Citadel Group

Major Shareholding Notification • Dec 16, 2025

National Storage Mechanism | Additional information

RNS Number : 7949L

Citadel Group

16 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	15 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	936,924	0.95	215,602	0.21
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	259,900	0.26	795,600	0.81
Total	1,196,824	1.21	1,011,202	1.03

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	27	21.3800 USD
Common	Buy Transaction	259	21.3873 USD
Common	Buy Transaction	100	21.3900 USD
Common	Buy Transaction	136	21.3950 USD
Common	Buy Transaction	255	21.3950 USD
Common	Buy Transaction	20	21.3955 USD
Common	Buy Transaction	1,314	21.3993 USD
Common	Buy Transaction	5,408	21.4000 USD
Common	Buy Transaction	795	21.4001 USD
Common	Buy Transaction	3,200	21.4001 USD
Common	Buy Transaction	1,675	21.4001 USD
Common	Buy Transaction	593	21.4021 USD
Common	Buy Transaction	8	21.4023 USD
Common	Buy Transaction	2,048	21.4051 USD
Common	Buy Transaction	464	21.4095 USD
Common	Buy Transaction	1,395	21.4100 USD
Common	Buy Transaction	500	21.4101 USD
Common	Buy Transaction	2,665	21.4128 USD
Common	Buy Transaction	166	21.4131 USD
Common	Buy Transaction	100	21.4144 USD
Common	Buy Transaction	11	21.4155 USD
Common	Buy Transaction	54	21.4165 USD
Common	Buy Transaction	18	21.4176 USD
Common	Buy Transaction	827	21.4191 USD
Common	Buy Transaction	1,300	21.4192 USD
Common	Buy Transaction	18,907	21.4200 USD
Common	Buy Transaction	385	21.4204 USD
Common	Buy Transaction	124	21.4214 USD
Common	Buy Transaction	29,566	21.4214 USD
Common	Buy Transaction	373	21.4229 USD
Common	Buy Transaction	1,660	21.4233 USD
Common	Buy Transaction	3	21.4233 USD
Common	Buy Transaction	1,145	21.4235 USD
Common	Buy Transaction	953	21.4237 USD
Common	Buy Transaction	518	21.4239 USD
Common	Buy Transaction	600	21.4242 USD
Common	Buy Transaction	135	21.4246 USD
Common	Buy Transaction	580	21.4250 USD
Common	Buy Transaction	184	21.4276 USD
Common	Buy Transaction	93	21.4282 USD
Common	Buy Transaction	340	21.4300 USD
Common	Buy Transaction	1,700	21.4324 USD
Common	Buy Transaction	1,000	21.4351 USD
Common	Buy Transaction	500	21.4500 USD
Common	Sell Transaction	48	21.3800 USD
Common	Sell Transaction	414	21.3900 USD
Common	Sell Transaction	112	21.3950 USD
Common	Sell Transaction	51	21.3951 USD
Common	Sell Transaction	202	21.3968 USD
Common	Sell Transaction	3,408	21.4000 USD
Common	Sell Transaction	520	21.4012 USD
Common	Sell Transaction	5,000	21.4016 USD
Common	Sell Transaction	4	21.4023 USD
Common	Sell Transaction	200	21.4050 USD
Common	Sell Transaction	465	21.4100 USD
Common	Sell Transaction	302	21.4101 USD
Common	Sell Transaction	2,304	21.4109 USD
Common	Sell Transaction	551	21.4112 USD
Common	Sell Transaction	481	21.4117 USD
Common	Sell Transaction	18,869	21.4134 USD
Common	Sell Transaction	4,400	21.4158 USD
Common	Sell Transaction	3	21.4167 USD
Common	Sell Transaction	484	21.4168 USD
Common	Sell Transaction	10	21.4170 USD
Common	Sell Transaction	12	21.4175 USD
Common	Sell Transaction	674	21.4183 USD
Common	Sell Transaction	7,341	21.4200 USD
Common	Sell Transaction	962	21.4202 USD
Common	Sell Transaction	1,119	21.4209 USD
Common	Sell Transaction	158	21.4210 USD
Common	Sell Transaction	2,088	21.4213 USD
Common	Sell Transaction	908	21.4232 USD
Common	Sell Transaction	327	21.4234 USD
Common	Sell Transaction	380	21.4250 USD
Common	Sell Transaction	1,830	21.4251 USD
Common	Sell Transaction	41	21.4261 USD
Common	Sell Transaction	314	21.4273 USD
Common	Sell Transaction	920	21.4280 USD
Common	Sell Transaction	690	21.4289 USD
Common	Sell Transaction	500	21.4290 USD
Common	Sell Transaction	101	21.4297 USD
Common	Sell Transaction	364	21.4300 USD
Common	Sell Transaction	423	21.4305 USD
Common	Sell Transaction	142	21.4313 USD
Common	Sell Transaction	70	21.4319 USD
Common	Sell Transaction	62	21.4329 USD
Common	Sell Transaction	1,342	21.4340 USD
Common	Sell Transaction	382	21.4350 USD
Common	Sell Transaction	107	21.4355 USD
Common	Sell Transaction	43	21.4365 USD
Common	Sell Transaction	357	21.4396 USD
Common	Sell Transaction	595	21.4400 USD
Common	Sell Transaction	92	21.4442 USD
Common	Sell Transaction	5	21.4480 USD
Common	Sell Transaction	3	21.4500 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	17,700	20.0000 USD	American	2025-12-19	1.4000 USD
Common	Call Option	Buy Transaction	2,500	20.0000 USD	American	2025-12-19	1.4500 USD
Common	Put Option	Sell Transaction	100	12.5000 USD	American	2026-03-20	0.4000 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	16 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	5,000	22.5 USD	American	15/01/2027
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
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	0	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	23,300	22.5 USD	American	20/03/2026
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Call Option	Purchased	80,000	20.0 USD	American	19/12/2025
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
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	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
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	0	25.0 USD	American	20/03/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,900	22.5 USD	American	19/12/2025
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-147,900	15.0 USD	American	16/01/2026
Common	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Call Option	Sold	-65,900	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,500	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
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	-20,800	17.5 USD	American	19/12/2025
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-29,900	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026

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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