Citadel Group

Major Shareholding Notification • Nov 20, 2025

National Storage Mechanism | Additional information

RNS Number : 3974I

Citadel Group

20 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	19 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	1,868,499	1.91	325,185	0.33
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	181,100	0.18	1,397,800	1.43
Total	2,049,599	2.09	1,722,985	1.76

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	10	22.8400 USD
Common	Buy Transaction	4,058	22.8500 USD
Common	Buy Transaction	4,106	22.8525 USD
Common	Buy Transaction	3,608	22.8606 USD
Common	Buy Transaction	10	22.8800 USD
Common	Buy Transaction	200	22.9100 USD
Common	Buy Transaction	63	22.9900 USD
Common	Buy Transaction	460	22.9923 USD
Common	Buy Transaction	1	23.0000 USD
Common	Buy Transaction	4,100	23.0000 USD
Common	Buy Transaction	175	23.0021 USD
Common	Buy Transaction	22,114	23.0022 USD
Common	Buy Transaction	14	23.0050 USD
Common	Buy Transaction	900	23.0051 USD
Common	Buy Transaction	633	23.0051 USD
Common	Buy Transaction	25	23.0052 USD
Common	Buy Transaction	866	23.0064 USD
Common	Buy Transaction	109	23.0079 USD
Common	Buy Transaction	366	23.0100 USD
Common	Buy Transaction	823	23.0105 USD
Common	Buy Transaction	475	23.0108 USD
Common	Buy Transaction	4,882	23.0108 USD
Common	Buy Transaction	138	23.0128 USD
Common	Buy Transaction	97	23.0130 USD
Common	Buy Transaction	830	23.0137 USD
Common	Buy Transaction	1,567	23.0138 USD
Common	Buy Transaction	472	23.0141 USD
Common	Buy Transaction	6,100	23.0150 USD
Common	Buy Transaction	100	23.0150 USD
Common	Buy Transaction	708	23.0195 USD
Common	Buy Transaction	6	23.0200 USD
Common	Buy Transaction	109	23.0213 USD
Common	Buy Transaction	700	23.0214 USD
Common	Buy Transaction	8	23.0225 USD
Common	Buy Transaction	300	23.0233 USD
Common	Buy Transaction	62	23.0248 USD
Common	Buy Transaction	106	23.0250 USD
Common	Buy Transaction	130	23.0251 USD
Common	Buy Transaction	1,452	23.0256 USD
Common	Buy Transaction	1,300	23.0269 USD
Common	Buy Transaction	1,536	23.0281 USD
Common	Buy Transaction	471	23.0293 USD
Common	Buy Transaction	951	23.0299 USD
Common	Buy Transaction	1,455	23.0300 USD
Common	Buy Transaction	471	23.0301 USD
Common	Buy Transaction	719	23.0311 USD
Common	Buy Transaction	4	23.0325 USD
Common	Buy Transaction	400	23.0334 USD
Common	Buy Transaction	824	23.0347 USD
Common	Buy Transaction	2,529	23.0348 USD
Common	Buy Transaction	96	23.0360 USD
Common	Buy Transaction	4,185	23.0361 USD
Common	Buy Transaction	120	23.0367 USD
Common	Buy Transaction	883	23.0371 USD
Common	Buy Transaction	349	23.0371 USD
Common	Buy Transaction	602	23.0374 USD
Common	Buy Transaction	5,633	23.0377 USD
Common	Buy Transaction	1,223	23.0400 USD
Common	Buy Transaction	729	23.0417 USD
Common	Buy Transaction	1,108	23.0433 USD
Common	Buy Transaction	1,442	23.0450 USD
Common	Buy Transaction	805	23.0457 USD
Common	Buy Transaction	2,105	23.0473 USD
Common	Buy Transaction	21	23.0476 USD
Common	Buy Transaction	4,214	23.0478 USD
Common	Buy Transaction	4,780	23.0485 USD
Common	Buy Transaction	106	23.0489 USD
Common	Buy Transaction	2,972	23.0494 USD
Common	Buy Transaction	1,221	23.0496 USD
Common	Buy Transaction	777	23.0500 USD
Common	Buy Transaction	228	23.0512 USD
Common	Buy Transaction	64	23.0550 USD
Common	Buy Transaction	103	23.0556 USD
Common	Buy Transaction	120	23.0600 USD
Common	Buy Transaction	1,225	23.0601 USD
Common	Buy Transaction	724	23.0650 USD
Common	Buy Transaction	311	23.0654 USD
Common	Buy Transaction	84	23.0671 USD
Common	Buy Transaction	160	23.0675 USD
Common	Buy Transaction	1,613	23.0700 USD
Common	Buy Transaction	1,164	23.0706 USD
Common	Buy Transaction	12	23.0717 USD
Common	Buy Transaction	460	23.0717 USD
Common	Buy Transaction	412	23.0731 USD
Common	Buy Transaction	2,474	23.0734 USD
Common	Buy Transaction	10	23.0740 USD
Common	Buy Transaction	121	23.0742 USD
Common	Buy Transaction	362	23.0750 USD
Common	Buy Transaction	177	23.0751 USD
Common	Buy Transaction	1,686	23.0751 USD
Common	Buy Transaction	563	23.0755 USD
Common	Buy Transaction	61	23.0793 USD
Common	Buy Transaction	280	23.0796 USD
Common	Buy Transaction	103	23.0800 USD
Common	Buy Transaction	2,430	23.0814 USD
Common	Buy Transaction	940	23.0850 USD
Common	Buy Transaction	1,080	23.0863 USD
Common	Buy Transaction	540	23.0895 USD
Common	Buy Transaction	300	23.0900 USD
Common	Buy Transaction	117	23.0971 USD
Common	Buy Transaction	1,385	23.1000 USD
Common	Buy Transaction	2,192	23.1008 USD
Common	Sell Transaction	10	22.8400 USD
Common	Sell Transaction	2,520	22.8500 USD
Common	Sell Transaction	4,010	22.8501 USD
Common	Sell Transaction	2,614	22.9622 USD
Common	Sell Transaction	200	22.9950 USD
Common	Sell Transaction	968	23.0000 USD
Common	Sell Transaction	2,316	23.0008 USD
Common	Sell Transaction	104	23.0015 USD
Common	Sell Transaction	466	23.0039 USD
Common	Sell Transaction	646	23.0050 USD
Common	Sell Transaction	6,426	23.0053 USD
Common	Sell Transaction	3,072	23.0071 USD
Common	Sell Transaction	1,208	23.0072 USD
Common	Sell Transaction	350	23.0086 USD
Common	Sell Transaction	2,472	23.0090 USD
Common	Sell Transaction	1,766	23.0098 USD
Common	Sell Transaction	2	23.0100 USD
Common	Sell Transaction	1,018	23.0119 USD
Common	Sell Transaction	978	23.0128 USD
Common	Sell Transaction	2,655	23.0156 USD
Common	Sell Transaction	990	23.0164 USD
Common	Sell Transaction	580	23.0179 USD
Common	Sell Transaction	759	23.0197 USD
Common	Sell Transaction	155	23.0200 USD
Common	Sell Transaction	8,413	23.0207 USD
Common	Sell Transaction	518	23.0212 USD
Common	Sell Transaction	7,221	23.0238 USD
Common	Sell Transaction	1,359	23.0257 USD
Common	Sell Transaction	700	23.0264 USD
Common	Sell Transaction	1,042	23.0265 USD
Common	Sell Transaction	2,199	23.0272 USD
Common	Sell Transaction	1,589	23.0279 USD
Common	Sell Transaction	3,930	23.0279 USD
Common	Sell Transaction	3,106	23.0284 USD
Common	Sell Transaction	3,361	23.0296 USD
Common	Sell Transaction	1,358	23.0300 USD
Common	Sell Transaction	1,731	23.0319 USD
Common	Sell Transaction	2,100	23.0350 USD
Common	Sell Transaction	5,904	23.0378 USD
Common	Sell Transaction	500	23.0380 USD
Common	Sell Transaction	1,382	23.0380 USD
Common	Sell Transaction	1,570	23.0383 USD
Common	Sell Transaction	491	23.0383 USD
Common	Sell Transaction	3,118	23.0391 USD
Common	Sell Transaction	309	23.0394 USD
Common	Sell Transaction	214	23.0398 USD
Common	Sell Transaction	201	23.0400 USD
Common	Sell Transaction	402	23.0415 USD
Common	Sell Transaction	404	23.0428 USD
Common	Sell Transaction	690	23.0430 USD
Common	Sell Transaction	1,194	23.0437 USD
Common	Sell Transaction	2,127	23.0439 USD
Common	Sell Transaction	987	23.0442 USD
Common	Sell Transaction	1,784	23.0445 USD
Common	Sell Transaction	900	23.0446 USD
Common	Sell Transaction	1,081	23.0447 USD
Common	Sell Transaction	377	23.0448 USD
Common	Sell Transaction	21	23.0450 USD
Common	Sell Transaction	651	23.0455 USD
Common	Sell Transaction	751	23.0457 USD
Common	Sell Transaction	1,392	23.0460 USD
Common	Sell Transaction	920	23.0462 USD
Common	Sell Transaction	300	23.0467 USD
Common	Sell Transaction	1,636	23.0471 USD
Common	Sell Transaction	42	23.0498 USD
Common	Sell Transaction	1,239	23.0500 USD
Common	Sell Transaction	628	23.0501 USD
Common	Sell Transaction	329	23.0504 USD
Common	Sell Transaction	1,317	23.0511 USD
Common	Sell Transaction	5,130	23.0517 USD
Common	Sell Transaction	200	23.0525 USD
Common	Sell Transaction	9	23.0533 USD
Common	Sell Transaction	1,243	23.0549 USD
Common	Sell Transaction	6	23.0550 USD
Common	Sell Transaction	459	23.0560 USD
Common	Sell Transaction	1,100	23.0564 USD
Common	Sell Transaction	464	23.0586 USD
Common	Sell Transaction	727	23.0600 USD
Common	Sell Transaction	417	23.0610 USD
Common	Sell Transaction	15	23.0620 USD
Common	Sell Transaction	452	23.0650 USD
Common	Sell Transaction	1,127	23.0661 USD
Common	Sell Transaction	146	23.0662 USD
Common	Sell Transaction	1,160	23.0676 USD
Common	Sell Transaction	654	23.0695 USD
Common	Sell Transaction	654	23.0697 USD
Common	Sell Transaction	647	23.0698 USD
Common	Sell Transaction	1,040	23.0700 USD
Common	Sell Transaction	926	23.0725 USD
Common	Sell Transaction	210	23.0731 USD
Common	Sell Transaction	23	23.0743 USD
Common	Sell Transaction	5	23.0760 USD
Common	Sell Transaction	4	23.0775 USD
Common	Sell Transaction	124	23.0785 USD
Common	Sell Transaction	148	23.0789 USD
Common	Sell Transaction	144	23.0800 USD
Common	Sell Transaction	240	23.0865 USD
Common	Sell Transaction	56	23.0896 USD
Common	Sell Transaction	1,476	23.0900 USD
Common	Sell Transaction	1,849	23.1000 USD
Common	Sell Transaction	18	23.1050 USD
Common	Sell Transaction	1	23.1500 USD
Common	Sell Transaction	300	23.2000 USD
Common	Sell Transaction	15	23.2240 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	15,000	20.0000 USD	American	2025-11-21	3.0000 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	12,500	15.0000 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	20 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	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
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	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	100	22.5 USD	American	16/01/2026
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Sold	4,800	20.0 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-4,300	22.5 USD	American	19/12/2025
Common	Put Option	Sold	11,900	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-3,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-3,100	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-5,800	25.0 USD	American	21/11/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-227,000	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-30,800	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-159,600	20.0 USD	American	21/11/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-184,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026

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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