Citadel Group

Major Shareholding Notification • Nov 12, 2025

National Storage Mechanism | Additional information

RNS Number : 2761H

Citadel Group

12 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	11 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	1,845,624	1.88	435,100	0.44
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	172,200	0.17	1,477,200	1.51
Total	2,017,824	2.06	1,912,300	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	6	18.7250 USD
Common	Buy Transaction	56	18.7264 USD
Common	Buy Transaction	326	18.7300 USD
Common	Buy Transaction	1,906	18.7350 USD
Common	Buy Transaction	3	18.7367 USD
Common	Buy Transaction	36	18.7383 USD
Common	Buy Transaction	12	18.7400 USD
Common	Buy Transaction	55	18.7418 USD
Common	Buy Transaction	245	18.7419 USD
Common	Buy Transaction	5	18.7420 USD
Common	Buy Transaction	110	18.7450 USD
Common	Buy Transaction	14,239	18.7500 USD
Common	Buy Transaction	1,100	18.7501 USD
Common	Buy Transaction	18	18.7600 USD
Common	Buy Transaction	1,408	18.7607 USD
Common	Buy Transaction	6	18.7800 USD
Common	Buy Transaction	370	18.7814 USD
Common	Buy Transaction	132	18.7943 USD
Common	Buy Transaction	1	18.8000 USD
Common	Buy Transaction	559	18.8043 USD
Common	Buy Transaction	93	18.8051 USD
Common	Buy Transaction	702	18.8055 USD
Common	Buy Transaction	106	18.8056 USD
Common	Buy Transaction	798	18.8075 USD
Common	Buy Transaction	1,597	18.8076 USD
Common	Buy Transaction	1,298	18.8100 USD
Common	Buy Transaction	20	18.8150 USD
Common	Buy Transaction	196	18.8179 USD
Common	Buy Transaction	231	18.8188 USD
Common	Buy Transaction	4,717	18.8195 USD
Common	Buy Transaction	9,182	18.8200 USD
Common	Buy Transaction	331	18.8204 USD
Common	Buy Transaction	548	18.8219 USD
Common	Buy Transaction	710	18.8230 USD
Common	Buy Transaction	108	18.8244 USD
Common	Buy Transaction	2	18.8250 USD
Common	Buy Transaction	8,019	18.8259 USD
Common	Buy Transaction	44	18.8259 USD
Common	Buy Transaction	281	18.8271 USD
Common	Buy Transaction	1,733	18.8278 USD
Common	Buy Transaction	760	18.8285 USD
Common	Buy Transaction	52	18.8288 USD
Common	Buy Transaction	1,177	18.8294 USD
Common	Buy Transaction	5,449	18.8300 USD
Common	Buy Transaction	966	18.8301 USD
Common	Buy Transaction	319	18.8309 USD
Common	Buy Transaction	2,155	18.8312 USD
Common	Buy Transaction	234	18.8330 USD
Common	Buy Transaction	518	18.8350 USD
Common	Buy Transaction	35	18.8360 USD
Common	Buy Transaction	3,200	18.8366 USD
Common	Buy Transaction	356	18.8377 USD
Common	Buy Transaction	9,674	18.8400 USD
Common	Buy Transaction	187	18.8401 USD
Common	Buy Transaction	9,548	18.8500 USD
Common	Sell Transaction	207	18.7200 USD
Common	Sell Transaction	28	18.7264 USD
Common	Sell Transaction	224	18.7300 USD
Common	Sell Transaction	193	18.7400 USD
Common	Sell Transaction	700	18.7478 USD
Common	Sell Transaction	3	18.7500 USD
Common	Sell Transaction	683	18.7573 USD
Common	Sell Transaction	11	18.7591 USD
Common	Sell Transaction	410	18.7710 USD
Common	Sell Transaction	1	18.7800 USD
Common	Sell Transaction	364	18.7926 USD
Common	Sell Transaction	16	18.8056 USD
Common	Sell Transaction	33	18.8073 USD
Common	Sell Transaction	6,100	18.8080 USD
Common	Sell Transaction	1,650	18.8091 USD
Common	Sell Transaction	3,648	18.8100 USD
Common	Sell Transaction	1,742	18.8102 USD
Common	Sell Transaction	1,084	18.8105 USD
Common	Sell Transaction	690	18.8107 USD
Common	Sell Transaction	1,212	18.8143 USD
Common	Sell Transaction	267	18.8144 USD
Common	Sell Transaction	378	18.8147 USD
Common	Sell Transaction	28	18.8150 USD
Common	Sell Transaction	227	18.8151 USD
Common	Sell Transaction	991	18.8155 USD
Common	Sell Transaction	16	18.8156 USD
Common	Sell Transaction	17	18.8159 USD
Common	Sell Transaction	520	18.8164 USD
Common	Sell Transaction	510	18.8196 USD
Common	Sell Transaction	8,273	18.8200 USD
Common	Sell Transaction	549	18.8209 USD
Common	Sell Transaction	80	18.8212 USD
Common	Sell Transaction	3,302	18.8222 USD
Common	Sell Transaction	2,401	18.8229 USD
Common	Sell Transaction	7	18.8243 USD
Common	Sell Transaction	175	18.8253 USD
Common	Sell Transaction	193	18.8255 USD
Common	Sell Transaction	557	18.8264 USD
Common	Sell Transaction	1,018	18.8269 USD
Common	Sell Transaction	100	18.8270 USD
Common	Sell Transaction	1,006	18.8271 USD
Common	Sell Transaction	1,164	18.8275 USD
Common	Sell Transaction	300	18.8277 USD
Common	Sell Transaction	7,958	18.8300 USD
Common	Sell Transaction	5	18.8320 USD
Common	Sell Transaction	53	18.8343 USD
Common	Sell Transaction	41	18.8346 USD
Common	Sell Transaction	200	18.8350 USD
Common	Sell Transaction	1,100	18.8373 USD
Common	Sell Transaction	615	18.8396 USD
Common	Sell Transaction	97	18.8396 USD
Common	Sell Transaction	9,467	18.8400 USD
Common	Sell Transaction	194	18.8420 USD
Common	Sell Transaction	598	18.8433 USD
Common	Sell Transaction	265	18.8437 USD
Common	Sell Transaction	73	18.8500 USD
Common	Sell Transaction	342	18.8519 USD
Common	Sell Transaction	300	18.8550 USD
Common	Sell Transaction	1,272	18.8555 USD
Common	Sell Transaction	1	18.8600 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	2,500	10.0000 USD	American	2025-12-19	8.8000 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	12 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	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
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	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-3,100	12.5 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	-45,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.5 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	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	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,300	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
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	-179,200	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-900	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
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	-184,000	10.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-31,500	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-227,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-52,000	20.0 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,800	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025

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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