Citadel Group

Major Shareholding Notification • Nov 13, 2025

National Storage Mechanism | Additional information

RNS Number : 4598H

Citadel Group

13 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	12 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	1,845,209	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	1,476,500	1.51
Total	2,017,409	2.06	1,911,600	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	27	18.7900 USD
Common	Buy Transaction	300	18.8200 USD
Common	Buy Transaction	480	18.8300 USD
Common	Buy Transaction	1,969	18.8400 USD
Common	Buy Transaction	355	18.8420 USD
Common	Buy Transaction	600	18.8433 USD
Common	Buy Transaction	325	18.8477 USD
Common	Buy Transaction	2,474	18.8500 USD
Common	Buy Transaction	400	18.8501 USD
Common	Buy Transaction	100	18.8538 USD
Common	Buy Transaction	100	18.8550 USD
Common	Buy Transaction	9	18.8556 USD
Common	Buy Transaction	750	18.8565 USD
Common	Buy Transaction	401	18.8600 USD
Common	Buy Transaction	94	18.8628 USD
Common	Buy Transaction	61	18.8651 USD
Common	Buy Transaction	6	18.8667 USD
Common	Buy Transaction	362	18.8729 USD
Common	Buy Transaction	30	18.8743 USD
Common	Buy Transaction	2,536	18.8750 USD
Common	Buy Transaction	11,000	18.8801 USD
Common	Buy Transaction	700	18.8821 USD
Common	Buy Transaction	100	18.8900 USD
Common	Buy Transaction	942	18.8970 USD
Common	Buy Transaction	329	18.8974 USD
Common	Buy Transaction	125	18.9083 USD
Common	Buy Transaction	947	18.9093 USD
Common	Buy Transaction	700	18.9271 USD
Common	Buy Transaction	700	18.9293 USD
Common	Buy Transaction	1,321	18.9323 USD
Common	Buy Transaction	5	18.9460 USD
Common	Buy Transaction	303	18.9465 USD
Common	Buy Transaction	12,089	18.9500 USD
Common	Buy Transaction	538	18.9511 USD
Common	Buy Transaction	56	18.9650 USD
Common	Buy Transaction	3,000	18.9750 USD
Common	Buy Transaction	925	18.9762 USD
Common	Buy Transaction	251	18.9800 USD
Common	Buy Transaction	2	18.9950 USD
Common	Buy Transaction	1,387	18.9984 USD
Common	Buy Transaction	1,116	19.0000 USD
Common	Buy Transaction	986	19.0047 USD
Common	Buy Transaction	17	19.0100 USD
Common	Buy Transaction	260	19.0106 USD
Common	Buy Transaction	597	19.0173 USD
Common	Buy Transaction	4,106	19.0174 USD
Common	Buy Transaction	500	19.0200 USD
Common	Buy Transaction	12	19.0250 USD
Common	Buy Transaction	25	19.0252 USD
Common	Buy Transaction	6,292	19.0281 USD
Common	Buy Transaction	1,884	19.0297 USD
Common	Buy Transaction	228	19.0300 USD
Common	Buy Transaction	200	19.0301 USD
Common	Buy Transaction	748	19.0302 USD
Common	Buy Transaction	28,418	19.0331 USD
Common	Buy Transaction	1,006	19.0340 USD
Common	Buy Transaction	4,333	19.0343 USD
Common	Buy Transaction	393	19.0348 USD
Common	Buy Transaction	552	19.0350 USD
Common	Buy Transaction	523	19.0361 USD
Common	Buy Transaction	1,130	19.0378 USD
Common	Buy Transaction	68	19.0400 USD
Common	Buy Transaction	101	19.0405 USD
Common	Buy Transaction	29	19.0431 USD
Common	Buy Transaction	131	19.0441 USD
Common	Buy Transaction	9,945	19.0480 USD
Common	Buy Transaction	626	19.0500 USD
Common	Buy Transaction	1	19.0600 USD
Common	Buy Transaction	8	19.0625 USD
Common	Buy Transaction	572	19.0665 USD
Common	Buy Transaction	2,225	19.0680 USD
Common	Buy Transaction	2	19.0700 USD
Common	Buy Transaction	400	19.0750 USD
Common	Buy Transaction	2,000	19.0800 USD
Common	Buy Transaction	2,000	19.1000 USD
Common	Buy Transaction	89	19.1300 USD
Common	Buy Transaction	20,199	19.1362 USD
Common	Buy Transaction	37	19.1400 USD
Common	Buy Transaction	3,734	19.1500 USD
Common	Buy Transaction	100	19.1550 USD
Common	Buy Transaction	2,720	19.1700 USD
Common	Sell Transaction	172	18.8326 USD
Common	Sell Transaction	242	18.8376 USD
Common	Sell Transaction	2	18.8400 USD
Common	Sell Transaction	863	18.8457 USD
Common	Sell Transaction	318	18.8500 USD
Common	Sell Transaction	2,314	18.8511 USD
Common	Sell Transaction	49	18.8539 USD
Common	Sell Transaction	151	18.8539 USD
Common	Sell Transaction	158	18.8579 USD
Common	Sell Transaction	70	18.8581 USD
Common	Sell Transaction	108	18.8596 USD
Common	Sell Transaction	378	18.8600 USD
Common	Sell Transaction	1,552	18.8671 USD
Common	Sell Transaction	20	18.8675 USD
Common	Sell Transaction	400	18.8700 USD
Common	Sell Transaction	126	18.8744 USD
Common	Sell Transaction	72	18.8781 USD
Common	Sell Transaction	9,727	18.8800 USD
Common	Sell Transaction	500	18.8810 USD
Common	Sell Transaction	448	18.8811 USD
Common	Sell Transaction	50	18.8850 USD
Common	Sell Transaction	1,229	18.8893 USD
Common	Sell Transaction	287	18.8961 USD
Common	Sell Transaction	604	18.8998 USD
Common	Sell Transaction	35	18.9091 USD
Common	Sell Transaction	1	18.9100 USD
Common	Sell Transaction	508	18.9150 USD
Common	Sell Transaction	700	18.9271 USD
Common	Sell Transaction	19	18.9300 USD
Common	Sell Transaction	606	18.9309 USD
Common	Sell Transaction	698	18.9317 USD
Common	Sell Transaction	156	18.9383 USD
Common	Sell Transaction	257	18.9527 USD
Common	Sell Transaction	726	18.9540 USD
Common	Sell Transaction	392	18.9578 USD
Common	Sell Transaction	1	18.9600 USD
Common	Sell Transaction	980	18.9647 USD
Common	Sell Transaction	13	18.9669 USD
Common	Sell Transaction	27	18.9700 USD
Common	Sell Transaction	255	18.9757 USD
Common	Sell Transaction	44	18.9766 USD
Common	Sell Transaction	2,536	18.9795 USD
Common	Sell Transaction	1,101	18.9796 USD
Common	Sell Transaction	200	18.9800 USD
Common	Sell Transaction	210	18.9806 USD
Common	Sell Transaction	12	18.9850 USD
Common	Sell Transaction	412	18.9916 USD
Common	Sell Transaction	24	18.9925 USD
Common	Sell Transaction	346	18.9935 USD
Common	Sell Transaction	242	18.9949 USD
Common	Sell Transaction	821	18.9966 USD
Common	Sell Transaction	209	19.0000 USD
Common	Sell Transaction	811	19.0027 USD
Common	Sell Transaction	95	19.0041 USD
Common	Sell Transaction	220	19.0053 USD
Common	Sell Transaction	37	19.0081 USD
Common	Sell Transaction	35	19.0091 USD
Common	Sell Transaction	5	19.0100 USD
Common	Sell Transaction	273	19.0101 USD
Common	Sell Transaction	47	19.0106 USD
Common	Sell Transaction	533	19.0112 USD
Common	Sell Transaction	9,236	19.0112 USD
Common	Sell Transaction	690	19.0145 USD
Common	Sell Transaction	4,865	19.0177 USD
Common	Sell Transaction	445	19.0200 USD
Common	Sell Transaction	545	19.0206 USD
Common	Sell Transaction	940	19.0211 USD
Common	Sell Transaction	349	19.0244 USD
Common	Sell Transaction	425	19.0257 USD
Common	Sell Transaction	573	19.0300 USD
Common	Sell Transaction	130	19.0332 USD
Common	Sell Transaction	176	19.0342 USD
Common	Sell Transaction	14	19.0343 USD
Common	Sell Transaction	200	19.0350 USD
Common	Sell Transaction	1,974	19.0353 USD
Common	Sell Transaction	7	19.0357 USD
Common	Sell Transaction	500	19.0375 USD
Common	Sell Transaction	1,241	19.0399 USD
Common	Sell Transaction	906	19.0400 USD
Common	Sell Transaction	201	19.0406 USD
Common	Sell Transaction	2,177	19.0416 USD
Common	Sell Transaction	3	19.0433 USD
Common	Sell Transaction	16	19.0444 USD
Common	Sell Transaction	906	19.0462 USD
Common	Sell Transaction	840	19.0462 USD
Common	Sell Transaction	18,436	19.0466 USD
Common	Sell Transaction	1,039	19.0481 USD
Common	Sell Transaction	19	19.0489 USD
Common	Sell Transaction	250	19.0500 USD
Common	Sell Transaction	73	19.0510 USD
Common	Sell Transaction	2,209	19.0611 USD
Common	Sell Transaction	601	19.0614 USD
Common	Sell Transaction	1,422	19.0626 USD
Common	Sell Transaction	197	19.0629 USD
Common	Sell Transaction	1,214	19.0632 USD
Common	Sell Transaction	7,468	19.0684 USD
Common	Sell Transaction	221	19.0700 USD
Common	Sell Transaction	1,067	19.0738 USD
Common	Sell Transaction	780	19.0791 USD
Common	Sell Transaction	6	19.0800 USD
Common	Sell Transaction	669	19.0804 USD
Common	Sell Transaction	2,201	19.0805 USD
Common	Sell Transaction	368	19.0817 USD
Common	Sell Transaction	6,995	19.0825 USD
Common	Sell Transaction	217	19.0861 USD
Common	Sell Transaction	464	19.0875 USD
Common	Sell Transaction	13	19.0892 USD
Common	Sell Transaction	519	19.0893 USD
Common	Sell Transaction	241	19.0904 USD
Common	Sell Transaction	2,066	19.0930 USD
Common	Sell Transaction	738	19.0950 USD
Common	Sell Transaction	18,092	19.1008 USD
Common	Sell Transaction	6,783	19.1030 USD
Common	Sell Transaction	19	19.1100 USD
Common	Sell Transaction	2,410	19.1211 USD
Common	Sell Transaction	834	19.1236 USD
Common	Sell Transaction	1,539	19.1252 USD
Common	Sell Transaction	5	19.1260 USD
Common	Sell Transaction	200	19.1300 USD
Common	Sell Transaction	4,405	19.1500 USD
Common	Sell Transaction	13	19.1554 USD
Common	Sell Transaction	48	19.1600 USD
Common	Sell Transaction	600	19.1650 USD
Common	Sell Transaction	300	19.1700 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	800	15.0000 USD	American	2025-11-21	4.1000 USD
Common	Call Option	Sell Transaction	100	20.0000 USD	American	2025-12-19	0.2400 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	13 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	Put Option	Purchased	-3,100	12.5 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	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
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	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
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	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
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	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	0	20.0 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	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
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	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,800	17.5 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-900	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-184,000	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-52,000	20.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-227,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-30,700	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,400	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
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	-150,600	15.0 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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