Common	Buy Transaction	538	21.5713 USD
Common	Buy Transaction	2,833	21.5742 USD
Common	Buy Transaction	524	21.5771 USD
Common	Buy Transaction	302	21.5792 USD
Common	Buy Transaction	392	21.5805 USD
Common	Buy Transaction	400	21.5811 USD
Common	Buy Transaction	4,099	21.5891 USD
Common	Buy Transaction	103	21.5897 USD
Common	Buy Transaction	23	21.5926 USD
Common	Buy Transaction	575	21.5973 USD
Common	Buy Transaction	13,163	21.6000 USD
Common	Buy Transaction	723	21.6043 USD
Common	Buy Transaction	52	21.6100 USD
Common	Buy Transaction	36	21.6111 USD
Common	Buy Transaction	91	21.6148 USD
Common	Buy Transaction	1,700	21.6200 USD
Common	Buy Transaction	562	21.6201 USD
Common	Buy Transaction	84	21.6238 USD
Common	Buy Transaction	388	21.6242 USD
Common	Buy Transaction	1	21.6300 USD
Common	Buy Transaction	200	21.6500 USD
Common	Sell Transaction	80	21.4900 USD
Common	Sell Transaction	16	21.4969 USD
Common	Sell Transaction	1,112	21.5000 USD
Common	Sell Transaction	10	21.5060 USD
Common	Sell Transaction	1,979	21.5095 USD
Common	Sell Transaction	145	21.5095 USD
Common	Sell Transaction	7	21.5100 USD
Common	Sell Transaction	9	21.5150 USD
Common	Sell Transaction	5	21.5180 USD
Common	Sell Transaction	5,456	21.5248 USD
Common	Sell Transaction	13	21.5254 USD
Common	Sell Transaction	1,216	21.5300 USD
Common	Sell Transaction	300	21.5300 USD
Common	Sell Transaction	657	21.5330 USD
Common	Sell Transaction	8,007	21.5400 USD
Common	Sell Transaction	1,746	21.5411 USD
Common	Sell Transaction	21	21.5443 USD
Common	Sell Transaction	11	21.5455 USD
Common	Sell Transaction	9	21.5467 USD
Common	Sell Transaction	14,372	21.5500 USD
Common	Sell Transaction	300	21.5533 USD
Common	Sell Transaction	115	21.5542 USD
Common	Sell Transaction	1	21.5550 USD
Common	Sell Transaction	46	21.5552 USD
Common	Sell Transaction	190	21.5558 USD
Common	Sell Transaction	30	21.5560 USD
Common	Sell Transaction	1,619	21.5583 USD
Common	Sell Transaction	169	21.5597 USD
Common	Sell Transaction	324	21.5600 USD
Common	Sell Transaction	379	21.5617 USD
Common	Sell Transaction	179	21.5641 USD
Common	Sell Transaction	2	21.5650 USD
Common	Sell Transaction	152	21.5661 USD
Common	Sell Transaction	25	21.5680 USD
Common	Sell Transaction	3,179	21.5695 USD
Common	Sell Transaction	86	21.5750 USD
Common	Sell Transaction	1,001	21.5753 USD
Common	Sell Transaction	3,334	21.5760 USD
Common	Sell Transaction	1,132	21.5784 USD
Common	Sell Transaction	391	21.5789 USD
Common	Sell Transaction	23,712	21.5800 USD
Common	Sell Transaction	98	21.5810 USD
Common	Sell Transaction	294	21.5827 USD
Common	Sell Transaction	453	21.5830 USD
Common	Sell Transaction	217	21.5830 USD
Common	Sell Transaction	150	21.5837 USD
Common	Sell Transaction	34	21.5876 USD
Common	Sell Transaction	848	21.5882 USD
Common	Sell Transaction	100	21.5892 USD
Common	Sell Transaction	332	21.5900 USD
Common	Sell Transaction	457	21.5913 USD
Common	Sell Transaction	2,837	21.5921 USD
Common	Sell Transaction	290	21.5922 USD
Common	Sell Transaction	2,896	21.5933 USD
Common	Sell Transaction	76	21.5936 USD
Common	Sell Transaction	4,196	21.5952 USD
Common	Sell Transaction	3,608	21.5964 USD
Common	Sell Transaction	1	21.6000 USD
Common	Sell Transaction	81,051	21.6016 USD
Common	Sell Transaction	5	21.6020 USD
Common	Sell Transaction	68	21.6047 USD
Common	Sell Transaction	1,106	21.6134 USD
Common	Sell Transaction	22	21.6164 USD
Common	Sell Transaction	108	21.6169 USD
Common	Sell Transaction	5	21.6180 USD
Common	Sell Transaction	63	21.6186 USD
Common	Sell Transaction	266	21.6198 USD
Common	Sell Transaction	701	21.6200 USD
Common	Sell Transaction	38	21.6205 USD
Common	Sell Transaction	32,839	21.6212 USD
Common	Sell Transaction	13	21.6231 USD
Common	Sell Transaction	2,019	21.6279 USD
Common	Sell Transaction	314	21.6300 USD
Common	Sell Transaction	4	21.6400 USD
Common	Sell Transaction	109	21.6401 USD
Common	Sell Transaction	11,387	21.6468 USD
Common	Sell Transaction	346	21.6500 USD

Ap29

(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	15.0000 USD	American	2026-01-16	6.5100 USD
Common	Call Option	Buy Transaction	100	10.0000 USD	American	2026-01-16	11.6000 USD
Common	Call Option	Sell Transaction	200	20.0000 USD	American	2026-01-16	1.5500 USD
Common	Call Option	Sell Transaction	100	20.0000 USD	American	2026-01-16	1.6000 USD
Common	Call Option	Sell Transaction	100	20.0000 USD	American	2026-01-16	1.6500 USD
Common	Call Option	Sell Transaction	100	20.0000 USD	American	2026-01-16	1.6600 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)

Ap30

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	24 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.

Ap32

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	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-79,400	15.0 USD	American	16/01/2026
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	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	4,400	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	15,600	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
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	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
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	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
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	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-54,800	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,700	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,200	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-179,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-46,300	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-147,700	15.0 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
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	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-12,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
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	-63,600	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:

Ap33

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ITPTIBITMTITBJA