Citadel Group

Major Shareholding Notification • Dec 9, 2025

National Storage Mechanism | Additional information

RNS Number : 8672K

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	8 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	979,986	0.99	246,400	0.25
(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	794,500	0.80
Total	1,179,086	1.20	1,040,900	1.06

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	229	21.3000 USD
Common	Buy Transaction	300	21.3050 USD
Common	Buy Transaction	1,692	21.3100 USD
Common	Buy Transaction	9,630	21.3101 USD
Common	Buy Transaction	370	21.3110 USD
Common	Buy Transaction	297	21.3186 USD
Common	Buy Transaction	2,433	21.3200 USD
Common	Buy Transaction	5	21.3220 USD
Common	Buy Transaction	700	21.3229 USD
Common	Buy Transaction	11	21.3245 USD
Common	Buy Transaction	200	21.3251 USD
Common	Buy Transaction	13,562	21.3265 USD
Common	Buy Transaction	2,065	21.3271 USD
Common	Buy Transaction	140	21.3279 USD
Common	Buy Transaction	362	21.3283 USD
Common	Buy Transaction	1,700	21.3288 USD
Common	Buy Transaction	1,000	21.3290 USD
Common	Buy Transaction	4,401	21.3300 USD
Common	Buy Transaction	1,600	21.3303 USD
Common	Buy Transaction	116	21.3315 USD
Common	Buy Transaction	179	21.3326 USD
Common	Buy Transaction	47	21.3336 USD
Common	Buy Transaction	12	21.3350 USD
Common	Buy Transaction	981	21.3400 USD
Common	Buy Transaction	51	21.3431 USD
Common	Buy Transaction	2,354	21.3434 USD
Common	Buy Transaction	1,677	21.3500 USD
Common	Buy Transaction	474	21.3544 USD
Common	Buy Transaction	330	21.3550 USD
Common	Buy Transaction	100	21.3600 USD
Common	Sell Transaction	3	21.3000 USD
Common	Sell Transaction	117	21.3050 USD
Common	Sell Transaction	475	21.3059 USD
Common	Sell Transaction	179	21.3093 USD
Common	Sell Transaction	9,801	21.3100 USD
Common	Sell Transaction	370	21.3110 USD
Common	Sell Transaction	702	21.3136 USD
Common	Sell Transaction	79	21.3150 USD
Common	Sell Transaction	302	21.3166 USD
Common	Sell Transaction	920	21.3172 USD
Common	Sell Transaction	5,693	21.3200 USD
Common	Sell Transaction	685	21.3247 USD
Common	Sell Transaction	916	21.3250 USD
Common	Sell Transaction	2,000	21.3250 USD
Common	Sell Transaction	70	21.3251 USD
Common	Sell Transaction	947	21.3258 USD
Common	Sell Transaction	13,570	21.3261 USD
Common	Sell Transaction	7	21.3286 USD
Common	Sell Transaction	800	21.3287 USD
Common	Sell Transaction	4,000	21.3300 USD
Common	Sell Transaction	3,328	21.3307 USD
Common	Sell Transaction	110	21.3309 USD
Common	Sell Transaction	684	21.3329 USD
Common	Sell Transaction	351	21.3343 USD
Common	Sell Transaction	500	21.3345 USD
Common	Sell Transaction	100	21.3350 USD
Common	Sell Transaction	85	21.3352 USD
Common	Sell Transaction	694	21.3364 USD
Common	Sell Transaction	470	21.3379 USD
Common	Sell Transaction	6	21.3383 USD
Common	Sell Transaction	1,829	21.3385 USD
Common	Sell Transaction	14	21.3393 USD
Common	Sell Transaction	865	21.3400 USD
Common	Sell Transaction	2,607	21.3400 USD
Common	Sell Transaction	381	21.3500 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	100	15.0000 USD	American	2026-01-16	6.3400 USD
Common	Call Option	Buy Transaction	2,700	7.5000 USD	American	2027-01-15	13.8000 USD
Common	Call Option	Sell Transaction	20,000	22.5000 USD	American	2026-01-16	0.0500 USD
Common	Call Option	Sell Transaction	500	17.5000 USD	American	2025-12-19	3.8400 USD
Common	Call Option	Sell Transaction	500	17.5000 USD	American	2025-12-19	3.9000 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	9 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	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
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	0	10.0 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	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	37,600	20.0 USD	American	19/12/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	3,000	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
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	12.5 USD	American	15/01/2027
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
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	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-147,700	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-20,800	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	5,300	20.0 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-179,400	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-29,900	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 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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