Citadel Group

Major Shareholding Notification • Dec 3, 2025

National Storage Mechanism | Additional information

RNS Number : 1017K

Citadel Group

03 December 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	2 December 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	1,002,336	1.02	305,530	0.31
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	167,000	0.17	792,100	0.81
Total	1,169,336	1.19	1,097,630	1.12

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	3	21.2600 USD
Common	Buy Transaction	14,493	21.3500 USD
Common	Buy Transaction	54	21.3552 USD
Common	Buy Transaction	272	21.3582 USD
Common	Buy Transaction	369	21.3596 USD
Common	Buy Transaction	2,961	21.3600 USD
Common	Buy Transaction	3,000	21.3601 USD
Common	Buy Transaction	281	21.3616 USD
Common	Buy Transaction	295	21.3621 USD
Common	Buy Transaction	979	21.3625 USD
Common	Buy Transaction	375	21.3626 USD
Common	Buy Transaction	760	21.3632 USD
Common	Buy Transaction	134	21.3641 USD
Common	Buy Transaction	796	21.3650 USD
Common	Buy Transaction	59	21.3651 USD
Common	Buy Transaction	39	21.3651 USD
Common	Buy Transaction	1,234	21.3653 USD
Common	Buy Transaction	17	21.3653 USD
Common	Buy Transaction	6,788	21.3666 USD
Common	Buy Transaction	206	21.3671 USD
Common	Buy Transaction	3,804	21.3675 USD
Common	Buy Transaction	607	21.3690 USD
Common	Buy Transaction	10	21.3690 USD
Common	Buy Transaction	78	21.3695 USD
Common	Buy Transaction	3,240	21.3700 USD
Common	Buy Transaction	2,766	21.3700 USD
Common	Buy Transaction	5,925	21.3701 USD
Common	Buy Transaction	19,670	21.3702 USD
Common	Buy Transaction	3,594	21.3703 USD
Common	Buy Transaction	987	21.3720 USD
Common	Buy Transaction	315	21.3725 USD
Common	Buy Transaction	547	21.3737 USD
Common	Buy Transaction	1,707	21.3746 USD
Common	Buy Transaction	10	21.3750 USD
Common	Buy Transaction	517	21.3755 USD
Common	Buy Transaction	2,153	21.3764 USD
Common	Buy Transaction	73	21.3767 USD
Common	Buy Transaction	942	21.3779 USD
Common	Buy Transaction	619	21.3794 USD
Common	Buy Transaction	1,160	21.3799 USD
Common	Buy Transaction	1,831	21.3800 USD
Common	Buy Transaction	2,771	21.3804 USD
Common	Buy Transaction	1,554	21.3806 USD
Common	Buy Transaction	230	21.3820 USD
Common	Buy Transaction	705	21.3830 USD
Common	Buy Transaction	800	21.3850 USD
Common	Buy Transaction	752	21.3851 USD
Common	Buy Transaction	250	21.3852 USD
Common	Buy Transaction	203	21.3865 USD
Common	Buy Transaction	991	21.3871 USD
Common	Buy Transaction	218	21.3885 USD
Common	Buy Transaction	147	21.3891 USD
Common	Buy Transaction	600	21.3900 USD
Common	Buy Transaction	5,875	21.3913 USD
Common	Buy Transaction	1,225	21.3926 USD
Common	Buy Transaction	507	21.3928 USD
Common	Buy Transaction	452	21.3934 USD
Common	Buy Transaction	1,169	21.3955 USD
Common	Buy Transaction	439	21.3955 USD
Common	Buy Transaction	3,753	21.3972 USD
Common	Buy Transaction	543	21.3980 USD
Common	Buy Transaction	284	21.3982 USD
Common	Buy Transaction	147	21.3985 USD
Common	Buy Transaction	539	21.4000 USD
Common	Buy Transaction	241	21.4018 USD
Common	Buy Transaction	130	21.4023 USD
Common	Buy Transaction	2,742	21.4027 USD
Common	Buy Transaction	12	21.4033 USD
Common	Buy Transaction	364	21.4055 USD
Common	Buy Transaction	700	21.4056 USD
Common	Buy Transaction	541	21.4083 USD
Common	Buy Transaction	1,861	21.4100 USD
Common	Buy Transaction	4,119	21.4149 USD
Common	Buy Transaction	235	21.4156 USD
Common	Buy Transaction	352	21.4200 USD
Common	Buy Transaction	610	21.4500 USD
Common	Sell Transaction	13,781	21.3500 USD
Common	Sell Transaction	15	21.3553 USD
Common	Sell Transaction	700	21.3557 USD
Common	Sell Transaction	16	21.3562 USD
Common	Sell Transaction	335	21.3578 USD
Common	Sell Transaction	45	21.3598 USD
Common	Sell Transaction	8,415	21.3600 USD
Common	Sell Transaction	303	21.3606 USD
Common	Sell Transaction	135	21.3633 USD
Common	Sell Transaction	100	21.3650 USD
Common	Sell Transaction	300	21.3650 USD
Common	Sell Transaction	17	21.3653 USD
Common	Sell Transaction	300	21.3667 USD
Common	Sell Transaction	56	21.3668 USD
Common	Sell Transaction	233	21.3673 USD
Common	Sell Transaction	5,000	21.3691 USD
Common	Sell Transaction	152	21.3699 USD
Common	Sell Transaction	2,266	21.3700 USD
Common	Sell Transaction	191	21.3711 USD
Common	Sell Transaction	192	21.3714 USD
Common	Sell Transaction	49	21.3714 USD
Common	Sell Transaction	39	21.3721 USD
Common	Sell Transaction	686	21.3738 USD
Common	Sell Transaction	10,601	21.3740 USD
Common	Sell Transaction	1,159	21.3740 USD
Common	Sell Transaction	237	21.3750 USD
Common	Sell Transaction	54	21.3761 USD
Common	Sell Transaction	19	21.3768 USD
Common	Sell Transaction	603	21.3771 USD
Common	Sell Transaction	400	21.3775 USD
Common	Sell Transaction	930	21.3783 USD
Common	Sell Transaction	2,981	21.3800 USD
Common	Sell Transaction	44	21.3809 USD
Common	Sell Transaction	1,392	21.3820 USD
Common	Sell Transaction	2,638	21.3823 USD
Common	Sell Transaction	15	21.3827 USD
Common	Sell Transaction	502	21.3829 USD
Common	Sell Transaction	139	21.3848 USD
Common	Sell Transaction	2,610	21.3850 USD
Common	Sell Transaction	1,257	21.3855 USD
Common	Sell Transaction	283	21.3865 USD
Common	Sell Transaction	82	21.3871 USD
Common	Sell Transaction	1,797	21.3882 USD
Common	Sell Transaction	333	21.3900 USD
Common	Sell Transaction	630	21.3911 USD
Common	Sell Transaction	3,080	21.3911 USD
Common	Sell Transaction	4,858	21.3950 USD
Common	Sell Transaction	1,170	21.3961 USD
Common	Sell Transaction	1,400	21.3971 USD
Common	Sell Transaction	3,813	21.4020 USD
Common	Sell Transaction	300	21.4050 USD
Common	Sell Transaction	935	21.4100 USD
Common	Sell Transaction	22	21.4200 USD
Common	Sell Transaction	47	21.4291 USD
Common	Sell Transaction	2	21.4500 USD
Common	Sell Transaction	1	21.4600 USD
Common	Sell Transaction	2	21.6900 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	6,100	20.0000 USD	American	2025-12-19	1.4000 USD
Common	Call Option	Buy Transaction	2,000	20.0000 USD	American	2025-12-19	1.4200 USD
Common	Call Option	Buy Transaction	100	10.0000 USD	American	2026-01-16	11.3700 USD
Common	Call Option	Sell Transaction	10,000	22.5000 USD	American	2026-01-16	0.0800 USD
Common	Call Option	Sell Transaction	700	22.5000 USD	American	2027-01-15	0.1500 USD
Common	Call Option	Sell Transaction	2,000	20.0000 USD	American	2025-12-19	1.4500 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	3 December 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	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,100	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
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	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,400	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
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	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
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	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-9,900	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-148,000	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-182,900	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
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	4,400	17.5 USD	American	16/01/2026
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	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Put Option	Sold	5,300	20.0 USD	American	19/12/2025

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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