Citadel Group

Major Shareholding Notification • Nov 4, 2025

National Storage Mechanism | Additional information

RNS Number : 1471G

Citadel Group

04 November 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	3 November 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	1,804,881	1.85	444,122	0.45
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	122,200	0.12	1,457,500	1.49
Total	1,927,081	1.97	1,901,622	1.95

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	385	18.7450 USD
Common	Buy Transaction	161	18.7450 USD
Common	Buy Transaction	3,138	18.7451 USD
Common	Buy Transaction	145	18.7550 USD
Common	Buy Transaction	111	18.7551 USD
Common	Buy Transaction	3,706	18.7578 USD
Common	Buy Transaction	32	18.7600 USD
Common	Buy Transaction	115	18.7601 USD
Common	Buy Transaction	65	18.7602 USD
Common	Buy Transaction	624	18.7650 USD
Common	Buy Transaction	200	18.7700 USD
Common	Buy Transaction	503	18.7749 USD
Common	Buy Transaction	1,887	18.7750 USD
Common	Buy Transaction	900	18.7900 USD
Common	Buy Transaction	1,172	18.7998 USD
Common	Buy Transaction	101	18.8000 USD
Common	Buy Transaction	200	18.8100 USD
Common	Buy Transaction	341	18.8179 USD
Common	Buy Transaction	311	18.8188 USD
Common	Buy Transaction	1,292	18.8200 USD
Common	Buy Transaction	1,599	18.8212 USD
Common	Buy Transaction	1,389	18.8251 USD
Common	Buy Transaction	1,750	18.8253 USD
Common	Buy Transaction	6	18.8283 USD
Common	Buy Transaction	400	18.8287 USD
Common	Buy Transaction	285	18.8304 USD
Common	Buy Transaction	200	18.8310 USD
Common	Buy Transaction	611	18.8321 USD
Common	Buy Transaction	752	18.8334 USD
Common	Buy Transaction	1,170	18.8342 USD
Common	Buy Transaction	744	18.8350 USD
Common	Buy Transaction	1,608	18.8371 USD
Common	Buy Transaction	2,294	18.8383 USD
Common	Buy Transaction	283	18.8384 USD
Common	Buy Transaction	362	18.8386 USD
Common	Buy Transaction	315	18.8389 USD
Common	Buy Transaction	300	18.8407 USD
Common	Buy Transaction	372	18.8419 USD
Common	Buy Transaction	200	18.8451 USD
Common	Buy Transaction	1,998	18.8451 USD
Common	Buy Transaction	55	18.8453 USD
Common	Buy Transaction	5,560	18.8475 USD
Common	Buy Transaction	673	18.8477 USD
Common	Buy Transaction	36	18.8494 USD
Common	Buy Transaction	34	18.8503 USD
Common	Buy Transaction	32	18.8516 USD
Common	Buy Transaction	3	18.8567 USD
Common	Buy Transaction	4,363	18.8577 USD
Common	Buy Transaction	1	18.8600 USD
Common	Buy Transaction	35	18.8611 USD
Common	Buy Transaction	3,039	18.8628 USD
Common	Buy Transaction	304	18.8645 USD
Common	Buy Transaction	4	18.8650 USD
Common	Buy Transaction	153	18.8651 USD
Common	Buy Transaction	15	18.8653 USD
Common	Buy Transaction	9	18.8656 USD
Common	Buy Transaction	230	18.8685 USD
Common	Buy Transaction	1,239	18.8698 USD
Common	Buy Transaction	2,001	18.8700 USD
Common	Buy Transaction	2,276	18.8721 USD
Common	Buy Transaction	4,708	18.8735 USD
Common	Buy Transaction	1,566	18.8778 USD
Common	Buy Transaction	1,000	18.8786 USD
Common	Buy Transaction	68	18.8787 USD
Common	Buy Transaction	1	18.8800 USD
Common	Buy Transaction	273	18.8826 USD
Common	Buy Transaction	6	18.8833 USD
Common	Buy Transaction	842	18.8836 USD
Common	Buy Transaction	26	18.8865 USD
Common	Buy Transaction	24	18.8900 USD
Common	Buy Transaction	64	18.8923 USD
Common	Buy Transaction	60	18.8938 USD
Common	Buy Transaction	885	18.8967 USD
Common	Buy Transaction	1	18.9000 USD
Common	Buy Transaction	218	18.9020 USD
Common	Buy Transaction	14	18.9050 USD
Common	Buy Transaction	70	18.9100 USD
Common	Buy Transaction	129	18.9129 USD
Common	Buy Transaction	114	18.9191 USD
Common	Buy Transaction	5,855	18.9200 USD
Common	Buy Transaction	138	18.9223 USD
Common	Buy Transaction	359	18.9280 USD
Common	Buy Transaction	906	18.9300 USD
Common	Buy Transaction	300	18.9350 USD
Common	Buy Transaction	50	18.9352 USD
Common	Buy Transaction	100	18.9500 USD
Common	Sell Transaction	179	18.7500 USD
Common	Sell Transaction	23	18.7600 USD
Common	Sell Transaction	600	18.7650 USD
Common	Sell Transaction	116	18.7686 USD
Common	Sell Transaction	45	18.7693 USD
Common	Sell Transaction	5,656	18.7694 USD
Common	Sell Transaction	156	18.7697 USD
Common	Sell Transaction	100	18.7700 USD
Common	Sell Transaction	4,641	18.7788 USD
Common	Sell Transaction	122	18.7819 USD
Common	Sell Transaction	13	18.7900 USD
Common	Sell Transaction	100	18.7950 USD
Common	Sell Transaction	1,172	18.7998 USD
Common	Sell Transaction	1,099	18.8022 USD
Common	Sell Transaction	1,207	18.8044 USD
Common	Sell Transaction	1,993	18.8047 USD
Common	Sell Transaction	718	18.8048 USD
Common	Sell Transaction	122	18.8050 USD
Common	Sell Transaction	3	18.8067 USD
Common	Sell Transaction	3	18.8100 USD
Common	Sell Transaction	958	18.8118 USD
Common	Sell Transaction	800	18.8119 USD
Common	Sell Transaction	30	18.8150 USD
Common	Sell Transaction	27	18.8163 USD
Common	Sell Transaction	411	18.8165 USD
Common	Sell Transaction	2,846	18.8204 USD
Common	Sell Transaction	253	18.8221 USD
Common	Sell Transaction	462	18.8242 USD
Common	Sell Transaction	1,076	18.8300 USD
Common	Sell Transaction	100	18.8350 USD
Common	Sell Transaction	1,961	18.8353 USD
Common	Sell Transaction	435	18.8380 USD
Common	Sell Transaction	124	18.8389 USD
Common	Sell Transaction	300	18.8433 USD
Common	Sell Transaction	210	18.8450 USD
Common	Sell Transaction	308	18.8463 USD
Common	Sell Transaction	71	18.8500 USD
Common	Sell Transaction	160	18.8550 USD
Common	Sell Transaction	730	18.8561 USD
Common	Sell Transaction	504	18.8565 USD
Common	Sell Transaction	261	18.8600 USD
Common	Sell Transaction	3,973	18.8616 USD
Common	Sell Transaction	202	18.8650 USD
Common	Sell Transaction	611	18.8661 USD
Common	Sell Transaction	2,661	18.8673 USD
Common	Sell Transaction	18	18.8683 USD
Common	Sell Transaction	2,538	18.8700 USD
Common	Sell Transaction	100	18.8750 USD
Common	Sell Transaction	70	18.8766 USD
Common	Sell Transaction	3	18.8767 USD
Common	Sell Transaction	44	18.8775 USD
Common	Sell Transaction	1,502	18.8800 USD
Common	Sell Transaction	21	18.8805 USD
Common	Sell Transaction	17	18.8818 USD
Common	Sell Transaction	204	18.8833 USD
Common	Sell Transaction	546	18.8834 USD
Common	Sell Transaction	83	18.8835 USD
Common	Sell Transaction	34	18.8835 USD
Common	Sell Transaction	27	18.8848 USD
Common	Sell Transaction	700	18.8850 USD
Common	Sell Transaction	266	18.8856 USD
Common	Sell Transaction	1,419	18.8877 USD
Common	Sell Transaction	702	18.8895 USD
Common	Sell Transaction	229	18.8900 USD
Common	Sell Transaction	150	18.8908 USD
Common	Sell Transaction	458	18.8912 USD
Common	Sell Transaction	140	18.8918 USD
Common	Sell Transaction	310	18.8950 USD
Common	Sell Transaction	235	18.8962 USD
Common	Sell Transaction	52	18.8969 USD
Common	Sell Transaction	2,402	18.8987 USD
Common	Sell Transaction	1,502	18.8989 USD
Common	Sell Transaction	355	18.8994 USD
Common	Sell Transaction	299	18.9000 USD
Common	Sell Transaction	742	18.9018 USD
Common	Sell Transaction	1,680	18.9019 USD
Common	Sell Transaction	1,400	18.9036 USD
Common	Sell Transaction	41	18.9050 USD
Common	Sell Transaction	646	18.9068 USD
Common	Sell Transaction	3,569	18.9100 USD
Common	Sell Transaction	341	18.9123 USD
Common	Sell Transaction	765	18.9137 USD
Common	Sell Transaction	61	18.9151 USD
Common	Sell Transaction	177	18.9182 USD
Common	Sell Transaction	671	18.9188 USD
Common	Sell Transaction	131	18.9194 USD
Common	Sell Transaction	2,468	18.9200 USD
Common	Sell Transaction	185	18.9238 USD
Common	Sell Transaction	2,382	18.9246 USD
Common	Sell Transaction	477	18.9300 USD
Common	Sell Transaction	495	18.9400 USD
Common	Sell Transaction	191	18.9500 USD
Common	Sell Transaction	23	18.9600 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	100	17.5000 USD	American	2025-11-21	1.4500 USD
Common	Call Option	Buy Transaction	200	5.0000 USD	American	2026-01-16	13.8100 USD
Common	Call Option	Sell Transaction	600	20.0000 USD	American	2025-11-21	0.0500 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	200	17.5000 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	4 November 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	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Put Option	Sold	9,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-185,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-31,600	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,200	20.0 USD	American	15/01/2027
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-44,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Put Option	Sold	1,600	12.5 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	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-1,900	17.5 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-52,500	15.0 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-165,900	20.0 USD	American	21/11/2025
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-227,600	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-1,700	25.0 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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