Citadel Group

Major Shareholding Notification • Dec 5, 2025

National Storage Mechanism | Additional information

RNS Number : 4859K

Citadel Group

05 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	4 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	987,476	1.00	245,168	0.24
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	195,400	0.19	791,800	0.80
Total	1,182,876	1.20	1,036,968	1.05

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	1	21.2200 USD
Common	Buy Transaction	700	21.3200 USD
Common	Buy Transaction	608	21.3204 USD
Common	Buy Transaction	103	21.3209 USD
Common	Buy Transaction	100	21.3225 USD
Common	Buy Transaction	1,467	21.3242 USD
Common	Buy Transaction	2,284	21.3250 USD
Common	Buy Transaction	1,419	21.3250 USD
Common	Buy Transaction	384	21.3258 USD
Common	Buy Transaction	5,016	21.3298 USD
Common	Buy Transaction	35,507	21.3300 USD
Common	Buy Transaction	28	21.3336 USD
Common	Buy Transaction	233	21.3342 USD
Common	Buy Transaction	120	21.3350 USD
Common	Buy Transaction	723	21.3400 USD
Common	Buy Transaction	825	21.3403 USD
Common	Buy Transaction	760	21.3409 USD
Common	Buy Transaction	1,482	21.3411 USD
Common	Buy Transaction	114	21.3422 USD
Common	Buy Transaction	15	21.3427 USD
Common	Buy Transaction	1,240	21.3451 USD
Common	Buy Transaction	1,347	21.3453 USD
Common	Buy Transaction	1,700	21.3453 USD
Common	Buy Transaction	6,779	21.3460 USD
Common	Buy Transaction	90	21.3484 USD
Common	Buy Transaction	62	21.3487 USD
Common	Buy Transaction	535	21.3500 USD
Common	Buy Transaction	2,535	21.3504 USD
Common	Buy Transaction	911	21.3506 USD
Common	Buy Transaction	70	21.3507 USD
Common	Buy Transaction	912	21.3517 USD
Common	Buy Transaction	833	21.3526 USD
Common	Buy Transaction	3,068	21.3529 USD
Common	Buy Transaction	30	21.3533 USD
Common	Buy Transaction	647	21.3535 USD
Common	Buy Transaction	81	21.3537 USD
Common	Buy Transaction	1,200	21.3538 USD
Common	Buy Transaction	412	21.3538 USD
Common	Buy Transaction	433	21.3539 USD
Common	Buy Transaction	533	21.3541 USD
Common	Buy Transaction	3,773	21.3550 USD
Common	Buy Transaction	3,065	21.3550 USD
Common	Buy Transaction	1,373	21.3550 USD
Common	Buy Transaction	297	21.3550 USD
Common	Buy Transaction	87	21.3551 USD
Common	Buy Transaction	17	21.3553 USD
Common	Buy Transaction	239	21.3554 USD
Common	Buy Transaction	1,369	21.3555 USD
Common	Buy Transaction	10	21.3560 USD
Common	Buy Transaction	1,000	21.3561 USD
Common	Buy Transaction	6,127	21.3561 USD
Common	Buy Transaction	665	21.3565 USD
Common	Buy Transaction	3	21.3567 USD
Common	Buy Transaction	2,300	21.3570 USD
Common	Buy Transaction	30	21.3570 USD
Common	Buy Transaction	27	21.3570 USD
Common	Buy Transaction	723	21.3571 USD
Common	Buy Transaction	400	21.3575 USD
Common	Buy Transaction	2,500	21.3576 USD
Common	Buy Transaction	112	21.3579 USD
Common	Buy Transaction	431	21.3582 USD
Common	Buy Transaction	200	21.3590 USD
Common	Buy Transaction	311	21.3593 USD
Common	Buy Transaction	3,012	21.3593 USD
Common	Buy Transaction	330	21.3597 USD
Common	Buy Transaction	2,788	21.3598 USD
Common	Buy Transaction	54,526	21.3600 USD
Common	Buy Transaction	1,163	21.3619 USD
Common	Buy Transaction	18	21.3622 USD
Common	Buy Transaction	9	21.3633 USD
Common	Buy Transaction	1,301	21.3700 USD
Common	Buy Transaction	371	21.3757 USD
Common	Buy Transaction	1,039	21.3800 USD
Common	Sell Transaction	200	21.3200 USD
Common	Sell Transaction	4,600	21.3243 USD
Common	Sell Transaction	1,200	21.3250 USD
Common	Sell Transaction	9,454	21.3293 USD
Common	Sell Transaction	6,500	21.3299 USD
Common	Sell Transaction	800	21.3300 USD
Common	Sell Transaction	110	21.3318 USD
Common	Sell Transaction	5,000	21.3350 USD
Common	Sell Transaction	226	21.3400 USD
Common	Sell Transaction	401	21.3400 USD
Common	Sell Transaction	855	21.3431 USD
Common	Sell Transaction	21	21.3433 USD
Common	Sell Transaction	2,508	21.3450 USD
Common	Sell Transaction	1,231	21.3452 USD
Common	Sell Transaction	1,627	21.3458 USD
Common	Sell Transaction	310	21.3471 USD
Common	Sell Transaction	800	21.3475 USD
Common	Sell Transaction	700	21.3479 USD
Common	Sell Transaction	500	21.3480 USD
Common	Sell Transaction	2,737	21.3487 USD
Common	Sell Transaction	2,548	21.3492 USD
Common	Sell Transaction	1,016	21.3500 USD
Common	Sell Transaction	120	21.3507 USD
Common	Sell Transaction	1,230	21.3511 USD
Common	Sell Transaction	644	21.3522 USD
Common	Sell Transaction	725	21.3525 USD
Common	Sell Transaction	743	21.3533 USD
Common	Sell Transaction	296	21.3535 USD
Common	Sell Transaction	22	21.3536 USD
Common	Sell Transaction	56	21.3545 USD
Common	Sell Transaction	22,387	21.3550 USD
Common	Sell Transaction	3,065	21.3550 USD
Common	Sell Transaction	1,267	21.3550 USD
Common	Sell Transaction	407	21.3550 USD
Common	Sell Transaction	125	21.3550 USD
Common	Sell Transaction	87	21.3551 USD
Common	Sell Transaction	79	21.3551 USD
Common	Sell Transaction	2,157	21.3554 USD
Common	Sell Transaction	203	21.3557 USD
Common	Sell Transaction	25,000	21.3574 USD
Common	Sell Transaction	401	21.3575 USD
Common	Sell Transaction	41	21.3583 USD
Common	Sell Transaction	104	21.3588 USD
Common	Sell Transaction	37,948	21.3600 USD
Common	Sell Transaction	530	21.3613 USD
Common	Sell Transaction	400	21.3650 USD
Common	Sell Transaction	171	21.3673 USD
Common	Sell Transaction	1,200	21.3700 USD
Common	Sell Transaction	501	21.3800 USD
Common	Sell Transaction	1	21.4900 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	Put Option	Buy Transaction	100	20.0000 USD	American	2026-03-20	0.0700 USD
Common	Call Option	Buy Transaction	4,800	20.0000 USD	American	2025-12-19	1.3500 USD
Common	Call Option	Buy Transaction	200	15.0000 USD	American	2026-01-16	6.3800 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	5 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	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
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	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
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	Put Option	Purchased	-900	25.0 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	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-100	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	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	33,900	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
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	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
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	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
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	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-9,900	22.5 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
Common	Put Option	Sold	5,300	20.0 USD	American	19/12/2025
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
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	-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	-147,800	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-182,900	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 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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