Citadel Group

Major Shareholding Notification • Dec 9, 2025

National Storage Mechanism | Additional information

RNS Number : 8731K

Citadel Group

09 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	5 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	985,396	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	199,100	0.20	776,300	0.79
Total	1,184,496	1.20	1,021,468	1.04

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	1,200	21.3300 USD
Common	Buy Transaction	163	21.3333 USD
Common	Buy Transaction	1,015	21.3337 USD
Common	Buy Transaction	12,466	21.3348 USD
Common	Buy Transaction	8,544	21.3350 USD
Common	Buy Transaction	4,847	21.3350 USD
Common	Buy Transaction	5,746	21.3350 USD
Common	Buy Transaction	1,293	21.3350 USD
Common	Buy Transaction	1,169	21.3350 USD
Common	Buy Transaction	669	21.3350 USD
Common	Buy Transaction	517	21.3350 USD
Common	Buy Transaction	367	21.3350 USD
Common	Buy Transaction	659	21.3350 USD
Common	Buy Transaction	75	21.3351 USD
Common	Buy Transaction	61	21.3351 USD
Common	Buy Transaction	15	21.3353 USD
Common	Buy Transaction	1,035	21.3358 USD
Common	Buy Transaction	946	21.3365 USD
Common	Buy Transaction	497	21.3366 USD
Common	Buy Transaction	1,200	21.3367 USD
Common	Buy Transaction	969	21.3371 USD
Common	Buy Transaction	650	21.3381 USD
Common	Buy Transaction	1,369	21.3381 USD
Common	Buy Transaction	1,340	21.3384 USD
Common	Buy Transaction	1,150	21.3387 USD
Common	Buy Transaction	800	21.3388 USD
Common	Buy Transaction	500	21.3390 USD
Common	Buy Transaction	3,027	21.3390 USD
Common	Buy Transaction	400	21.3391 USD
Common	Buy Transaction	3,000	21.3392 USD
Common	Buy Transaction	3,910	21.3396 USD
Common	Buy Transaction	2,800	21.3398 USD
Common	Buy Transaction	55,350	21.3400 USD
Common	Buy Transaction	2,920	21.3400 USD
Common	Buy Transaction	99	21.3405 USD
Common	Buy Transaction	4,154	21.3405 USD
Common	Buy Transaction	300	21.3417 USD
Common	Buy Transaction	999	21.3419 USD
Common	Buy Transaction	967	21.3421 USD
Common	Buy Transaction	4	21.3425 USD
Common	Buy Transaction	25	21.3436 USD
Common	Buy Transaction	149	21.3444 USD
Common	Buy Transaction	70	21.3449 USD
Common	Buy Transaction	1,504	21.3450 USD
Common	Buy Transaction	22	21.3450 USD
Common	Buy Transaction	306	21.3451 USD
Common	Buy Transaction	94	21.3451 USD
Common	Buy Transaction	54	21.3452 USD
Common	Buy Transaction	275	21.3455 USD
Common	Buy Transaction	4,423	21.3455 USD
Common	Buy Transaction	700	21.3456 USD
Common	Buy Transaction	4,200	21.3461 USD
Common	Buy Transaction	14	21.3471 USD
Common	Buy Transaction	391	21.3477 USD
Common	Buy Transaction	900	21.3489 USD
Common	Buy Transaction	4,316	21.3500 USD
Common	Buy Transaction	1,020	21.3525 USD
Common	Buy Transaction	298	21.3543 USD
Common	Buy Transaction	241	21.3583 USD
Common	Buy Transaction	559	21.3589 USD
Common	Buy Transaction	46	21.3593 USD
Common	Buy Transaction	200	21.3600 USD
Common	Buy Transaction	1,883	21.3700 USD
Common	Buy Transaction	2,572	21.3756 USD
Common	Buy Transaction	1,210	21.3800 USD
Common	Sell Transaction	301	21.3300 USD
Common	Sell Transaction	8,106	21.3350 USD
Common	Sell Transaction	3,632	21.3359 USD
Common	Sell Transaction	3	21.3367 USD
Common	Sell Transaction	103	21.3372 USD
Common	Sell Transaction	13	21.3377 USD
Common	Sell Transaction	12,200	21.3379 USD
Common	Sell Transaction	53,700	21.3381 USD
Common	Sell Transaction	25,000	21.3385 USD
Common	Sell Transaction	35,489	21.3400 USD
Common	Sell Transaction	1,540	21.3406 USD
Common	Sell Transaction	1,313	21.3408 USD
Common	Sell Transaction	2,541	21.3409 USD
Common	Sell Transaction	933	21.3432 USD
Common	Sell Transaction	636	21.3450 USD
Common	Sell Transaction	812	21.3450 USD
Common	Sell Transaction	54	21.3452 USD
Common	Sell Transaction	17	21.3453 USD
Common	Sell Transaction	1,671	21.3454 USD
Common	Sell Transaction	24	21.3454 USD
Common	Sell Transaction	482	21.3466 USD
Common	Sell Transaction	700	21.3471 USD
Common	Sell Transaction	1,220	21.3473 USD
Common	Sell Transaction	261	21.3482 USD
Common	Sell Transaction	1,700	21.3482 USD
Common	Sell Transaction	1,769	21.3500 USD
Common	Sell Transaction	400	21.3502 USD
Common	Sell Transaction	88	21.3588 USD
Common	Sell Transaction	36	21.3600 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	3,700	20.0000 USD	American	2025-12-19	1.3500 USD
Common	Call Option	Buy Transaction	12,000	17.5000 USD	American	2025-12-19	3.8000 USD
Common	Call Option	Buy Transaction	3,500	10.0000 USD	American	2026-01-16	11.3000 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	8 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	-900	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	37,600	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
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	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	5,100	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
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	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	5,300	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-9,900	22.5 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	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-179,400	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
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	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-19,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-147,800	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 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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