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Citadel Group M&A Activity 2025

Oct 28, 2025

10454_pos_2025-10-28_82e7efe6-17c6-4e48-b2c2-5846eea5e8c7.html

M&A Activity

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National Storage Mechanism | Additional information

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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