Citadel Group

Major Shareholding Notification • Nov 25, 2025

National Storage Mechanism | Additional information

RNS Number : 9391I

Citadel Group

25 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	24 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	1,441,737	1.47	322,234	0.32
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	161,800	0.16	782,800	0.80
Total	1,603,537	1.64	1,105,034	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	10	22.8940 USD
Common	Buy Transaction	1,500	22.8950 USD
Common	Buy Transaction	43,217	22.8951 USD
Common	Buy Transaction	2	22.9000 USD
Common	Buy Transaction	507	22.9039 USD
Common	Buy Transaction	99	22.9051 USD
Common	Buy Transaction	8	22.9062 USD
Common	Buy Transaction	3	22.9067 USD
Common	Buy Transaction	248	22.9100 USD
Common	Buy Transaction	600	22.9150 USD
Common	Buy Transaction	1,038	22.9197 USD
Common	Buy Transaction	36,592	22.9200 USD
Common	Buy Transaction	1	22.9300 USD
Common	Buy Transaction	97	22.9315 USD
Common	Buy Transaction	123	22.9356 USD
Common	Buy Transaction	1,215	22.9360 USD
Common	Buy Transaction	863	22.9373 USD
Common	Buy Transaction	166	22.9380 USD
Common	Buy Transaction	1,995	22.9402 USD
Common	Buy Transaction	798	22.9437 USD
Common	Buy Transaction	1,000	22.9477 USD
Common	Buy Transaction	56	22.9479 USD
Common	Buy Transaction	1,065	22.9495 USD
Common	Buy Transaction	1,083	22.9503 USD
Common	Buy Transaction	400	22.9525 USD
Common	Buy Transaction	10	22.9530 USD
Common	Buy Transaction	390	22.9531 USD
Common	Buy Transaction	491	22.9544 USD
Common	Buy Transaction	5,920	22.9569 USD
Common	Buy Transaction	748	22.9600 USD
Common	Buy Transaction	545	22.9620 USD
Common	Buy Transaction	8,704	22.9656 USD
Common	Buy Transaction	2,328	22.9700 USD
Common	Buy Transaction	3,310	22.9701 USD
Common	Buy Transaction	1,073	22.9716 USD
Common	Buy Transaction	637	22.9739 USD
Common	Buy Transaction	770	22.9750 USD
Common	Buy Transaction	29	22.9752 USD
Common	Buy Transaction	1,990	22.9758 USD
Common	Buy Transaction	1	22.9800 USD
Common	Buy Transaction	333	22.9816 USD
Common	Buy Transaction	3,160	22.9823 USD
Common	Buy Transaction	3	22.9833 USD
Common	Buy Transaction	53	22.9842 USD
Common	Buy Transaction	50	22.9850 USD
Common	Buy Transaction	498	22.9881 USD
Common	Buy Transaction	2,173	22.9900 USD
Common	Buy Transaction	298	22.9923 USD
Common	Buy Transaction	814	22.9944 USD
Common	Buy Transaction	592	22.9950 USD
Common	Buy Transaction	100	22.9950 USD
Common	Buy Transaction	422	22.9984 USD
Common	Buy Transaction	3,078	23.0000 USD
Common	Buy Transaction	15	23.0100 USD
Common	Buy Transaction	699	23.0101 USD
Common	Buy Transaction	3,001	23.0117 USD
Common	Buy Transaction	253	23.0126 USD
Common	Buy Transaction	5	23.0160 USD
Common	Buy Transaction	674	23.0162 USD
Common	Buy Transaction	1	23.0200 USD
Common	Buy Transaction	157	23.0259 USD
Common	Buy Transaction	495	23.0305 USD
Common	Buy Transaction	924	23.0329 USD
Common	Buy Transaction	579	23.0356 USD
Common	Buy Transaction	2	23.0400 USD
Common	Buy Transaction	200	23.0450 USD
Common	Buy Transaction	127	23.0500 USD
Common	Buy Transaction	158	23.0513 USD
Common	Buy Transaction	231	23.0517 USD
Common	Buy Transaction	5	23.0540 USD
Common	Buy Transaction	536	23.0569 USD
Common	Buy Transaction	317	23.0595 USD
Common	Buy Transaction	254	23.0600 USD
Common	Buy Transaction	715	23.0638 USD
Common	Buy Transaction	44	23.0650 USD
Common	Buy Transaction	530	23.0662 USD
Common	Buy Transaction	320	23.0714 USD
Common	Buy Transaction	330	23.0763 USD
Common	Buy Transaction	78	23.0765 USD
Common	Buy Transaction	1,474	23.0787 USD
Common	Buy Transaction	827	23.0791 USD
Common	Buy Transaction	21	23.0793 USD
Common	Buy Transaction	20	23.0800 USD
Common	Buy Transaction	201	23.0820 USD
Common	Buy Transaction	178	23.0837 USD
Common	Buy Transaction	170	23.0888 USD
Common	Buy Transaction	554	23.0900 USD
Common	Buy Transaction	195	23.0914 USD
Common	Buy Transaction	110	23.0950 USD
Common	Buy Transaction	29	23.0952 USD
Common	Buy Transaction	441	23.1000 USD
Common	Buy Transaction	1,015	23.1033 USD
Common	Buy Transaction	1,083	23.1142 USD
Common	Buy Transaction	300	23.1400 USD
Common	Buy Transaction	340	23.1500 USD
Common	Buy Transaction	4	23.1700 USD
Common	Sell Transaction	110	22.8400 USD
Common	Sell Transaction	1,000	22.8800 USD
Common	Sell Transaction	100	22.8950 USD
Common	Sell Transaction	467	22.8987 USD
Common	Sell Transaction	3,537	22.9000 USD
Common	Sell Transaction	39	22.9038 USD
Common	Sell Transaction	34	22.9050 USD
Common	Sell Transaction	39	22.9100 USD
Common	Sell Transaction	140	22.9164 USD
Common	Sell Transaction	24,242	22.9200 USD
Common	Sell Transaction	10	22.9250 USD
Common	Sell Transaction	79	22.9251 USD
Common	Sell Transaction	5,331	22.9256 USD
Common	Sell Transaction	27	22.9400 USD
Common	Sell Transaction	437	22.9401 USD
Common	Sell Transaction	7,572	22.9494 USD
Common	Sell Transaction	342	22.9548 USD
Common	Sell Transaction	1,400	22.9550 USD
Common	Sell Transaction	391	22.9600 USD
Common	Sell Transaction	332	22.9603 USD
Common	Sell Transaction	136	22.9620 USD
Common	Sell Transaction	555	22.9648 USD
Common	Sell Transaction	1,106	22.9662 USD
Common	Sell Transaction	491	22.9700 USD
Common	Sell Transaction	429	22.9702 USD
Common	Sell Transaction	164	22.9710 USD
Common	Sell Transaction	444	22.9729 USD
Common	Sell Transaction	62	22.9739 USD
Common	Sell Transaction	1,084	22.9745 USD
Common	Sell Transaction	322	22.9782 USD
Common	Sell Transaction	114	22.9793 USD
Common	Sell Transaction	357	22.9795 USD
Common	Sell Transaction	144	22.9800 USD
Common	Sell Transaction	23	22.9817 USD
Common	Sell Transaction	454	22.9821 USD
Common	Sell Transaction	123	22.9846 USD
Common	Sell Transaction	3,327	22.9852 USD
Common	Sell Transaction	20	22.9865 USD
Common	Sell Transaction	415	22.9867 USD
Common	Sell Transaction	377	22.9900 USD
Common	Sell Transaction	102	22.9912 USD
Common	Sell Transaction	2,255	22.9939 USD
Common	Sell Transaction	2,145	22.9948 USD
Common	Sell Transaction	48	23.0000 USD
Common	Sell Transaction	2,333	23.0043 USD
Common	Sell Transaction	376	23.0064 USD
Common	Sell Transaction	506	23.0075 USD
Common	Sell Transaction	2	23.0100 USD
Common	Sell Transaction	246	23.0106 USD
Common	Sell Transaction	1,040	23.0111 USD
Common	Sell Transaction	3,001	23.0117 USD
Common	Sell Transaction	536	23.0119 USD
Common	Sell Transaction	12	23.0158 USD
Common	Sell Transaction	1,452	23.0176 USD
Common	Sell Transaction	4	23.0200 USD
Common	Sell Transaction	900	23.0244 USD
Common	Sell Transaction	50	23.0250 USD
Common	Sell Transaction	1,014	23.0257 USD
Common	Sell Transaction	100	23.0300 USD
Common	Sell Transaction	1,165	23.0462 USD
Common	Sell Transaction	8	23.0463 USD
Common	Sell Transaction	3,270	23.0500 USD
Common	Sell Transaction	2,421	23.0520 USD
Common	Sell Transaction	530	23.0662 USD
Common	Sell Transaction	290	23.0700 USD
Common	Sell Transaction	100	23.0750 USD
Common	Sell Transaction	5	23.0760 USD
Common	Sell Transaction	584	23.0776 USD
Common	Sell Transaction	1,122	23.0792 USD
Common	Sell Transaction	1,664	23.0956 USD
Common	Sell Transaction	468	23.0983 USD
Common	Sell Transaction	77	23.1283 USD
Common	Sell Transaction	5	23.1600 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	Sell Transaction	2,500	25.0000 USD	American	2025-12-19	0.2500 USD
Common	Call Option	Sell Transaction	100	25.0000 USD	American	2027-01-15	0.6700 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	25 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	-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	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	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
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	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
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	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	100	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Put Option	Sold	4,800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-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	-31,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-4,300	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,300	25.0 USD	American	19/12/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Put Option	Sold	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	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
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	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
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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