Citadel Group

Major Shareholding Notification • Nov 14, 2025

National Storage Mechanism | Additional information

RNS Number : 6552H

Citadel Group

14 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	13 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	1,838,628	1.88	427,844	0.43
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	172,300	0.17	1,475,200	1.51
Total	2,010,928	2.05	1,903,044	1.94

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	7	18.9100 USD
Common	Buy Transaction	48	19.0600 USD
Common	Buy Transaction	10	19.1000 USD
Common	Buy Transaction	459	19.1305 USD
Common	Buy Transaction	1,600	19.1306 USD
Common	Buy Transaction	250	19.1400 USD
Common	Buy Transaction	230	19.1435 USD
Common	Buy Transaction	1,104	19.1500 USD
Common	Buy Transaction	15,694	19.1520 USD
Common	Buy Transaction	300	19.1550 USD
Common	Buy Transaction	905	19.1584 USD
Common	Buy Transaction	300	19.1633 USD
Common	Buy Transaction	2,000	19.1640 USD
Common	Buy Transaction	300	19.1667 USD
Common	Buy Transaction	600	19.1683 USD
Common	Buy Transaction	137	19.1695 USD
Common	Buy Transaction	491	19.1700 USD
Common	Buy Transaction	235	19.1701 USD
Common	Buy Transaction	797	19.1705 USD
Common	Buy Transaction	600	19.1717 USD
Common	Buy Transaction	1,500	19.1740 USD
Common	Buy Transaction	6	19.1750 USD
Common	Buy Transaction	59	19.1756 USD
Common	Buy Transaction	7,306	19.1763 USD
Common	Buy Transaction	292	19.1797 USD
Common	Buy Transaction	310	19.1800 USD
Common	Buy Transaction	403	19.1807 USD
Common	Buy Transaction	370	19.1824 USD
Common	Buy Transaction	800	19.1829 USD
Common	Buy Transaction	500	19.1840 USD
Common	Buy Transaction	13	19.1846 USD
Common	Buy Transaction	70	19.1850 USD
Common	Buy Transaction	323	19.1851 USD
Common	Buy Transaction	297	19.1861 USD
Common	Buy Transaction	3	19.1867 USD
Common	Buy Transaction	2,625	19.1869 USD
Common	Buy Transaction	17	19.1871 USD
Common	Buy Transaction	18	19.1889 USD
Common	Buy Transaction	167	19.1897 USD
Common	Buy Transaction	1,104	19.1900 USD
Common	Buy Transaction	1,400	19.1904 USD
Common	Buy Transaction	1,332	19.1920 USD
Common	Buy Transaction	3,317	19.1934 USD
Common	Buy Transaction	1,643	19.1937 USD
Common	Buy Transaction	844	19.1938 USD
Common	Buy Transaction	278	19.1938 USD
Common	Buy Transaction	1,910	19.1947 USD
Common	Buy Transaction	610	19.1950 USD
Common	Buy Transaction	361	19.1950 USD
Common	Buy Transaction	599	19.1960 USD
Common	Buy Transaction	420	19.1967 USD
Common	Buy Transaction	822	19.1970 USD
Common	Buy Transaction	1,400	19.1971 USD
Common	Buy Transaction	194	19.1973 USD
Common	Buy Transaction	696	19.1983 USD
Common	Buy Transaction	7	19.1986 USD
Common	Buy Transaction	853	19.1987 USD
Common	Buy Transaction	1,787	19.1995 USD
Common	Buy Transaction	448	19.1999 USD
Common	Buy Transaction	2,848	19.2000 USD
Common	Buy Transaction	975	19.2003 USD
Common	Buy Transaction	1,875	19.2004 USD
Common	Buy Transaction	466	19.2004 USD
Common	Buy Transaction	780	19.2023 USD
Common	Buy Transaction	741	19.2027 USD
Common	Buy Transaction	72	19.2029 USD
Common	Buy Transaction	364	19.2034 USD
Common	Buy Transaction	1,100	19.2036 USD
Common	Buy Transaction	302	19.2050 USD
Common	Buy Transaction	680	19.2066 USD
Common	Buy Transaction	38	19.2082 USD
Common	Buy Transaction	50	19.2090 USD
Common	Buy Transaction	393	19.2091 USD
Common	Buy Transaction	977	19.2100 USD
Common	Buy Transaction	89	19.2118 USD
Common	Buy Transaction	1,862	19.2125 USD
Common	Buy Transaction	150	19.2135 USD
Common	Buy Transaction	231	19.2143 USD
Common	Buy Transaction	29	19.2159 USD
Common	Buy Transaction	1,400	19.2201 USD
Common	Buy Transaction	500	19.2220 USD
Common	Buy Transaction	312	19.2233 USD
Common	Buy Transaction	1	19.2300 USD
Common	Buy Transaction	6,623	19.2350 USD
Common	Buy Transaction	5,709	19.2400 USD
Common	Buy Transaction	1,500	19.2450 USD
Common	Buy Transaction	7,889	19.2500 USD
Common	Sell Transaction	7	18.9100 USD
Common	Sell Transaction	100	19.1500 USD
Common	Sell Transaction	7,386	19.1547 USD
Common	Sell Transaction	143	19.1548 USD
Common	Sell Transaction	5,698	19.1549 USD
Common	Sell Transaction	1	19.1600 USD
Common	Sell Transaction	4,407	19.1620 USD
Common	Sell Transaction	100	19.1650 USD
Common	Sell Transaction	58	19.1655 USD
Common	Sell Transaction	909	19.1656 USD
Common	Sell Transaction	1,231	19.1675 USD
Common	Sell Transaction	600	19.1680 USD
Common	Sell Transaction	505	19.1680 USD
Common	Sell Transaction	1,732	19.1700 USD
Common	Sell Transaction	2	19.1750 USD
Common	Sell Transaction	1,303	19.1750 USD
Common	Sell Transaction	2,100	19.1764 USD
Common	Sell Transaction	40	19.1788 USD
Common	Sell Transaction	305	19.1800 USD
Common	Sell Transaction	293	19.1801 USD
Common	Sell Transaction	400	19.1829 USD
Common	Sell Transaction	1,504	19.1850 USD
Common	Sell Transaction	283	19.1850 USD
Common	Sell Transaction	4,084	19.1856 USD
Common	Sell Transaction	1,000	19.1860 USD
Common	Sell Transaction	392	19.1862 USD
Common	Sell Transaction	8	19.1863 USD
Common	Sell Transaction	794	19.1863 USD
Common	Sell Transaction	2,593	19.1877 USD
Common	Sell Transaction	1,500	19.1887 USD
Common	Sell Transaction	644	19.1894 USD
Common	Sell Transaction	53	19.1896 USD
Common	Sell Transaction	60	19.1897 USD
Common	Sell Transaction	33	19.1897 USD
Common	Sell Transaction	204	19.1898 USD
Common	Sell Transaction	141	19.1900 USD
Common	Sell Transaction	596	19.1901 USD
Common	Sell Transaction	1,348	19.1903 USD
Common	Sell Transaction	617	19.1905 USD
Common	Sell Transaction	24	19.1908 USD
Common	Sell Transaction	212	19.1913 USD
Common	Sell Transaction	361	19.1914 USD
Common	Sell Transaction	1,080	19.1920 USD
Common	Sell Transaction	1,494	19.1921 USD
Common	Sell Transaction	308	19.1935 USD
Common	Sell Transaction	68	19.1950 USD
Common	Sell Transaction	47	19.1951 USD
Common	Sell Transaction	25	19.1952 USD
Common	Sell Transaction	1,930	19.1959 USD
Common	Sell Transaction	356	19.1963 USD
Common	Sell Transaction	1,009	19.1966 USD
Common	Sell Transaction	3	19.1967 USD
Common	Sell Transaction	365	19.1971 USD
Common	Sell Transaction	1,498	19.1974 USD
Common	Sell Transaction	200	19.1975 USD
Common	Sell Transaction	1,005	19.1982 USD
Common	Sell Transaction	1,949	19.1982 USD
Common	Sell Transaction	24	19.1983 USD
Common	Sell Transaction	2,612	19.1991 USD
Common	Sell Transaction	2,072	19.1993 USD
Common	Sell Transaction	133	19.1995 USD
Common	Sell Transaction	2,000	19.2000 USD
Common	Sell Transaction	276	19.2000 USD
Common	Sell Transaction	654	19.2005 USD
Common	Sell Transaction	515	19.2027 USD
Common	Sell Transaction	139	19.2031 USD
Common	Sell Transaction	25	19.2036 USD
Common	Sell Transaction	263	19.2044 USD
Common	Sell Transaction	520	19.2078 USD
Common	Sell Transaction	449	19.2082 USD
Common	Sell Transaction	1,484	19.2084 USD
Common	Sell Transaction	2,865	19.2084 USD
Common	Sell Transaction	832	19.2086 USD
Common	Sell Transaction	704	19.2100 USD
Common	Sell Transaction	3	19.2150 USD
Common	Sell Transaction	834	19.2158 USD
Common	Sell Transaction	330	19.2167 USD
Common	Sell Transaction	2	19.2175 USD
Common	Sell Transaction	195	19.2179 USD
Common	Sell Transaction	1,400	19.2200 USD
Common	Sell Transaction	1,726	19.2321 USD
Common	Sell Transaction	4	19.2375 USD
Common	Sell Transaction	7	19.2386 USD
Common	Sell Transaction	195	19.2388 USD
Common	Sell Transaction	15,052	19.2400 USD
Common	Sell Transaction	773	19.2452 USD
Common	Sell Transaction	7,256	19.2500 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	500	17.5000 USD	American	2025-11-21	1.6900 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-11-21	1.7500 USD
Common	Call Option	Buy Transaction	700	5.0000 USD	American	2027-01-15	14.1500 USD
Common	Put Option	Sell Transaction	100	17.5000 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)

(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	14 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	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
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	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-34,700	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-179,200	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-52,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-227,200	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-4,400	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 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	-10,100	17.5 USD	American	20/03/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-184,000	10.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-30,700	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-900	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-33,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,800	17.5 USD	American	16/01/2026
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	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	11,900	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-52,000	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 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:

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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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