Citadel Group

Major Shareholding Notification • Nov 21, 2025

National Storage Mechanism | Additional information

RNS Number : 5672I

Citadel Group

21 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	20 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	1,977,793	2.02	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	1,387,600	1.42
Total	2,158,893	2.21	1,712,785	1.75

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	128	22.9191 USD
Common	Buy Transaction	47	22.9253 USD
Common	Buy Transaction	3	22.9333 USD
Common	Buy Transaction	23,397	22.9400 USD
Common	Buy Transaction	9	22.9411 USD
Common	Buy Transaction	108	22.9454 USD
Common	Buy Transaction	210	22.9500 USD
Common	Buy Transaction	895	22.9515 USD
Common	Buy Transaction	232	22.9600 USD
Common	Buy Transaction	149	22.9650 USD
Common	Buy Transaction	30	22.9700 USD
Common	Buy Transaction	927	22.9764 USD
Common	Buy Transaction	307	22.9834 USD
Common	Buy Transaction	521	22.9925 USD
Common	Buy Transaction	1,516	23.0059 USD
Common	Buy Transaction	243	23.0124 USD
Common	Buy Transaction	50	23.0250 USD
Common	Buy Transaction	21	23.0252 USD
Common	Buy Transaction	386	23.0285 USD
Common	Buy Transaction	502	23.0300 USD
Common	Buy Transaction	68	23.0322 USD
Common	Buy Transaction	2,699	23.0363 USD
Common	Buy Transaction	46	23.0400 USD
Common	Buy Transaction	5,512	23.0410 USD
Common	Buy Transaction	678	23.0438 USD
Common	Buy Transaction	446	23.0500 USD
Common	Buy Transaction	55	23.0502 USD
Common	Buy Transaction	38	23.0513 USD
Common	Buy Transaction	2	23.0550 USD
Common	Buy Transaction	3,415	23.0568 USD
Common	Buy Transaction	144	23.0570 USD
Common	Buy Transaction	1,009	23.0600 USD
Common	Buy Transaction	618	23.0667 USD
Common	Buy Transaction	6	23.0683 USD
Common	Buy Transaction	493	23.0700 USD
Common	Buy Transaction	342	23.0703 USD
Common	Buy Transaction	16,411	23.0716 USD
Common	Buy Transaction	59	23.0751 USD
Common	Buy Transaction	634	23.0838 USD
Common	Buy Transaction	1,045	23.0838 USD
Common	Buy Transaction	3	23.0967 USD
Common	Buy Transaction	2,200	23.0995 USD
Common	Buy Transaction	1	23.1000 USD
Common	Buy Transaction	6,836	23.1038 USD
Common	Buy Transaction	1,146	23.1042 USD
Common	Buy Transaction	129,982	23.1049 USD
Common	Buy Transaction	500	23.1108 USD
Common	Buy Transaction	50	23.1130 USD
Common	Buy Transaction	200	23.1200 USD
Common	Buy Transaction	200	23.1250 USD
Common	Buy Transaction	6,100	23.1292 USD
Common	Buy Transaction	2	23.1300 USD
Common	Buy Transaction	199	23.1304 USD
Common	Buy Transaction	924	23.1340 USD
Common	Buy Transaction	805	23.1400 USD
Common	Buy Transaction	550	23.1418 USD
Common	Buy Transaction	262	23.1454 USD
Common	Buy Transaction	427	23.1456 USD
Common	Buy Transaction	10,950	23.1481 USD
Common	Buy Transaction	385	23.1501 USD
Common	Buy Transaction	1,343	23.1506 USD
Common	Buy Transaction	123	23.1525 USD
Common	Buy Transaction	7,578	23.1528 USD
Common	Buy Transaction	751	23.1550 USD
Common	Buy Transaction	3,230	23.1565 USD
Common	Buy Transaction	1,106	23.1595 USD
Common	Buy Transaction	471	23.1673 USD
Common	Buy Transaction	2,483	23.1700 USD
Common	Buy Transaction	624	23.1703 USD
Common	Buy Transaction	53	23.1728 USD
Common	Buy Transaction	129	23.1800 USD
Common	Buy Transaction	2,120	23.1853 USD
Common	Buy Transaction	25	23.1900 USD
Common	Buy Transaction	200	23.1950 USD
Common	Buy Transaction	218	23.1972 USD
Common	Buy Transaction	1,500	23.2000 USD
Common	Buy Transaction	124	23.2050 USD
Common	Buy Transaction	100	23.2100 USD
Common	Buy Transaction	207	23.2103 USD
Common	Buy Transaction	252	23.2150 USD
Common	Buy Transaction	11	23.2155 USD
Common	Buy Transaction	10	23.2200 USD
Common	Buy Transaction	318	23.2212 USD
Common	Buy Transaction	76	23.2222 USD
Common	Buy Transaction	11	23.2227 USD
Common	Buy Transaction	100	23.2300 USD
Common	Buy Transaction	475	23.2303 USD
Common	Buy Transaction	274	23.2390 USD
Common	Buy Transaction	593	23.2400 USD
Common	Buy Transaction	91	23.2500 USD
Common	Buy Transaction	198	23.2600 USD
Common	Buy Transaction	181	23.2700 USD
Common	Sell Transaction	1,111	22.9200 USD
Common	Sell Transaction	202	22.9213 USD
Common	Sell Transaction	1,780	22.9300 USD
Common	Sell Transaction	17	22.9329 USD
Common	Sell Transaction	37,286	22.9400 USD
Common	Sell Transaction	2,147	22.9404 USD
Common	Sell Transaction	500	22.9491 USD
Common	Sell Transaction	799	22.9500 USD
Common	Sell Transaction	818	22.9600 USD
Common	Sell Transaction	31	22.9652 USD
Common	Sell Transaction	27	22.9652 USD
Common	Sell Transaction	536	22.9700 USD
Common	Sell Transaction	104	22.9704 USD
Common	Sell Transaction	94	22.9896 USD
Common	Sell Transaction	104	22.9922 USD
Common	Sell Transaction	16	22.9950 USD
Common	Sell Transaction	25	22.9952 USD
Common	Sell Transaction	391	22.9990 USD
Common	Sell Transaction	5,303	23.0000 USD
Common	Sell Transaction	203	23.0025 USD
Common	Sell Transaction	306	23.0038 USD
Common	Sell Transaction	490	23.0042 USD
Common	Sell Transaction	258	23.0050 USD
Common	Sell Transaction	113	23.0050 USD
Common	Sell Transaction	58	23.0083 USD
Common	Sell Transaction	107	23.0091 USD
Common	Sell Transaction	87	23.0099 USD
Common	Sell Transaction	1,583	23.0100 USD
Common	Sell Transaction	314	23.0113 USD
Common	Sell Transaction	52	23.0121 USD
Common	Sell Transaction	1,211	23.0126 USD
Common	Sell Transaction	134	23.0142 USD
Common	Sell Transaction	588	23.0150 USD
Common	Sell Transaction	260	23.0235 USD
Common	Sell Transaction	546	23.0300 USD
Common	Sell Transaction	119	23.0320 USD
Common	Sell Transaction	401	23.0355 USD
Common	Sell Transaction	153	23.0355 USD
Common	Sell Transaction	310	23.0361 USD
Common	Sell Transaction	888	23.0391 USD
Common	Sell Transaction	180	23.0406 USD
Common	Sell Transaction	512	23.0433 USD
Common	Sell Transaction	100	23.0450 USD
Common	Sell Transaction	17	23.0453 USD
Common	Sell Transaction	238	23.0472 USD
Common	Sell Transaction	176	23.0478 USD
Common	Sell Transaction	104	23.0500 USD
Common	Sell Transaction	82	23.0517 USD
Common	Sell Transaction	10	23.0530 USD
Common	Sell Transaction	382	23.0532 USD
Common	Sell Transaction	100	23.0550 USD
Common	Sell Transaction	5,893	23.0562 USD
Common	Sell Transaction	783	23.0565 USD
Common	Sell Transaction	7	23.0629 USD
Common	Sell Transaction	1,089	23.0646 USD
Common	Sell Transaction	102	23.0700 USD
Common	Sell Transaction	578	23.0714 USD
Common	Sell Transaction	267	23.0721 USD
Common	Sell Transaction	878	23.0750 USD
Common	Sell Transaction	1	23.0800 USD
Common	Sell Transaction	954	23.0833 USD
Common	Sell Transaction	300	23.0867 USD
Common	Sell Transaction	731	23.1015 USD
Common	Sell Transaction	500	23.1060 USD
Common	Sell Transaction	3,824	23.1084 USD
Common	Sell Transaction	18,540	23.1121 USD
Common	Sell Transaction	219	23.1139 USD
Common	Sell Transaction	205	23.1144 USD
Common	Sell Transaction	106	23.1162 USD
Common	Sell Transaction	219	23.1173 USD
Common	Sell Transaction	475	23.1197 USD
Common	Sell Transaction	4	23.1200 USD
Common	Sell Transaction	1,042	23.1204 USD
Common	Sell Transaction	541	23.1226 USD
Common	Sell Transaction	1,066	23.1245 USD
Common	Sell Transaction	5,939	23.1291 USD
Common	Sell Transaction	3,000	23.1333 USD
Common	Sell Transaction	437	23.1346 USD
Common	Sell Transaction	6	23.1400 USD
Common	Sell Transaction	678	23.1430 USD
Common	Sell Transaction	6,300	23.1500 USD
Common	Sell Transaction	7,659	23.1505 USD
Common	Sell Transaction	331	23.1509 USD
Common	Sell Transaction	100	23.1510 USD
Common	Sell Transaction	704	23.1521 USD
Common	Sell Transaction	25	23.1524 USD
Common	Sell Transaction	1,023	23.1542 USD
Common	Sell Transaction	687	23.1593 USD
Common	Sell Transaction	64	23.1600 USD
Common	Sell Transaction	2,016	23.1601 USD
Common	Sell Transaction	382	23.1626 USD
Common	Sell Transaction	988	23.1630 USD
Common	Sell Transaction	100	23.1650 USD
Common	Sell Transaction	1,137	23.1688 USD
Common	Sell Transaction	171	23.1691 USD
Common	Sell Transaction	250	23.1780 USD
Common	Sell Transaction	2,268	23.1797 USD
Common	Sell Transaction	40	23.1800 USD
Common	Sell Transaction	85	23.1900 USD
Common	Sell Transaction	1,004	23.2050 USD
Common	Sell Transaction	203	23.2100 USD
Common	Sell Transaction	10	23.2190 USD
Common	Sell Transaction	4,281	23.2200 USD
Common	Sell Transaction	101	23.2247 USD
Common	Sell Transaction	13	23.2254 USD
Common	Sell Transaction	35	23.2300 USD
Common	Sell Transaction	8	23.2350 USD
Common	Sell Transaction	140	23.2400 USD
Common	Sell Transaction	748	23.2556 USD
Common	Sell Transaction	1	23.2600 USD
Common	Sell Transaction	170	23.2626 USD
Common	Sell Transaction	3	23.4400 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	22.5000 USD	American	2025-11-21	0.5500 USD
Common	Call Option	Buy Transaction	1,200	20.0000 USD	American	2025-11-21	3.0000 USD
Common	Call Option	Buy Transaction	6,500	20.0000 USD	American	2025-11-21	3.2000 USD
Common	Call Option	Buy Transaction	2,500	20.0000 USD	American	2025-12-19	3.3000 USD
Common	Call Option	Sell Transaction	100	20.0000 USD	American	2025-11-21	3.2400 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	21 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	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	5,800	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
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	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	0	12.5 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	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	22.5 USD	American	21/11/2025
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-184,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-227,000	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Put Option	Sold	11,900	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,200	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
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	-13,500	10.0 USD	American	15/01/2027
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	-100	20.0 USD	American	15/01/2027
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-4,300	22.5 USD	American	19/12/2025
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	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,800	25.0 USD	American	21/11/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-152,000	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-30,800	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-800	25.0 USD	American	19/12/2025
Common	Put Option	Sold	4,800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-3,100	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 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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