Citadel Group — M&A Activity 2025

Oct 27, 2025

National Storage Mechanism | Additional information

RNS Number : 9792E

Citadel Group

27 October 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 October 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	1,763,794	1.81	706,347	0.72
(2)   Cash-settled derivatives	0	0.00	9,991	0.01
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	120,400	0.12	1,476,300	1.51
Total	1,884,194	1.93	2,192,638	2.25

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	11	18.5000 USD
Common	Buy Transaction	32	18.5200 USD
Common	Buy Transaction	3,301	18.5300 USD
Common	Buy Transaction	10,000	18.5303 USD
Common	Buy Transaction	400	18.5305 USD
Common	Buy Transaction	882	18.5322 USD
Common	Buy Transaction	6,010	18.5329 USD
Common	Buy Transaction	673	18.5330 USD
Common	Buy Transaction	7,582	18.5338 USD
Common	Buy Transaction	5,066	18.5339 USD
Common	Buy Transaction	1,551	18.5350 USD
Common	Buy Transaction	17,440	18.5371 USD
Common	Buy Transaction	888	18.5381 USD
Common	Buy Transaction	11,280	18.5393 USD
Common	Buy Transaction	144	18.5396 USD
Common	Buy Transaction	200	18.5397 USD
Common	Buy Transaction	37,669	18.5400 USD
Common	Buy Transaction	150	18.5408 USD
Common	Buy Transaction	500	18.5410 USD
Common	Buy Transaction	19,914	18.5414 USD
Common	Buy Transaction	5,424	18.5419 USD
Common	Buy Transaction	867	18.5434 USD
Common	Buy Transaction	12,637	18.5441 USD
Common	Buy Transaction	118	18.5450 USD
Common	Buy Transaction	270	18.5451 USD
Common	Buy Transaction	176	18.5451 USD
Common	Buy Transaction	4,915	18.5452 USD
Common	Buy Transaction	1,750	18.5453 USD
Common	Buy Transaction	119	18.5457 USD
Common	Buy Transaction	8,949	18.5474 USD
Common	Buy Transaction	2,406	18.5481 USD
Common	Buy Transaction	684	18.5483 USD
Common	Buy Transaction	3,458	18.5487 USD
Common	Buy Transaction	117	18.5489 USD
Common	Buy Transaction	2,437	18.5494 USD
Common	Buy Transaction	106	18.5494 USD
Common	Buy Transaction	403	18.5499 USD
Common	Buy Transaction	1,001	18.5500 USD
Common	Buy Transaction	5,912	18.5500 USD
Common	Buy Transaction	2,800	18.5501 USD
Common	Buy Transaction	3,642	18.5502 USD
Common	Buy Transaction	402	18.5503 USD
Common	Buy Transaction	439	18.5504 USD
Common	Buy Transaction	6,715	18.5505 USD
Common	Buy Transaction	10	18.5510 USD
Common	Buy Transaction	9	18.5511 USD
Common	Buy Transaction	14	18.5521 USD
Common	Buy Transaction	18	18.5522 USD
Common	Buy Transaction	4,603	18.5522 USD
Common	Buy Transaction	22	18.5523 USD
Common	Buy Transaction	564	18.5523 USD
Common	Buy Transaction	1,740	18.5525 USD
Common	Buy Transaction	29	18.5526 USD
Common	Buy Transaction	25	18.5526 USD
Common	Buy Transaction	2,363	18.5536 USD
Common	Buy Transaction	2,206	18.5536 USD
Common	Buy Transaction	3,715	18.5542 USD
Common	Buy Transaction	4,974	18.5543 USD
Common	Buy Transaction	556	18.5548 USD
Common	Buy Transaction	2,108	18.5550 USD
Common	Buy Transaction	1,900	18.5550 USD
Common	Buy Transaction	110	18.5551 USD
Common	Buy Transaction	40	18.5560 USD
Common	Buy Transaction	425	18.5560 USD
Common	Buy Transaction	4,010	18.5561 USD
Common	Buy Transaction	28	18.5568 USD
Common	Buy Transaction	1,421	18.5576 USD
Common	Buy Transaction	3	18.5583 USD
Common	Buy Transaction	3,758	18.5592 USD
Common	Buy Transaction	940	18.5593 USD
Common	Buy Transaction	2,643	18.5599 USD
Common	Buy Transaction	136,922	18.5600 USD
Common	Buy Transaction	12,000	18.5619 USD
Common	Buy Transaction	2,000	18.5700 USD
Common	Sell Transaction	4,747	18.5296 USD
Common	Sell Transaction	8,247	18.5300 USD
Common	Sell Transaction	7,953	18.5301 USD
Common	Sell Transaction	4,609	18.5301 USD
Common	Sell Transaction	1,593	18.5302 USD
Common	Sell Transaction	1,940	18.5304 USD
Common	Sell Transaction	359	18.5309 USD
Common	Sell Transaction	643	18.5322 USD
Common	Sell Transaction	42	18.5336 USD
Common	Sell Transaction	23,544	18.5342 USD
Common	Sell Transaction	98	18.5357 USD
Common	Sell Transaction	164	18.5357 USD
Common	Sell Transaction	13,894	18.5365 USD
Common	Sell Transaction	1,373	18.5368 USD
Common	Sell Transaction	1,411	18.5369 USD
Common	Sell Transaction	812	18.5375 USD
Common	Sell Transaction	2,283	18.5375 USD
Common	Sell Transaction	726	18.5375 USD
Common	Sell Transaction	92	18.5380 USD
Common	Sell Transaction	6,405	18.5383 USD
Common	Sell Transaction	507	18.5390 USD
Common	Sell Transaction	3,773	18.5396 USD
Common	Sell Transaction	76	18.5399 USD
Common	Sell Transaction	2,968	18.5400 USD
Common	Sell Transaction	5,437	18.5405 USD
Common	Sell Transaction	212	18.5408 USD
Common	Sell Transaction	144	18.5415 USD
Common	Sell Transaction	11,337	18.5416 USD
Common	Sell Transaction	1,090	18.5416 USD
Common	Sell Transaction	2,932	18.5417 USD
Common	Sell Transaction	3,400	18.5434 USD
Common	Sell Transaction	2,652	18.5440 USD
Common	Sell Transaction	6,308	18.5442 USD
Common	Sell Transaction	952	18.5450 USD
Common	Sell Transaction	682	18.5454 USD
Common	Sell Transaction	2,404	18.5454 USD
Common	Sell Transaction	682	18.5456 USD
Common	Sell Transaction	26,379	18.5461 USD
Common	Sell Transaction	3,394	18.5464 USD
Common	Sell Transaction	4,900	18.5466 USD
Common	Sell Transaction	6,077	18.5467 USD
Common	Sell Transaction	1,778	18.5468 USD
Common	Sell Transaction	6,323	18.5472 USD
Common	Sell Transaction	212	18.5477 USD
Common	Sell Transaction	600	18.5483 USD
Common	Sell Transaction	32	18.5487 USD
Common	Sell Transaction	875	18.5488 USD
Common	Sell Transaction	4,264	18.5493 USD
Common	Sell Transaction	623	18.5495 USD
Common	Sell Transaction	33	18.5495 USD
Common	Sell Transaction	24	18.5496 USD
Common	Sell Transaction	7,046	18.5499 USD
Common	Sell Transaction	2,221	18.5500 USD
Common	Sell Transaction	1,506	18.5503 USD
Common	Sell Transaction	600	18.5508 USD
Common	Sell Transaction	1,083	18.5509 USD
Common	Sell Transaction	17	18.5512 USD
Common	Sell Transaction	452	18.5528 USD
Common	Sell Transaction	16	18.5531 USD
Common	Sell Transaction	5,348	18.5532 USD
Common	Sell Transaction	3,686	18.5539 USD
Common	Sell Transaction	792	18.5540 USD
Common	Sell Transaction	176	18.5545 USD
Common	Sell Transaction	719	18.5549 USD
Common	Sell Transaction	2,454	18.5550 USD
Common	Sell Transaction	253	18.5550 USD
Common	Sell Transaction	91	18.5551 USD
Common	Sell Transaction	85	18.5551 USD
Common	Sell Transaction	55	18.5551 USD
Common	Sell Transaction	108	18.5551 USD
Common	Sell Transaction	27	18.5552 USD
Common	Sell Transaction	2,300	18.5554 USD
Common	Sell Transaction	8,479	18.5572 USD
Common	Sell Transaction	400	18.5575 USD
Common	Sell Transaction	287	18.5580 USD
Common	Sell Transaction	156	18.5580 USD
Common	Sell Transaction	3,758	18.5592 USD
Common	Sell Transaction	31	18.5594 USD
Common	Sell Transaction	1,666	18.5597 USD
Common	Sell Transaction	297	18.5599 USD
Common	Sell Transaction	1,000	18.5599 USD
Common	Sell Transaction	32,401	18.5600 USD
Common	Sell Transaction	1,200	18.5650 USD
Common	Sell Transaction	1,829	18.5650 USD
Common	Sell Transaction	1,545	18.5650 USD
Common	Sell Transaction	89	18.5651 USD
Common	Sell Transaction	2,000	18.5700 USD
Common	Sell Transaction	20	18.5800 USD
Common	Sell Transaction	2,343	18.6000 USD
Common	Sell Transaction	50	18.7320 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)
Common	CFD	Reducing short position	5,100	18.5570 USD

(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	17.5000 USD	American	2025-11-21	1.0500 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-11-21	1.0800 USD
Common	Call Option	Buy Transaction	500	17.5000 USD	American	2025-11-21	1.0900 USD
Common	Call Option	Buy Transaction	2,600	17.5000 USD	American	2025-11-21	1.1000 USD
Common	Call Option	Buy Transaction	700	17.5000 USD	American	2025-11-21	1.1100 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-11-21	1.1400 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2025-11-21	1.1500 USD
Common	Call Option	Buy Transaction	100	17.5000 USD	American	2027-01-15	1.3000 USD
Common	Put Option	Buy Transaction	200	20.0000 USD	American	2025-11-21	1.4500 USD
Common	Call Option	Buy Transaction	500	15.0000 USD	American	2025-12-19	3.6200 USD
Common	Call Option	Buy Transaction	1,000	15.0000 USD	American	2025-12-19	3.6400 USD
Common	Call Option	Buy Transaction	3,100	15.0000 USD	American	2025-12-19	3.6500 USD
Common	Call Option	Buy Transaction	100	12.5000 USD	American	2025-12-19	6.1000 USD
Common	Put Option	Sell Transaction	1,500	12.5000 USD	American	2025-11-21	0.0100 USD
Common	Put Option	Sell Transaction	500	15.0000 USD	American	2025-12-19	0.0400 USD
Common	Put Option	Sell Transaction	100	15.0000 USD	American	2025-11-21	0.0400 USD
Common	Put Option	Sell Transaction	100	15.0000 USD	American	2025-11-21	0.0500 USD
Common	Put Option	Sell Transaction	10,000	15.0000 USD	American	2026-01-16	0.0800 USD
Common	Call Option	Sell Transaction	900	20.0000 USD	American	2025-11-21	0.0900 USD
Common	Call Option	Sell Transaction	2,300	20.0000 USD	American	2025-12-19	0.1600 USD
Common	Call Option	Sell Transaction	100	17.5000 USD	American	2025-11-21	1.1500 USD
Common	Call Option	Sell Transaction	100	17.5000 USD	American	2025-12-19	1.1900 USD
Common	Call Option	Sell Transaction	100	17.5000 USD	American	2025-12-19	1.3100 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	27 October 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	3,100	25.0 USD	American	15/01/2027
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	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,800	22.5 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	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Call Option	Purchased	5,200	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	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	5,600	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
Common	Put Option	Purchased	-1,100	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-185,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-151,200	15.0 USD	American	16/01/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-10,700	7.5 USD	American	15/01/2027
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-34,900	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-249,400	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-19,400	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-5,000	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-33,200	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	1,500	20.0 USD	American	21/11/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-200	5.0 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-67,300	12.5 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-7,600	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-159,600	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-4,800	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-28,700	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-52,500	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,600	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,300	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-6,600	12.5 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 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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