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Citadel Group — M&A Activity 2025
Oct 28, 2025
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M&A Activity
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RNS Number : 1542F
Citadel Group
28 October 2025
Ap27
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 |
27 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.
Ap28
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 | 1,801,121 | 1.84 | 626,599 | 0.64 |
| (2) Cash-settled derivatives | 0 | 0.00 | 9,557 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/ sell | 119,300 | 0.12 | 1,470,000 | 1.50 |
| Total | 1,920,421 | 1.97 | 2,106,156 | 2.16 |
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 | 150 | 18.5000 USD |
| Common | Buy Transaction | 2 | 18.5300 USD |
| Common | Buy Transaction | 732 | 18.5311 USD |
| Common | Buy Transaction | 4,650 | 18.5315 USD |
| Common | Buy Transaction | 6,760 | 18.5500 USD |
| Common | Buy Transaction | 200 | 18.5501 USD |
| Common | Buy Transaction | 2,150 | 18.5501 USD |
| Common | Buy Transaction | 401 | 18.5502 USD |
| Common | Buy Transaction | 5,180 | 18.5505 USD |
| Common | Buy Transaction | 1,000 | 18.5510 USD |
| Common | Buy Transaction | 1,085 | 18.5510 USD |
| Common | Buy Transaction | 19 | 18.5511 USD |
| Common | Buy Transaction | 8 | 18.5512 USD |
| Common | Buy Transaction | 10,380 | 18.5514 USD |
| Common | Buy Transaction | 169 | 18.5514 USD |
| Common | Buy Transaction | 975 | 18.5517 USD |
| Common | Buy Transaction | 181 | 18.5520 USD |
| Common | Buy Transaction | 366 | 18.5520 USD |
| Common | Buy Transaction | 9,131 | 18.5523 USD |
| Common | Buy Transaction | 500 | 18.5525 USD |
| Common | Buy Transaction | 20 | 18.5530 USD |
| Common | Buy Transaction | 528 | 18.5533 USD |
| Common | Buy Transaction | 430 | 18.5535 USD |
| Common | Buy Transaction | 20 | 18.5535 USD |
| Common | Buy Transaction | 216 | 18.5537 USD |
| Common | Buy Transaction | 50 | 18.5542 USD |
| Common | Buy Transaction | 207 | 18.5543 USD |
| Common | Buy Transaction | 1,070 | 18.5547 USD |
| Common | Buy Transaction | 158 | 18.5547 USD |
| Common | Buy Transaction | 6,891 | 18.5548 USD |
| Common | Buy Transaction | 9,134 | 18.5550 USD |
| Common | Buy Transaction | 107 | 18.5550 USD |
| Common | Buy Transaction | 13 | 18.5554 USD |
| Common | Buy Transaction | 11 | 18.5555 USD |
| Common | Buy Transaction | 823 | 18.5557 USD |
| Common | Buy Transaction | 23,609 | 18.5565 USD |
| Common | Buy Transaction | 754 | 18.5567 USD |
| Common | Buy Transaction | 372 | 18.5573 USD |
| Common | Buy Transaction | 400 | 18.5575 USD |
| Common | Buy Transaction | 24 | 18.5583 USD |
| Common | Buy Transaction | 26 | 18.5585 USD |
| Common | Buy Transaction | 16 | 18.5587 USD |
| Common | Buy Transaction | 250 | 18.5590 USD |
| Common | Buy Transaction | 1,080 | 18.5591 USD |
| Common | Buy Transaction | 52 | 18.5594 USD |
| Common | Buy Transaction | 22,633 | 18.5600 USD |
| Common | Buy Transaction | 40,111 | 18.5600 USD |
| Common | Buy Transaction | 34,209 | 18.5601 USD |
| Common | Buy Transaction | 19 | 18.5613 USD |
| Common | Buy Transaction | 1,381 | 18.5620 USD |
| Common | Buy Transaction | 578 | 18.5624 USD |
| Common | Buy Transaction | 534 | 18.5637 USD |
| Common | Buy Transaction | 645 | 18.5646 USD |
| Common | Buy Transaction | 1,864 | 18.5648 USD |
| Common | Buy Transaction | 911 | 18.5656 USD |
| Common | Buy Transaction | 2,074 | 18.5691 USD |
| Common | Buy Transaction | 4,078 | 18.5697 USD |
| Common | Buy Transaction | 60,049 | 18.5700 USD |
| Common | Buy Transaction | 1,225 | 18.5705 USD |
| Common | Buy Transaction | 801 | 18.5718 USD |
| Common | Buy Transaction | 1,662 | 18.5731 USD |
| Common | Buy Transaction | 2 | 18.5750 USD |
| Common | Buy Transaction | 1,000 | 18.5751 USD |
| Common | Buy Transaction | 33 | 18.5752 USD |
| Common | Buy Transaction | 9,228 | 18.5800 USD |
| Common | Buy Transaction | 90 | 18.5801 USD |
| Common | Buy Transaction | 333 | 18.5811 USD |
| Common | Buy Transaction | 40 | 18.5815 USD |
| Common | Buy Transaction | 201 | 18.5843 USD |
| Common | Buy Transaction | 34 | 18.5850 USD |
| Common | Buy Transaction | 89 | 18.5851 USD |
| Common | Buy Transaction | 676 | 18.5900 USD |
| Common | Buy Transaction | 605 | 18.5947 USD |
| Common | Buy Transaction | 400 | 18.5951 USD |
| Common | Sell Transaction | 150 | 18.5000 USD |
| Common | Sell Transaction | 1,180 | 18.5402 USD |
| Common | Sell Transaction | 2 | 18.5450 USD |
| Common | Sell Transaction | 34,517 | 18.5500 USD |
| Common | Sell Transaction | 7,508 | 18.5501 USD |
| Common | Sell Transaction | 104 | 18.5504 USD |
| Common | Sell Transaction | 915 | 18.5505 USD |
| Common | Sell Transaction | 1,515 | 18.5506 USD |
| Common | Sell Transaction | 311 | 18.5511 USD |
| Common | Sell Transaction | 501 | 18.5512 USD |
| Common | Sell Transaction | 415 | 18.5523 USD |
| Common | Sell Transaction | 1,088 | 18.5529 USD |
| Common | Sell Transaction | 65 | 18.5531 USD |
| Common | Sell Transaction | 421 | 18.5539 USD |
| Common | Sell Transaction | 408 | 18.5549 USD |
| Common | Sell Transaction | 728 | 18.5550 USD |
| Common | Sell Transaction | 455 | 18.5551 USD |
| Common | Sell Transaction | 33 | 18.5552 USD |
| Common | Sell Transaction | 23 | 18.5552 USD |
| Common | Sell Transaction | 17 | 18.5553 USD |
| Common | Sell Transaction | 1,453 | 18.5556 USD |
| Common | Sell Transaction | 143 | 18.5573 USD |
| Common | Sell Transaction | 6 | 18.5583 USD |
| Common | Sell Transaction | 19 | 18.5584 USD |
| Common | Sell Transaction | 4,801 | 18.5595 USD |
| Common | Sell Transaction | 28,519 | 18.5600 USD |
| Common | Sell Transaction | 1,865 | 18.5600 USD |
| Common | Sell Transaction | 1,665 | 18.5610 USD |
| Common | Sell Transaction | 851 | 18.5612 USD |
| Common | Sell Transaction | 1,966 | 18.5614 USD |
| Common | Sell Transaction | 107 | 18.5644 USD |
| Common | Sell Transaction | 305 | 18.5650 USD |
| Common | Sell Transaction | 823 | 18.5651 USD |
| Common | Sell Transaction | 300 | 18.5683 USD |
| Common | Sell Transaction | 2,260 | 18.5695 USD |
| Common | Sell Transaction | 60,376 | 18.5700 USD |
| Common | Sell Transaction | 300 | 18.5733 USD |
| Common | Sell Transaction | 700 | 18.5750 USD |
| Common | Sell Transaction | 2,229 | 18.5800 USD |
| Common | Sell Transaction | 48 | 18.5831 USD |
| Common | Sell Transaction | 500 | 18.5850 USD |
| Common | Sell Transaction | 32 | 18.5891 USD |
| Common | Sell Transaction | 301 | 18.5900 USD |
| Common | Sell Transaction | 5 | 18.5900 USD |
Ap29
(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 | 324 | 18.5585 USD |
| Common | CFD | Reducing short position | 110 | 18.5600 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 | 20.0000 USD | American | 2027-01-15 | 0.3200 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2025-11-21 | 1.0800 USD |
| Common | Call Option | Buy Transaction | 1,000 | 17.5000 USD | American | 2025-11-21 | 1.0900 USD |
| Common | Call Option | Buy Transaction | 3,300 | 17.5000 USD | American | 2025-11-21 | 1.1000 USD |
| Common | Call Option | Buy Transaction | 1,200 | 17.5000 USD | American | 2025-11-21 | 1.1100 USD |
| Common | Call Option | Buy Transaction | 900 | 17.5000 USD | American | 2025-11-21 | 1.1200 USD |
| Common | Call Option | Buy Transaction | 400 | 17.5000 USD | American | 2025-11-21 | 1.1300 USD |
| Common | Call Option | Buy Transaction | 500 | 17.5000 USD | American | 2025-11-21 | 1.1400 USD |
| Common | Call Option | Buy Transaction | 1,600 | 17.5000 USD | American | 2025-11-21 | 1.1500 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2025-12-19 | 1.3500 USD |
| Common | Call Option | Buy Transaction | 300 | 17.5000 USD | American | 2025-12-19 | 1.3600 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2025-12-19 | 1.3700 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2025-12-19 | 1.3900 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2026-01-16 | 1.4000 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2025-12-19 | 1.4000 USD |
| Common | Call Option | Buy Transaction | 1,000 | 17.5000 USD | American | 2026-03-20 | 1.4400 USD |
| Common | Call Option | Buy Transaction | 1,100 | 17.5000 USD | American | 2026-03-20 | 1.4500 USD |
| Common | Call Option | Buy Transaction | 100 | 17.5000 USD | American | 2026-03-20 | 1.5200 USD |
| Common | Call Option | Buy Transaction | 400 | 12.5000 USD | American | 2025-12-19 | 6.1000 USD |
| Common | Call Option | Sell Transaction | 2,000 | 20.0000 USD | American | 2025-11-21 | 0.0500 USD |
| Common | Call Option | Sell Transaction | 4,000 | 20.0000 USD | American | 2026-01-16 | 0.1400 USD |
| Common | Call Option | Sell Transaction | 100 | 20.0000 USD | American | 2026-01-16 | 0.1500 USD |
| Common | Call Option | Sell Transaction | 100 | 17.5000 USD | American | 2025-12-19 | 1.1700 USD |
| Common | Put Option | Sell Transaction | 100 | 20.0000 USD | American | 2025-11-21 | 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) |
| Common | Put Option | Exercised against | 1,200 | 20.0000 USD |
(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) |
Ap30
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 | 28 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.
Ap32
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 | 7,200 | 7.5 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 2,200 | 20.0 USD | American | 18/06/2026 |
| Common | Put Option | Purchased | -4,700 | 15.0 USD | American | 19/12/2025 |
| Common | Put Option | Purchased | -45,000 | 10.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 3,100 | 25.0 USD | American | 15/01/2027 |
| 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 | Call Option | Purchased | 200 | 22.5 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -3,800 | 15.0 USD | American | 20/03/2026 |
| Common | Call Option | Purchased | 5,800 | 22.5 USD | American | 15/01/2027 |
| Common | Put Option | Purchased | -100 | 15.0 USD | American | 15/01/2027 |
| Common | Put Option | Purchased | -2,900 | 7.5 USD | American | 19/12/2025 |
| Common | Call Option | Purchased | 900 | 7.5 USD | American | 19/12/2025 |
| Common | Put Option | Purchased | -1,100 | 5.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -3,100 | 12.5 USD | American | 20/03/2026 |
| Common | Put Option | Purchased | 0 | 12.5 USD | American | 15/01/2027 |
| Common | Put Option | Purchased | 0 | 10.0 USD | American | 20/03/2026 |
| Common | Call Option | Purchased | 5,600 | 20.0 USD | American | 19/12/2025 |
| Common | Put Option | Purchased | -60,700 | 15.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -1,000 | 25.0 USD | American | 20/03/2026 |
| Common | Put Option | Purchased | -100 | 7.5 USD | American | 20/03/2026 |
| Common | Call Option | Purchased | 0 | 25.0 USD | American | 20/03/2026 |
| Common | Put Option | Purchased | -300 | 15.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 24,200 | 22.5 USD | American | 20/03/2026 |
| 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 | -100 | 20.0 USD | American | 18/06/2026 |
| Common | Call Option | Purchased | 200 | 25.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 5,200 | 15.0 USD | American | 15/01/2027 |
| Common | Call Option | Sold | -5,600 | 20.0 USD | American | 20/03/2026 |
| Common | Put Option | Sold | 24,900 | 7.5 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -240,400 | 17.5 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -14,400 | 10.0 USD | American | 15/01/2027 |
| Common | Call Option | Sold | -100 | 35.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,300 | 30.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,200 | 20.0 USD | American | 15/01/2027 |
| Common | Put Option | Sold | 400 | 20.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -100 | 25.0 USD | American | 19/12/2025 |
| Common | Put Option | Sold | 1,900 | 17.5 USD | American | 19/12/2025 |
| Common | Call Option | Sold | -17,200 | 17.5 USD | American | 20/03/2026 |
| Common | Call Option | Sold | -28,700 | 15.0 USD | American | 21/11/2025 |
| Common | Put Option | Sold | 400 | 20.0 USD | American | 20/03/2026 |
| Common | Put Option | Sold | 11,800 | 17.5 USD | American | 21/11/2025 |
| Common | Put Option | Sold | 4,400 | 17.5 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -32,600 | 17.5 USD | American | 19/12/2025 |
| Common | Put Option | Sold | 8,200 | 10.0 USD | American | 19/12/2025 |
| Common | Call Option | Sold | -39,000 | 20.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -35,400 | 5.0 USD | American | 15/01/2027 |
| Common | Call Option | Sold | -7,600 | 10.0 USD | American | 19/12/2025 |
| Common | Call Option | Sold | -10,700 | 7.5 USD | American | 15/01/2027 |
| Common | Call Option | Sold | -219,200 | 12.5 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -4,400 | 22.5 USD | American | 19/12/2025 |
| Common | Call Option | Sold | -161,600 | 20.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -67,300 | 12.5 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -5,000 | 17.5 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 | -6,200 | 12.5 USD | American | 19/12/2025 |
| Common | Call Option | Sold | -2,100 | 12.5 USD | American | 20/03/2026 |
| Common | Call Option | Sold | -200 | 5.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 100 | 10.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -151,200 | 15.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -30,000 | 15.0 USD | American | 20/03/2026 |
| Common | Call Option | Sold | -1,700 | 30.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -4,700 | 17.5 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -3,400 | 22.5 USD | American | 21/11/2025 |
| Common | Put Option | Sold | 5,400 | 12.5 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -185,200 | 10.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -9,600 | 7.5 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -52,500 | 15.0 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: |
Ap33
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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