Citadel Group

Major Shareholding Notification • Dec 23, 2025

National Storage Mechanism | Additional information

RNS Number : 7031M

Citadel Group

23 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	22 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	944,364	0.96	207,382	0.21
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	126,400	0.12	749,400	0.76
Total	1,070,764	1.09	956,782	0.97

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	55	21.4000 USD
Common	Buy Transaction	1	21.4400 USD
Common	Buy Transaction	4,500	21.4434 USD
Common	Buy Transaction	10	21.4690 USD
Common	Buy Transaction	5,000	21.4850 USD
Common	Buy Transaction	1	21.5000 USD
Common	Buy Transaction	10	21.5300 USD
Common	Buy Transaction	1,469	21.5324 USD
Common	Buy Transaction	1	21.5500 USD
Common	Buy Transaction	350	21.5550 USD
Common	Buy Transaction	1,527	21.5581 USD
Common	Buy Transaction	484	21.5600 USD
Common	Buy Transaction	272	21.5631 USD
Common	Buy Transaction	1,226	21.5635 USD
Common	Buy Transaction	1,357	21.5637 USD
Common	Buy Transaction	5	21.5640 USD
Common	Buy Transaction	751	21.5645 USD
Common	Buy Transaction	611	21.5650 USD
Common	Buy Transaction	2,771	21.5667 USD
Common	Buy Transaction	27	21.5667 USD
Common	Buy Transaction	466	21.5700 USD
Common	Buy Transaction	208	21.5701 USD
Common	Buy Transaction	800	21.5701 USD
Common	Buy Transaction	492	21.5701 USD
Common	Buy Transaction	796	21.5705 USD
Common	Buy Transaction	515	21.5706 USD
Common	Buy Transaction	1,338	21.5725 USD
Common	Buy Transaction	300	21.5733 USD
Common	Buy Transaction	59	21.5736 USD
Common	Buy Transaction	30	21.5747 USD
Common	Buy Transaction	428	21.5750 USD
Common	Buy Transaction	200	21.5750 USD
Common	Buy Transaction	471	21.5750 USD
Common	Buy Transaction	700	21.5751 USD
Common	Buy Transaction	57	21.5755 USD
Common	Buy Transaction	9	21.5756 USD
Common	Buy Transaction	500	21.5790 USD
Common	Buy Transaction	66	21.5798 USD
Common	Buy Transaction	10,583	21.5800 USD
Common	Buy Transaction	1,600	21.5801 USD
Common	Buy Transaction	208	21.5804 USD
Common	Buy Transaction	2,880	21.5816 USD
Common	Buy Transaction	204	21.5816 USD
Common	Buy Transaction	1,101	21.5818 USD
Common	Buy Transaction	2,400	21.5825 USD
Common	Buy Transaction	3	21.5833 USD
Common	Buy Transaction	14	21.5843 USD
Common	Buy Transaction	601	21.5850 USD
Common	Buy Transaction	3	21.5867 USD
Common	Buy Transaction	126	21.5888 USD
Common	Buy Transaction	1	21.5900 USD
Common	Sell Transaction	1,693	21.4300 USD
Common	Sell Transaction	940	21.4404 USD
Common	Sell Transaction	1,082	21.4450 USD
Common	Sell Transaction	1,325	21.4450 USD
Common	Sell Transaction	646	21.4483 USD
Common	Sell Transaction	201	21.4506 USD
Common	Sell Transaction	217	21.4558 USD
Common	Sell Transaction	400	21.4675 USD
Common	Sell Transaction	585	21.4806 USD
Common	Sell Transaction	300	21.4850 USD
Common	Sell Transaction	600	21.4855 USD
Common	Sell Transaction	330	21.4930 USD
Common	Sell Transaction	45	21.4953 USD
Common	Sell Transaction	466	21.4979 USD
Common	Sell Transaction	1	21.5000 USD
Common	Sell Transaction	900	21.5189 USD
Common	Sell Transaction	31	21.5266 USD
Common	Sell Transaction	777	21.5281 USD
Common	Sell Transaction	418	21.5303 USD
Common	Sell Transaction	140	21.5443 USD
Common	Sell Transaction	363	21.5459 USD
Common	Sell Transaction	12	21.5500 USD
Common	Sell Transaction	319	21.5543 USD
Common	Sell Transaction	46	21.5568 USD
Common	Sell Transaction	145	21.5570 USD
Common	Sell Transaction	100	21.5600 USD
Common	Sell Transaction	71	21.5605 USD
Common	Sell Transaction	11	21.5609 USD
Common	Sell Transaction	25	21.5652 USD
Common	Sell Transaction	347	21.5676 USD
Common	Sell Transaction	703	21.5694 USD
Common	Sell Transaction	1,147	21.5700 USD
Common	Sell Transaction	2,891	21.5705 USD
Common	Sell Transaction	1,618	21.5707 USD
Common	Sell Transaction	1,211	21.5718 USD
Common	Sell Transaction	35	21.5731 USD
Common	Sell Transaction	1,800	21.5733 USD
Common	Sell Transaction	226	21.5736 USD
Common	Sell Transaction	104	21.5737 USD
Common	Sell Transaction	176	21.5738 USD
Common	Sell Transaction	1,792	21.5743 USD
Common	Sell Transaction	28	21.5750 USD
Common	Sell Transaction	105	21.5750 USD
Common	Sell Transaction	204	21.5757 USD
Common	Sell Transaction	140	21.5758 USD
Common	Sell Transaction	526	21.5760 USD
Common	Sell Transaction	3	21.5767 USD
Common	Sell Transaction	256	21.5767 USD
Common	Sell Transaction	33	21.5770 USD
Common	Sell Transaction	11	21.5773 USD
Common	Sell Transaction	32	21.5781 USD
Common	Sell Transaction	113	21.5782 USD
Common	Sell Transaction	1,104	21.5785 USD
Common	Sell Transaction	62	21.5785 USD
Common	Sell Transaction	132	21.5789 USD
Common	Sell Transaction	143	21.5790 USD
Common	Sell Transaction	37	21.5795 USD
Common	Sell Transaction	105	21.5798 USD
Common	Sell Transaction	276	21.5799 USD
Common	Sell Transaction	300	21.5799 USD
Common	Sell Transaction	13,710	21.5800 USD
Common	Sell Transaction	355	21.5803 USD
Common	Sell Transaction	821	21.5803 USD
Common	Sell Transaction	316	21.5805 USD
Common	Sell Transaction	27	21.5811 USD
Common	Sell Transaction	1,003	21.5814 USD
Common	Sell Transaction	1,008	21.5819 USD
Common	Sell Transaction	26	21.5823 USD
Common	Sell Transaction	1,009	21.5900 USD
Common	Sell Transaction	1,944	21.5918 USD
Common	Sell Transaction	12	21.5950 USD
Common	Sell Transaction	24,906	21.6000 USD
Common	Sell Transaction	33	21.6212 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	1,000	22.5000 USD	American	2027-01-15	0.1100 USD
Common	Call Option	Sell Transaction	2,400	22.5000 USD	American	2026-01-16	0.1000 USD
Common	Call Option	Sell Transaction	200	22.5000 USD	American	2026-03-20	0.1000 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	23 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	Call Option	Purchased	0	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-79,400	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	4,400	15.0 USD	American	15/01/2027
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	15,600	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-147,800	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,700	20.0 USD	American	20/03/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-45,800	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,000	17.5 USD	American	20/03/2026
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	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-63,600	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-2,200	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-54,800	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-34,000	5.0 USD	American	15/01/2027
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	59,000	5.0 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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