Citadel Group

Major Shareholding Notification • Nov 24, 2025

National Storage Mechanism | Additional information

RNS Number : 7529I

Citadel Group

24 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	21 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	1,379,477	1.41	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	161,900	0.16	780,300	0.79
Total	1,541,377	1.57	1,105,485	1.13

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	192	22.7400 USD
Common	Buy Transaction	1,080	22.7568 USD
Common	Buy Transaction	1,080	22.7568 USD
Common	Buy Transaction	3,051	22.7925 USD
Common	Buy Transaction	3,101	22.8100 USD
Common	Buy Transaction	1,038	22.8110 USD
Common	Buy Transaction	41	22.8129 USD
Common	Buy Transaction	215	22.8148 USD
Common	Buy Transaction	841	22.8178 USD
Common	Buy Transaction	1	22.8200 USD
Common	Buy Transaction	12	22.8233 USD
Common	Buy Transaction	27	22.8363 USD
Common	Buy Transaction	54	22.8411 USD
Common	Buy Transaction	37	22.8500 USD
Common	Buy Transaction	496	22.8524 USD
Common	Buy Transaction	10	22.8550 USD
Common	Buy Transaction	424	22.8554 USD
Common	Buy Transaction	300	22.8567 USD
Common	Buy Transaction	1	22.8600 USD
Common	Buy Transaction	2,412	22.8607 USD
Common	Buy Transaction	569	22.8618 USD
Common	Buy Transaction	413	22.8700 USD
Common	Buy Transaction	859	22.8711 USD
Common	Buy Transaction	9,957	22.8783 USD
Common	Buy Transaction	1,895	22.8852 USD
Common	Buy Transaction	210	22.8886 USD
Common	Buy Transaction	1,370	22.8890 USD
Common	Buy Transaction	90	22.8894 USD
Common	Buy Transaction	268	22.8900 USD
Common	Buy Transaction	155	22.8903 USD
Common	Buy Transaction	1,260	22.8906 USD
Common	Buy Transaction	1,868	22.8955 USD
Common	Buy Transaction	11,128	22.8974 USD
Common	Buy Transaction	910	22.9000 USD
Common	Buy Transaction	3	22.9033 USD
Common	Buy Transaction	109	22.9050 USD
Common	Buy Transaction	294	22.9070 USD
Common	Buy Transaction	26	22.9100 USD
Common	Buy Transaction	250	22.9151 USD
Common	Buy Transaction	1,093	22.9152 USD
Common	Buy Transaction	7	22.9157 USD
Common	Buy Transaction	235	22.9182 USD
Common	Buy Transaction	170	22.9194 USD
Common	Buy Transaction	643	22.9195 USD
Common	Buy Transaction	100	22.9200 USD
Common	Buy Transaction	200	22.9275 USD
Common	Buy Transaction	931	22.9300 USD
Common	Buy Transaction	1,050	22.9351 USD
Common	Buy Transaction	342	22.9396 USD
Common	Buy Transaction	2,293	22.9398 USD
Common	Buy Transaction	2	22.9400 USD
Common	Buy Transaction	244	22.9430 USD
Common	Buy Transaction	6,903	22.9448 USD
Common	Buy Transaction	220	22.9497 USD
Common	Buy Transaction	200	22.9500 USD
Common	Buy Transaction	623	22.9523 USD
Common	Buy Transaction	2,558	22.9539 USD
Common	Buy Transaction	134	22.9555 USD
Common	Buy Transaction	415	22.9561 USD
Common	Buy Transaction	5,301	22.9595 USD
Common	Buy Transaction	100	22.9600 USD
Common	Buy Transaction	142	22.9623 USD
Common	Buy Transaction	1,122	22.9665 USD
Common	Buy Transaction	5,901	22.9698 USD
Common	Buy Transaction	457	22.9700 USD
Common	Buy Transaction	400	22.9750 USD
Common	Buy Transaction	6,467	22.9782 USD
Common	Buy Transaction	108	22.9793 USD
Common	Buy Transaction	200	22.9800 USD
Common	Buy Transaction	1,090	22.9813 USD
Common	Buy Transaction	600	22.9850 USD
Common	Buy Transaction	2,225	22.9867 USD
Common	Buy Transaction	228	22.9867 USD
Common	Buy Transaction	300	22.9875 USD
Common	Buy Transaction	400	22.9881 USD
Common	Buy Transaction	600	22.9887 USD
Common	Buy Transaction	600	22.9900 USD
Common	Buy Transaction	447	22.9937 USD
Common	Buy Transaction	500	23.0000 USD
Common	Buy Transaction	189	23.0050 USD
Common	Buy Transaction	100	23.0100 USD
Common	Buy Transaction	400	23.0125 USD
Common	Buy Transaction	10	23.0150 USD
Common	Buy Transaction	2,881	23.0174 USD
Common	Buy Transaction	5	23.0200 USD
Common	Buy Transaction	3,200	23.0201 USD
Common	Buy Transaction	500	23.0227 USD
Common	Buy Transaction	10	23.0240 USD
Common	Buy Transaction	43	23.0263 USD
Common	Buy Transaction	59	23.0288 USD
Common	Buy Transaction	3,358	23.0300 USD
Common	Buy Transaction	210	23.0310 USD
Common	Buy Transaction	542	23.0350 USD
Common	Buy Transaction	118	23.0403 USD
Common	Buy Transaction	20,825	23.0440 USD
Common	Buy Transaction	9	23.0456 USD
Common	Buy Transaction	169	23.0500 USD
Common	Buy Transaction	400	23.0625 USD
Common	Buy Transaction	10	23.0700 USD
Common	Sell Transaction	15,000	22.7250 USD
Common	Sell Transaction	200	22.7400 USD
Common	Sell Transaction	1,080	22.7568 USD
Common	Sell Transaction	104	22.7667 USD
Common	Sell Transaction	1	22.7700 USD
Common	Sell Transaction	4,400	22.7913 USD
Common	Sell Transaction	100	22.8100 USD
Common	Sell Transaction	1,500	22.8147 USD
Common	Sell Transaction	381	22.8200 USD
Common	Sell Transaction	121	22.8232 USD
Common	Sell Transaction	21	22.8233 USD
Common	Sell Transaction	1,633	22.8300 USD
Common	Sell Transaction	71	22.8304 USD
Common	Sell Transaction	2,200	22.8364 USD
Common	Sell Transaction	331	22.8397 USD
Common	Sell Transaction	400	22.8412 USD
Common	Sell Transaction	210	22.8421 USD
Common	Sell Transaction	2,900	22.8550 USD
Common	Sell Transaction	563	22.8563 USD
Common	Sell Transaction	130	22.8600 USD
Common	Sell Transaction	537	22.8614 USD
Common	Sell Transaction	369	22.8638 USD
Common	Sell Transaction	100	22.8700 USD
Common	Sell Transaction	5,568	22.8707 USD
Common	Sell Transaction	300	22.8710 USD
Common	Sell Transaction	200	22.8712 USD
Common	Sell Transaction	306	22.8863 USD
Common	Sell Transaction	416	22.8914 USD
Common	Sell Transaction	198	22.8915 USD
Common	Sell Transaction	20	22.9000 USD
Common	Sell Transaction	1,921	22.9028 USD
Common	Sell Transaction	700	22.9100 USD
Common	Sell Transaction	55	22.9107 USD
Common	Sell Transaction	1,108	22.9115 USD
Common	Sell Transaction	291	22.9144 USD
Common	Sell Transaction	470	22.9150 USD
Common	Sell Transaction	9	22.9156 USD
Common	Sell Transaction	7	22.9157 USD
Common	Sell Transaction	165	22.9170 USD
Common	Sell Transaction	486	22.9178 USD
Common	Sell Transaction	875	22.9191 USD
Common	Sell Transaction	46	22.9200 USD
Common	Sell Transaction	833	22.9204 USD
Common	Sell Transaction	615	22.9251 USD
Common	Sell Transaction	526	22.9269 USD
Common	Sell Transaction	599	22.9300 USD
Common	Sell Transaction	1,477	22.9310 USD
Common	Sell Transaction	358	22.9324 USD
Common	Sell Transaction	700	22.9324 USD
Common	Sell Transaction	800	22.9331 USD
Common	Sell Transaction	5	22.9360 USD
Common	Sell Transaction	849	22.9375 USD
Common	Sell Transaction	2	22.9400 USD
Common	Sell Transaction	841	22.9411 USD
Common	Sell Transaction	163	22.9416 USD
Common	Sell Transaction	342	22.9434 USD
Common	Sell Transaction	1,600	22.9436 USD
Common	Sell Transaction	195	22.9446 USD
Common	Sell Transaction	1,725	22.9485 USD
Common	Sell Transaction	200	22.9500 USD
Common	Sell Transaction	1,199	22.9520 USD
Common	Sell Transaction	6,766	22.9552 USD
Common	Sell Transaction	13	22.9554 USD
Common	Sell Transaction	5,431	22.9588 USD
Common	Sell Transaction	1,074	22.9615 USD
Common	Sell Transaction	177	22.9628 USD
Common	Sell Transaction	1,852	22.9685 USD
Common	Sell Transaction	65	22.9700 USD
Common	Sell Transaction	600	22.9708 USD
Common	Sell Transaction	3,882	22.9734 USD
Common	Sell Transaction	703	22.9794 USD
Common	Sell Transaction	100	22.9800 USD
Common	Sell Transaction	7,815	22.9844 USD
Common	Sell Transaction	400	22.9913 USD
Common	Sell Transaction	350	22.9949 USD
Common	Sell Transaction	482	22.9963 USD
Common	Sell Transaction	600	22.9983 USD
Common	Sell Transaction	740	23.0000 USD
Common	Sell Transaction	3,136	23.0009 USD
Common	Sell Transaction	100	23.0050 USD
Common	Sell Transaction	35	23.0051 USD
Common	Sell Transaction	169	23.0100 USD
Common	Sell Transaction	1,506	23.0113 USD
Common	Sell Transaction	43	23.0147 USD
Common	Sell Transaction	1	23.0150 USD
Common	Sell Transaction	89	23.0194 USD
Common	Sell Transaction	2,747	23.0300 USD
Common	Sell Transaction	72	23.0326 USD
Common	Sell Transaction	1,120	23.0364 USD
Common	Sell Transaction	2,930	23.0365 USD
Common	Sell Transaction	295	23.0400 USD
Common	Sell Transaction	25,825	23.0444 USD
Common	Sell Transaction	3,000	23.0450 USD
Common	Sell Transaction	19	23.0458 USD
Common	Sell Transaction	1,500	23.0480 USD
Common	Sell Transaction	486	23.0494 USD
Common	Sell Transaction	37	23.0497 USD
Common	Sell Transaction	4,010	23.0500 USD
Common	Sell Transaction	124	23.0550 USD
Common	Sell Transaction	101	23.0550 USD
Common	Sell Transaction	35	23.0551 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	700	22.5000 USD	American	2025-11-21	0.3500 USD
Common	Call Option	Buy Transaction	500	20.0000 USD	American	2025-12-19	3.0000 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-11-21	5.4000 USD
Common	Call Option	Sell Transaction	1,000	25.0000 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)
Common	Call Option	Exercised against	184,200	12.5000 USD
Common	Call Option	Exercised against	30,800	15.0000 USD
Common	Call Option	Exercised against	226,900	17.5000 USD
Common	Call Option	Exercised against	152,000	20.0000 USD
Common	Call Option	Exercising	7,200	7.5000 USD
Common	Call Option	Exercising	700	22.5000 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	24 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	24,200	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
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	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
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	-3,800	15.0 USD	American	20/03/2026
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	Call Option	Purchased	100	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-4,300	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-1,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Put Option	Sold	4,800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
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	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-700	20.0 USD	American	19/12/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 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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