Citadel Group — M&A Activity 2025

Oct 31, 2025

National Storage Mechanism | Additional information

RNS Number : 7249F

Citadel Group

31 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	30 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	1,817,242	1.86	443,381	0.45
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	116,300	0.11	1,449,500	1.48
Total	1,933,542	1.98	1,892,881	1.94

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	2,201	18.7200 USD
Common	Buy Transaction	935	18.7225 USD
Common	Buy Transaction	100	18.7500 USD
Common	Buy Transaction	249	18.7669 USD
Common	Buy Transaction	300	18.7751 USD
Common	Buy Transaction	1,964	18.7795 USD
Common	Buy Transaction	1,136	18.7801 USD
Common	Buy Transaction	200	18.7813 USD
Common	Buy Transaction	10	18.7850 USD
Common	Buy Transaction	1,051	18.7850 USD
Common	Buy Transaction	739	18.7850 USD
Common	Buy Transaction	500	18.7900 USD
Common	Buy Transaction	121	18.7911 USD
Common	Buy Transaction	85	18.7921 USD
Common	Buy Transaction	35	18.7926 USD
Common	Buy Transaction	1,097	18.7933 USD
Common	Buy Transaction	86	18.7940 USD
Common	Buy Transaction	984	18.7940 USD
Common	Buy Transaction	838	18.7941 USD
Common	Buy Transaction	200	18.7950 USD
Common	Buy Transaction	500	18.7951 USD
Common	Buy Transaction	220	18.7955 USD
Common	Buy Transaction	355	18.7959 USD
Common	Buy Transaction	314	18.7966 USD
Common	Buy Transaction	677	18.7986 USD
Common	Buy Transaction	3,187	18.8000 USD
Common	Buy Transaction	349	18.8043 USD
Common	Buy Transaction	264	18.8061 USD
Common	Buy Transaction	725	18.8068 USD
Common	Buy Transaction	7	18.8100 USD
Common	Buy Transaction	753	18.8112 USD
Common	Buy Transaction	1,421	18.8133 USD
Common	Buy Transaction	1,148	18.8139 USD
Common	Buy Transaction	26	18.8150 USD
Common	Buy Transaction	315	18.8173 USD
Common	Buy Transaction	58	18.8183 USD
Common	Buy Transaction	697	18.8207 USD
Common	Buy Transaction	300	18.8250 USD
Common	Buy Transaction	196	18.8277 USD
Common	Buy Transaction	7,937	18.8300 USD
Common	Buy Transaction	600	18.8301 USD
Common	Buy Transaction	607	18.8315 USD
Common	Buy Transaction	419	18.8315 USD
Common	Buy Transaction	976	18.8350 USD
Common	Buy Transaction	29	18.8359 USD
Common	Buy Transaction	2,483	18.8390 USD
Common	Buy Transaction	2,057	18.8400 USD
Common	Buy Transaction	200	18.8431 USD
Common	Buy Transaction	350	18.8443 USD
Common	Buy Transaction	89	18.8460 USD
Common	Buy Transaction	56	18.8496 USD
Common	Buy Transaction	4,018	18.8500 USD
Common	Buy Transaction	125	18.8600 USD
Common	Buy Transaction	519	18.8608 USD
Common	Buy Transaction	31	18.8652 USD
Common	Buy Transaction	2,050	18.8700 USD
Common	Buy Transaction	221	18.8750 USD
Common	Buy Transaction	79	18.8751 USD
Common	Sell Transaction	5,062	18.7736 USD
Common	Sell Transaction	100	18.7750 USD
Common	Sell Transaction	1,056	18.7755 USD
Common	Sell Transaction	100	18.7800 USD
Common	Sell Transaction	81	18.7805 USD
Common	Sell Transaction	202	18.7806 USD
Common	Sell Transaction	11	18.7827 USD
Common	Sell Transaction	40	18.7850 USD
Common	Sell Transaction	81	18.7851 USD
Common	Sell Transaction	600	18.7858 USD
Common	Sell Transaction	1,000	18.7870 USD
Common	Sell Transaction	210	18.7877 USD
Common	Sell Transaction	40	18.7885 USD
Common	Sell Transaction	68	18.7894 USD
Common	Sell Transaction	9,634	18.7900 USD
Common	Sell Transaction	18	18.7906 USD
Common	Sell Transaction	979	18.7914 USD
Common	Sell Transaction	58	18.7929 USD
Common	Sell Transaction	37	18.7938 USD
Common	Sell Transaction	5	18.7940 USD
Common	Sell Transaction	123	18.7942 USD
Common	Sell Transaction	56	18.7945 USD
Common	Sell Transaction	878	18.7950 USD
Common	Sell Transaction	819	18.7950 USD
Common	Sell Transaction	91	18.7951 USD
Common	Sell Transaction	345	18.7954 USD
Common	Sell Transaction	35	18.7954 USD
Common	Sell Transaction	850	18.7956 USD
Common	Sell Transaction	321	18.7960 USD
Common	Sell Transaction	197	18.7960 USD
Common	Sell Transaction	309	18.7961 USD
Common	Sell Transaction	699	18.7962 USD
Common	Sell Transaction	2,400	18.7963 USD
Common	Sell Transaction	24	18.7975 USD
Common	Sell Transaction	255	18.7977 USD
Common	Sell Transaction	832	18.8000 USD
Common	Sell Transaction	2,673	18.8013 USD
Common	Sell Transaction	199	18.8018 USD
Common	Sell Transaction	102	18.8021 USD
Common	Sell Transaction	252	18.8030 USD
Common	Sell Transaction	530	18.8037 USD
Common	Sell Transaction	37	18.8038 USD
Common	Sell Transaction	157	18.8041 USD
Common	Sell Transaction	224	18.8042 USD
Common	Sell Transaction	255	18.8046 USD
Common	Sell Transaction	602	18.8050 USD
Common	Sell Transaction	65	18.8055 USD
Common	Sell Transaction	7	18.8057 USD
Common	Sell Transaction	741	18.8060 USD
Common	Sell Transaction	6	18.8067 USD
Common	Sell Transaction	16	18.8069 USD
Common	Sell Transaction	227	18.8069 USD
Common	Sell Transaction	1,164	18.8070 USD
Common	Sell Transaction	683	18.8072 USD
Common	Sell Transaction	1,559	18.8081 USD
Common	Sell Transaction	751	18.8087 USD
Common	Sell Transaction	391	18.8099 USD
Common	Sell Transaction	1,206	18.8100 USD
Common	Sell Transaction	1,059	18.8107 USD
Common	Sell Transaction	55	18.8148 USD
Common	Sell Transaction	31	18.8150 USD
Common	Sell Transaction	418	18.8154 USD
Common	Sell Transaction	823	18.8154 USD
Common	Sell Transaction	198	18.8155 USD
Common	Sell Transaction	22	18.8159 USD
Common	Sell Transaction	17	18.8200 USD
Common	Sell Transaction	1,629	18.8254 USD
Common	Sell Transaction	128	18.8283 USD
Common	Sell Transaction	8,165	18.8300 USD
Common	Sell Transaction	398	18.8350 USD
Common	Sell Transaction	73	18.8375 USD
Common	Sell Transaction	2	18.8400 USD
Common	Sell Transaction	109	18.8409 USD
Common	Sell Transaction	25	18.8412 USD
Common	Sell Transaction	100	18.8450 USD
Common	Sell Transaction	57	18.8500 USD
Common	Sell Transaction	2,840	18.8515 USD
Common	Sell Transaction	383	18.8541 USD
Common	Sell Transaction	26	18.8600 USD
Common	Sell Transaction	69	18.8604 USD
Common	Sell Transaction	648	18.8608 USD
Common	Sell Transaction	128	18.8617 USD
Common	Sell Transaction	1,857	18.8650 USD
Common	Sell Transaction	700	18.8671 USD
Common	Sell Transaction	823	18.8685 USD
Common	Sell Transaction	300	18.8700 USD
Common	Sell Transaction	80	18.8750 USD
Common	Sell Transaction	251	18.8756 USD
Common	Sell Transaction	7	18.8757 USD
Common	Sell Transaction	3	18.8767 USD
Common	Sell Transaction	247	18.8770 USD
Common	Sell Transaction	200	18.8783 USD
Common	Sell Transaction	300	18.8850 USD
Common	Sell Transaction	400	18.8950 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	17.5000 USD	American	2025-11-21	1.3000 USD
Common	Call Option	Buy Transaction	2,000	17.5000 USD	American	2026-01-16	1.6500 USD
Common	Call Option	Buy Transaction	1,400	12.5000 USD	American	2026-01-16	6.5000 USD
Common	Call Option	Sell Transaction	500	20.0000 USD	American	2025-11-21	0.0500 USD
Common	Call Option	Sell Transaction	100	15.0000 USD	American	2027-01-15	3.9600 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	400	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)

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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	31 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	Put Option	Purchased	-1,100	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-45,000	10.0 USD	American	16/01/2026
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	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-1,000	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	24,200	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	3,100	20.0 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	200	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	200	25.0 USD	American	21/11/2025
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	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
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	Sold	1,600	12.5 USD	American	19/12/2025
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	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	-52,500	15.0 USD	American	19/12/2025
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Put Option	Sold	5,400	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-227,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-5,000	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-14,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-2,300	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-28,700	15.0 USD	American	21/11/2025
Common	Put Option	Sold	11,800	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-151,200	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-185,200	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,200	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-200	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,000	20.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-3,400	22.5 USD	American	21/11/2025
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Call Option	Sold	-165,300	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-4,400	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,900	17.5 USD	American	16/01/2026
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-219,200	12.5 USD	American	21/11/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-10,100	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-1,700	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-35,400	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-32,500	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 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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