Citadel Group

Major Shareholding Notification • Nov 19, 2025

National Storage Mechanism | Additional information

RNS Number : 2310I

Citadel Group

19 November 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	18 November 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	1,883,546	1.92	325,185	0.33
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	181,100	0.18	1,425,300	1.45
Total	2,064,646	2.11	1,750,485	1.79

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	358	22.5122 USD
Common	Buy Transaction	10	22.9000 USD
Common	Buy Transaction	30	22.9180 USD
Common	Buy Transaction	201	22.9300 USD
Common	Buy Transaction	165	22.9336 USD
Common	Buy Transaction	17,092	22.9400 USD
Common	Buy Transaction	47	22.9460 USD
Common	Buy Transaction	150	22.9500 USD
Common	Buy Transaction	656	22.9505 USD
Common	Buy Transaction	362	22.9530 USD
Common	Buy Transaction	100	22.9550 USD
Common	Buy Transaction	301	22.9551 USD
Common	Buy Transaction	100	22.9600 USD
Common	Buy Transaction	145	22.9605 USD
Common	Buy Transaction	581	22.9619 USD
Common	Buy Transaction	8	22.9625 USD
Common	Buy Transaction	29	22.9645 USD
Common	Buy Transaction	103	22.9700 USD
Common	Buy Transaction	361	22.9747 USD
Common	Buy Transaction	2	22.9750 USD
Common	Buy Transaction	13,000	22.9800 USD
Common	Buy Transaction	10	22.9840 USD
Common	Buy Transaction	1,697	22.9904 USD
Common	Buy Transaction	2,314	22.9952 USD
Common	Buy Transaction	703	22.9959 USD
Common	Buy Transaction	1,296	23.0004 USD
Common	Buy Transaction	17	23.0018 USD
Common	Buy Transaction	651	23.0052 USD
Common	Buy Transaction	26	23.0100 USD
Common	Buy Transaction	1,793	23.0147 USD
Common	Buy Transaction	442	23.0186 USD
Common	Buy Transaction	19	23.0189 USD
Common	Buy Transaction	18	23.0217 USD
Common	Buy Transaction	46	23.0222 USD
Common	Buy Transaction	1,963	23.0233 USD
Common	Buy Transaction	116	23.0238 USD
Common	Buy Transaction	10	23.0240 USD
Common	Buy Transaction	9,928	23.0264 USD
Common	Buy Transaction	16	23.0275 USD
Common	Buy Transaction	555	23.0279 USD
Common	Buy Transaction	43	23.0281 USD
Common	Buy Transaction	6,754	23.0284 USD
Common	Buy Transaction	4,600	23.0287 USD
Common	Buy Transaction	130	23.0296 USD
Common	Buy Transaction	589	23.0300 USD
Common	Buy Transaction	2,237	23.0342 USD
Common	Buy Transaction	21	23.0343 USD
Common	Buy Transaction	150	23.0353 USD
Common	Buy Transaction	2,335	23.0377 USD
Common	Buy Transaction	266	23.0377 USD
Common	Buy Transaction	10,607	23.0382 USD
Common	Buy Transaction	278	23.0397 USD
Common	Buy Transaction	458	23.0400 USD
Common	Buy Transaction	498	23.0401 USD
Common	Buy Transaction	1,440	23.0410 USD
Common	Buy Transaction	448	23.0449 USD
Common	Buy Transaction	978	23.0456 USD
Common	Buy Transaction	84	23.0463 USD
Common	Buy Transaction	1,766	23.0472 USD
Common	Buy Transaction	29	23.0476 USD
Common	Buy Transaction	602	23.0500 USD
Common	Buy Transaction	38	23.0518 USD
Common	Buy Transaction	1,484	23.0540 USD
Common	Buy Transaction	412	23.0550 USD
Common	Buy Transaction	161	23.0560 USD
Common	Buy Transaction	594	23.0601 USD
Common	Buy Transaction	639	23.0629 USD
Common	Buy Transaction	357	23.0692 USD
Common	Buy Transaction	15	23.0700 USD
Common	Buy Transaction	25	23.0776 USD
Common	Buy Transaction	2	23.0800 USD
Common	Buy Transaction	354	23.0882 USD
Common	Buy Transaction	308	23.0900 USD
Common	Buy Transaction	871	23.0939 USD
Common	Buy Transaction	300	23.1000 USD
Common	Buy Transaction	1,051	23.1001 USD
Common	Buy Transaction	315	23.1005 USD
Common	Buy Transaction	315	23.1072 USD
Common	Buy Transaction	8,409	23.1101 USD
Common	Buy Transaction	100	23.1150 USD
Common	Buy Transaction	9,000	23.1200 USD
Common	Buy Transaction	321	23.1201 USD
Common	Buy Transaction	600	23.1267 USD
Common	Buy Transaction	1,666	23.1318 USD
Common	Buy Transaction	205	23.1373 USD
Common	Buy Transaction	135	23.1600 USD
Common	Buy Transaction	636	23.1656 USD
Common	Buy Transaction	4	23.1700 USD
Common	Buy Transaction	50	23.1800 USD
Common	Buy Transaction	167	23.1851 USD
Common	Sell Transaction	10	22.9000 USD
Common	Sell Transaction	81	22.9200 USD
Common	Sell Transaction	2,340	22.9300 USD
Common	Sell Transaction	215	22.9335 USD
Common	Sell Transaction	270	22.9374 USD
Common	Sell Transaction	15,371	22.9400 USD
Common	Sell Transaction	46	22.9496 USD
Common	Sell Transaction	3	22.9500 USD
Common	Sell Transaction	1,400	22.9600 USD
Common	Sell Transaction	216	22.9697 USD
Common	Sell Transaction	16	22.9700 USD
Common	Sell Transaction	24	22.9850 USD
Common	Sell Transaction	1,556	22.9858 USD
Common	Sell Transaction	50	22.9892 USD
Common	Sell Transaction	988	22.9900 USD
Common	Sell Transaction	94	22.9944 USD
Common	Sell Transaction	880	22.9950 USD
Common	Sell Transaction	1,020	22.9975 USD
Common	Sell Transaction	1,600	23.0000 USD
Common	Sell Transaction	91	23.0082 USD
Common	Sell Transaction	37	23.0100 USD
Common	Sell Transaction	215	23.0119 USD
Common	Sell Transaction	708	23.0150 USD
Common	Sell Transaction	478	23.0150 USD
Common	Sell Transaction	200	23.0150 USD
Common	Sell Transaction	210	23.0157 USD
Common	Sell Transaction	12,320	23.0164 USD
Common	Sell Transaction	31	23.0200 USD
Common	Sell Transaction	2,640	23.0204 USD
Common	Sell Transaction	1,492	23.0223 USD
Common	Sell Transaction	810	23.0250 USD
Common	Sell Transaction	303	23.0266 USD
Common	Sell Transaction	3	23.0267 USD
Common	Sell Transaction	528	23.0300 USD
Common	Sell Transaction	115	23.0321 USD
Common	Sell Transaction	289	23.0329 USD
Common	Sell Transaction	10	23.0350 USD
Common	Sell Transaction	123	23.0388 USD
Common	Sell Transaction	2,473	23.0388 USD
Common	Sell Transaction	59	23.0390 USD
Common	Sell Transaction	1,141	23.0400 USD
Common	Sell Transaction	300	23.0417 USD
Common	Sell Transaction	355	23.0422 USD
Common	Sell Transaction	995	23.0438 USD
Common	Sell Transaction	96	23.0443 USD
Common	Sell Transaction	1,395	23.0447 USD
Common	Sell Transaction	64	23.0481 USD
Common	Sell Transaction	1,809	23.0494 USD
Common	Sell Transaction	5,302	23.0538 USD
Common	Sell Transaction	522	23.0540 USD
Common	Sell Transaction	2,241	23.0541 USD
Common	Sell Transaction	142	23.0556 USD
Common	Sell Transaction	716	23.0570 USD
Common	Sell Transaction	1,540	23.0588 USD
Common	Sell Transaction	11,046	23.0595 USD
Common	Sell Transaction	116	23.0600 USD
Common	Sell Transaction	551	23.0607 USD
Common	Sell Transaction	499	23.0649 USD
Common	Sell Transaction	391	23.0652 USD
Common	Sell Transaction	611	23.0660 USD
Common	Sell Transaction	88	23.0666 USD
Common	Sell Transaction	218	23.0667 USD
Common	Sell Transaction	345	23.0673 USD
Common	Sell Transaction	200	23.0700 USD
Common	Sell Transaction	2,485	23.0764 USD
Common	Sell Transaction	431	23.0800 USD
Common	Sell Transaction	158	23.0805 USD
Common	Sell Transaction	246	23.0831 USD
Common	Sell Transaction	476	23.0850 USD
Common	Sell Transaction	931	23.0850 USD
Common	Sell Transaction	60	23.0900 USD
Common	Sell Transaction	276	23.0910 USD
Common	Sell Transaction	969	23.0912 USD
Common	Sell Transaction	477	23.0941 USD
Common	Sell Transaction	834	23.1095 USD
Common	Sell Transaction	163	23.1100 USD
Common	Sell Transaction	21	23.1150 USD
Common	Sell Transaction	344	23.1153 USD
Common	Sell Transaction	101	23.1200 USD
Common	Sell Transaction	228	23.1354 USD
Common	Sell Transaction	30	23.1400 USD
Common	Sell Transaction	51	23.1751 USD
Common	Sell Transaction	1	23.1800 USD
Common	Sell Transaction	1	23.3500 USD
Common	Sell Transaction	11	23.4000 USD
Common	Sell Transaction	2	25.0000 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	20.0000 USD	American	2025-12-19	3.2000 USD
Common	Call Option	Buy Transaction	5,600	17.5000 USD	American	2026-01-16	5.4000 USD
Common	Call Option	Buy Transaction	400	17.5000 USD	American	2026-01-16	5.4800 USD
Common	Put Option	Sell Transaction	600	10.0000 USD	American	2026-01-16	0.0500 USD
Common	Call Option	Sell Transaction	1,400	30.0000 USD	American	2025-11-21	0.0500 USD
Common	Put Option	Sell Transaction	100	12.5000 USD	American	2026-01-16	0.0600 USD
Common	Put Option	Sell Transaction	4,900	20.0000 USD	American	2025-12-19	0.1000 USD
Common	Call Option	Sell Transaction	600	25.0000 USD	American	2025-12-19	0.3500 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	19 November 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	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	100	22.5 USD	American	16/01/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-4,600	12.5 USD	American	21/11/2025
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	7,200	7.5 USD	American	21/11/2025
Common	Put Option	Purchased	-300	15.0 USD	American	21/11/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
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	Put Option	Purchased	0	20.0 USD	American	21/11/2025
Common	Put Option	Purchased	-3,100	12.5 USD	American	20/03/2026
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	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	3,100	25.0 USD	American	15/01/2027
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
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	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-5,400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-4,300	22.5 USD	American	19/12/2025
Common	Put Option	Sold	11,900	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-30,800	15.0 USD	American	21/11/2025
Common	Call Option	Sold	-31,800	17.5 USD	American	19/12/2025
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	-100	30.0 USD	American	19/12/2025
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Call Option	Sold	-13,500	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-150,600	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-184,200	12.5 USD	American	21/11/2025
Common	Put Option	Sold	4,800	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-227,000	17.5 USD	American	21/11/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,800	25.0 USD	American	21/11/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-50,500	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-183,200	10.0 USD	American	16/01/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,200	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Put Option	Sold	100	10.0 USD	American	21/11/2025
Common	Put Option	Sold	400	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-3,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	22.5 USD	American	21/11/2025
Common	Put Option	Sold	1,900	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-3,100	30.0 USD	American	21/11/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Call Option	Sold	-174,600	20.0 USD	American	21/11/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027

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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