18th Nov 2025 14:28
FORM 38.5(b)
IRISH TAKEOVER PANEL
DISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2013
DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RECOGNISED INTERMEDIARY STATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY
1. KEY INFORMATION
Name of exempt principal trader | GOLDMAN SACHS & CO. LLC |
Company dealt in | AVADEL PHARMACEUTICALS PLC |
Class of relevant security to which the dealings being disclosed relate (Note1) | USD 0.01 ordinary shares |
Date of dealing | 17 November 2025 |
2. INTERESTS AND SHORT POSITIONS
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 2)
Long | Short | |||
Number | (%) | Number | (%) | |
(1) Relevant securities | 965,650 | (0.99) | 551,865 | (0.56) |
(2) Derivatives (other than options) | 102,065 | (0.10) | 63,843 | (0.06) |
(3) Options and agreements to purchase/sell | 0 | (0.00) | 0 | (0.00) |
Total | 1,067,715 | (1.09) | 615,708 | (0.63) |
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 2)
Class of relevant security: | Long | Short | ||
Number | (%) | Number | (%) | |
(1) Relevant securities | ||||
(2) Derivatives (other than options) | ||||
(3) Options and agreements to purchase/sell | ||||
Total | ||||
3. DEALINGS (Note 3)
(a) Purchases and sales
Purchase/sale | Number of relevant securities | Price per unit (Note 4) |
Sale | 330 | 23.0250 USD |
Sale | 91 | 23.0300 USD |
Sale | 100 | 23.0450 USD |
Sale | 100 | 23.0450 USD |
Sale | 100 | 23.0650 USD |
Sale | 200 | 23.0650 USD |
Sale | 100 | 23.0750 USD |
Sale | 100 | 23.0850 USD |
Sale | 170 | 23.0850 USD |
Sale | 100 | 23.0850 USD |
Sale | 300 | 23.0850 USD |
Sale | 364 | 23.0850 USD |
Sale | 100 | 23.0850 USD |
Sale | 100 | 23.0850 USD |
Sale | 100 | 23.0850 USD |
Sale | 170 | 23.0850 USD |
Sale | 100 | 23.0850 USD |
Sale | 100 | 23.0950 USD |
Sale | 100 | 23.0950 USD |
Sale | 200 | 23.0950 USD |
Sale | 25 | 23.1000 USD |
Sale | 48 | 23.1000 USD |
Sale | 20 | 23.1006 USD |
Sale | 22 | 23.1042 USD |
Sale | 100 | 23.1050 USD |
Sale | 20 | 23.1123 USD |
Sale | 22 | 23.1173 USD |
Sale | 20 | 23.1200 USD |
Sale | 20 | 23.1225 USD |
Sale | 21 | 23.1229 USD |
Sale | 22 | 23.1250 USD |
Sale | 21 | 23.1260 USD |
Sale | 28 | 23.1281 USD |
Sale | 31 | 23.1295 USD |
Sale | 22 | 23.1295 USD |
Sale | 20 | 23.1299 USD |
Sale | 51 | 23.1300 USD |
Sale | 34 | 23.1300 USD |
Sale | 100 | 23.1300 USD |
Sale | 20 | 23.1300 USD |
Sale | 22 | 23.1301 USD |
Sale | 20 | 23.1301 USD |
Sale | 20 | 23.1305 USD |
Sale | 18 | 23.1309 USD |
Sale | 20 | 23.1313 USD |
Sale | 20 | 23.1314 USD |
Sale | 26 | 23.1326 USD |
Sale | 20 | 23.1340 USD |
Sale | 26 | 23.1344 USD |
Sale | 100 | 23.1350 USD |
Sale | 100 | 23.1350 USD |
Sale | 100 | 23.1350 USD |
Sale | 40 | 23.1350 USD |
Sale | 160 | 23.1350 USD |
Sale | 160 | 23.1350 USD |
Sale | 21 | 23.1350 USD |
Sale | 21 | 23.1354 USD |
Sale | 21 | 23.1377 USD |
Sale | 20 | 23.1387 USD |
Sale | 21 | 23.1390 USD |
Sale | 22 | 23.1397 USD |
Sale | 21 | 23.1400 USD |
Sale | 21 | 23.1407 USD |
Sale | 21 | 23.1415 USD |
Sale | 24 | 23.1420 USD |
Sale | 21 | 23.1429 USD |
Sale | 29 | 23.1445 USD |
Sale | 20 | 23.1450 USD |
Sale | 20 | 23.1458 USD |
Sale | 22 | 23.1462 USD |
Sale | 21 | 23.1487 USD |
Sale | 35 | 23.1487 USD |
Sale | 22 | 23.1488 USD |
Sale | 24 | 23.1493 USD |
Sale | 22 | 23.1500 USD |
Sale | 22 | 23.1500 USD |
Sale | 38 | 23.1500 USD |
Sale | 27 | 23.1500 USD |
Sale | 20 | 23.1500 USD |
Sale | 34 | 23.1500 USD |
Sale | 60 | 23.1500 USD |
Sale | 23 | 23.1500 USD |
Sale | 21 | 23.1500 USD |
Sale | 43 | 23.1500 USD |
Sale | 55 | 23.1500 USD |
Sale | 21 | 23.1520 USD |
Sale | 22 | 23.1527 USD |
Sale | 21 | 23.1528 USD |
Sale | 23 | 23.1534 USD |
Sale | 21 | 23.1549 USD |
Sale | 400 | 23.1550 USD |
Sale | 20 | 23.1556 USD |
Sale | 20 | 23.1560 USD |
Sale | 20 | 23.1560 USD |
Sale | 25 | 23.1563 USD |
Sale | 22 | 23.1571 USD |
Sale | 28 | 23.1572 USD |
Sale | 15 | 23.1573 USD |
Sale | 20 | 23.1579 USD |
Sale | 20 | 23.1591 USD |
Sale | 20 | 23.1593 USD |
Sale | 24 | 23.1600 USD |
Sale | 100 | 23.1600 USD |
Sale | 100 | 23.1600 USD |
Sale | 100 | 23.1600 USD |
Sale | 100 | 23.1600 USD |
Sale | 24 | 23.1600 USD |
Sale | 22 | 23.1603 USD |
Sale | 23 | 23.1606 USD |
Sale | 33 | 23.1606 USD |
Sale | 20 | 23.1619 USD |
Sale | 20 | 23.1621 USD |
Sale | 20 | 23.1625 USD |
Sale | 20 | 23.1626 USD |
Sale | 28 | 23.1626 USD |
Sale | 28 | 23.1626 USD |
Sale | 20 | 23.1628 USD |
Sale | 21 | 23.1634 USD |
Sale | 22 | 23.1635 USD |
Sale | 21 | 23.1642 USD |
Sale | 200 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 364 | 23.1650 USD |
Sale | 200 | 23.1650 USD |
Sale | 150 | 23.1650 USD |
Sale | 23 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 173 | 23.1650 USD |
Sale | 23 | 23.1650 USD |
Sale | 150 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 150 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 150 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 150 | 23.1650 USD |
Sale | 21 | 23.1650 USD |
Sale | 100 | 23.1650 USD |
Sale | 21 | 23.1651 USD |
Sale | 21 | 23.1657 USD |
Sale | 22 | 23.1660 USD |
Sale | 20 | 23.1663 USD |
Sale | 23 | 23.1665 USD |
Sale | 21 | 23.1667 USD |
Sale | 22 | 23.1667 USD |
Sale | 20 | 23.1669 USD |
Sale | 20 | 23.1671 USD |
Sale | 21 | 23.1672 USD |
Sale | 10 | 23.1677 USD |
Sale | 20 | 23.1678 USD |
Sale | 22 | 23.1683 USD |
Sale | 21 | 23.1685 USD |
Sale | 24 | 23.1687 USD |
Sale | 34 | 23.1688 USD |
Sale | 34 | 23.1688 USD |
Sale | 21 | 23.1691 USD |
Sale | 21 | 23.1691 USD |
Sale | 20 | 23.1692 USD |
Sale | 22 | 23.1695 USD |
Sale | 100 | 23.1700 USD |
Sale | 100 | 23.1700 USD |
Sale | 100 | 23.1700 USD |
Sale | 100 | 23.1700 USD |
Sale | 200 | 23.1700 USD |
Sale | 689 | 23.1700 USD |
Sale | 20 | 23.1707 USD |
Sale | 22 | 23.1715 USD |
Sale | 21 | 23.1718 USD |
Sale | 21 | 23.1723 USD |
Sale | 20 | 23.1728 USD |
Sale | 22 | 23.1731 USD |
Sale | 20 | 23.1734 USD |
Sale | 20 | 23.1734 USD |
Sale | 28 | 23.1739 USD |
Sale | 20 | 23.1739 USD |
Sale | 39 | 23.1739 USD |
Sale | 21 | 23.1746 USD |
Sale | 24 | 23.1747 USD |
Sale | 20 | 23.1749 USD |
Sale | 100 | 23.1750 USD |
Sale | 164 | 23.1750 USD |
Sale | 100 | 23.1750 USD |
Sale | 36 | 23.1750 USD |
Sale | 364 | 23.1750 USD |
Sale | 100 | 23.1750 USD |
Sale | 100 | 23.1750 USD |
Sale | 200 | 23.1750 USD |
Sale | 100 | 23.1750 USD |
Sale | 47 | 23.1750 USD |
Sale | 13 | 23.1750 USD |
Sale | 21 | 23.1754 USD |
Sale | 21 | 23.1756 USD |
Sale | 21 | 23.1760 USD |
Sale | 21 | 23.1760 USD |
Sale | 24 | 23.1763 USD |
Sale | 20 | 23.1765 USD |
Sale | 21 | 23.1774 USD |
Sale | 20 | 23.1775 USD |
Sale | 21 | 23.1781 USD |
Sale | 20 | 23.1784 USD |
Sale | 23 | 23.1800 USD |
Sale | 100 | 23.1800 USD |
Sale | 20 | 23.1800 USD |
Sale | 20 | 23.1800 USD |
Sale | 200 | 23.1800 USD |
Sale | 20 | 23.1800 USD |
Sale | 27 | 23.1800 USD |
Sale | 20 | 23.1804 USD |
Sale | 20 | 23.1809 USD |
Sale | 20 | 23.1809 USD |
Sale | 22 | 23.1810 USD |
Sale | 22 | 23.1811 USD |
Sale | 22 | 23.1816 USD |
Sale | 21 | 23.1820 USD |
Sale | 21 | 23.1821 USD |
Sale | 21 | 23.1822 USD |
Sale | 29 | 23.1822 USD |
Sale | 20 | 23.1824 USD |
Sale | 21 | 23.1824 USD |
Sale | 24 | 23.1827 USD |
Sale | 24 | 23.1827 USD |
Sale | 21 | 23.1827 USD |
Sale | 21 | 23.1829 USD |
Sale | 22 | 23.1830 USD |
Sale | 22 | 23.1831 USD |
Sale | 20 | 23.1831 USD |
Sale | 22 | 23.1832 USD |
Sale | 21 | 23.1833 USD |
Sale | 20 | 23.1834 USD |
Sale | 20 | 23.1834 USD |
Sale | 23 | 23.1841 USD |
Sale | 20 | 23.1843 USD |
Sale | 20 | 23.1844 USD |
Sale | 22 | 23.1844 USD |
Sale | 23 | 23.1844 USD |
Sale | 85 | 23.1848 USD |
Sale | 22 | 23.1849 USD |
Sale | 100 | 23.1850 USD |
Sale | 200 | 23.1850 USD |
Sale | 100 | 23.1850 USD |
Sale | 100 | 23.1850 USD |
Sale | 100 | 23.1850 USD |
Sale | 78 | 23.1850 USD |
Sale | 8 | 23.1850 USD |
Sale | 8,212 | 23.1850 USD |
Sale | 177 | 23.1850 USD |
Sale | 600 | 23.1850 USD |
Sale | 160 | 23.1850 USD |
Sale | 23 | 23.1850 USD |
Sale | 300 | 23.1850 USD |
Sale | 100 | 23.1850 USD |
Sale | 30 | 23.1850 USD |
Sale | 177 | 23.1850 USD |
Sale | 200 | 23.1850 USD |
Sale | 78 | 23.1850 USD |
Sale | 200 | 23.1850 USD |
Sale | 23 | 23.1850 USD |
Sale | 20 | 23.1853 USD |
Sale | 20 | 23.1854 USD |
Sale | 21 | 23.1862 USD |
Sale | 20 | 23.1862 USD |
Sale | 20 | 23.1862 USD |
Sale | 20 | 23.1863 USD |
Sale | 20 | 23.1870 USD |
Sale | 21 | 23.1875 USD |
Sale | 20 | 23.1875 USD |
Sale | 20 | 23.1875 USD |
Sale | 20 | 23.1876 USD |
Sale | 23 | 23.1877 USD |
Sale | 20 | 23.1879 USD |
Sale | 29 | 23.1882 USD |
Sale | 20 | 23.1889 USD |
Sale | 24 | 23.1891 USD |
Sale | 20 | 23.1892 USD |
Sale | 22 | 23.1893 USD |
Sale | 20 | 23.1896 USD |
Sale | 20 | 23.1896 USD |
Sale | 400 | 23.1900 USD |
Sale | 150 | 23.1900 USD |
Sale | 100 | 23.1900 USD |
Sale | 100 | 23.1900 USD |
Sale | 100 | 23.1900 USD |
Sale | 100 | 23.1900 USD |
Sale | 21 | 23.1901 USD |
Sale | 20 | 23.1901 USD |
Sale | 26 | 23.1908 USD |
Sale | 26 | 23.1908 USD |
Sale | 20 | 23.1912 USD |
Sale | 20 | 23.1913 USD |
Sale | 21 | 23.1914 USD |
Sale | 21 | 23.1914 USD |
Sale | 23 | 23.1915 USD |
Sale | 23 | 23.1915 USD |
Sale | 21 | 23.1916 USD |
Sale | 21 | 23.1916 USD |
Sale | 26 | 23.1917 USD |
Sale | 23 | 23.1924 USD |
Sale | 20 | 23.1925 USD |
Sale | 27 | 23.1932 USD |
Sale | 20 | 23.1933 USD |
Sale | 20 | 23.1933 USD |
Sale | 24 | 23.1934 USD |
Sale | 21 | 23.1937 USD |
Sale | 30 | 23.1938 USD |
Sale | 22 | 23.1947 USD |
Sale | 20 | 23.1949 USD |
Sale | 100 | 23.1950 USD |
Sale | 200 | 23.1950 USD |
Sale | 100 | 23.1950 USD |
Sale | 100 | 23.1950 USD |
Sale | 100 | 23.1950 USD |
Sale | 100 | 23.1950 USD |
Sale | 100 | 23.1950 USD |
Sale | 1,927 | 23.1950 USD |
Sale | 24 | 23.1951 USD |
Sale | 20 | 23.1951 USD |
Sale | 22 | 23.1952 USD |
Sale | 30 | 23.1957 USD |
Sale | 21 | 23.1959 USD |
Sale | 20 | 23.1962 USD |
Sale | 21 | 23.1963 USD |
Sale | 23 | 23.1964 USD |
Sale | 20 | 23.1964 USD |
Sale | 20 | 23.1964 USD |
Sale | 20 | 23.1965 USD |
Sale | 20 | 23.1970 USD |
Sale | 25 | 23.1971 USD |
Sale | 56 | 23.1971 USD |
Sale | 42 | 23.1976 USD |
Sale | 22 | 23.1979 USD |
Sale | 60 | 23.1980 USD |
Sale | 21 | 23.1993 USD |
Sale | 46 | 23.1997 USD |
Sale | 27 | 23.2000 USD |
Sale | 100 | 23.2000 USD |
Sale | 21 | 23.2000 USD |
Sale | 31 | 23.2000 USD |
Sale | 100 | 23.2000 USD |
Sale | 23 | 23.2000 USD |
Sale | 20 | 23.2000 USD |
Sale | 27 | 23.2000 USD |
Sale | 31 | 23.2000 USD |
Sale | 1,100 | 23.2000 USD |
Sale | 27 | 23.2000 USD |
Sale | 22 | 23.2000 USD |
Sale | 25 | 23.2000 USD |
Sale | 20 | 23.2000 USD |
Sale | 20 | 23.2000 USD |
Sale | 20 | 23.2000 USD |
Sale | 30 | 23.2001 USD |
Sale | 185 | 23.2002 USD |
Sale | 185 | 23.2002 USD |
Sale | 41 | 23.2003 USD |
Sale | 55 | 23.2004 USD |
Sale | 84 | 23.2004 USD |
Sale | 55 | 23.2004 USD |
Sale | 20 | 23.2005 USD |
Sale | 20 | 23.2007 USD |
Sale | 20 | 23.2011 USD |
Sale | 20 | 23.2012 USD |
Sale | 21 | 23.2013 USD |
Sale | 38 | 23.2014 USD |
Sale | 38 | 23.2014 USD |
Sale | 22 | 23.2014 USD |
Sale | 44 | 23.2015 USD |
Sale | 44 | 23.2015 USD |
Sale | 23 | 23.2017 USD |
Sale | 22 | 23.2018 USD |
Sale | 22 | 23.2018 USD |
Sale | 29 | 23.2020 USD |
Sale | 22 | 23.2040 USD |
Sale | 22 | 23.2040 USD |
Sale | 20 | 23.2050 USD |
Sale | 20 | 23.2050 USD |
Sale | 20 | 23.2064 USD |
Sale | 20 | 23.2064 USD |
Sale | 4 | 23.2100 USD |
Sale (Loan New) | 36,502 | N/A |
Purchase (Loan Partial Return) | 6,876 | N/A |
Sale (Borrow Partial Return) | 9,700 | N/A |
Sale (Borrow Partial Return) | 13,800 | N/A |
Sale (Borrow Full Return) | 8,000 | N/A |
Sale (Borrow Partial Return) | 7,000 | N/A |
Sale (Borrow Partial Return) | 9,000 | N/A |
Sale (Borrow Partial Return) | 6,000 | N/A |
Purchase (Loan Full Return) | 986 | N/A |
Purchase (Borrow New) | 56,900 | N/A |
Purchase (Borrow New) | 10,102 | N/A |
Sale (Borrow Full Return) | 10,102 | N/A |
Sale (Borrow Partial Return) | 3,400 | N/A |
Sale (Loan New) | 2,240 | N/A |
Purchase (Loan Full Return) | 2,240 | N/A |
Purchase (Loan Partial Return) | 2,240 | N/A |
Sale (Borrow Partial Return) | 26,700 | N/A |
Purchase (Borrow New) | 56,900 | N/A |
(b) Derivatives transactions (other than options transactions)
Product name, e.g. CFD | Nature of transaction (Note 5) | Number of relevant securities (Note 6) | Price per unit (Note 4) |
CFD | Reducing a long position | 8,357 | 23.0237 USD |
(c) Options transactions in respect of existing relevant securities
(i) Writing, selling, purchasing or varying
Product name,e.g. call option | Writing, selling, purchasing, varying etc. | Number of securities to which the option relates (Note 7) | Exercise price | Type, e.g. American, European etc. | Expiry date | Option money paid/received per unit (Note 4) |
(ii) Exercising
Product name,e.g. call option | Number of securities | Exercise price per unit (Note 4) |
(d) Other dealings (including transactions in respect of new securities) (Note 3)
Nature of transaction (Note 7) | Details | Price per unit (if applicable) (Note 4) |
4. OTHER INFORMATION
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 |
Is a Supplemental Form 8 attached? (Note 9) YES
Date of disclosure | 18 November 2025 |
Contact name | Papa Lette and Andrzej Szyszka |
Telephone number | +33(1) 4212 1459 / +48(22) 317 4817 |
Name of offeree/offeror with which connected | AVADEL PHARMACEUTICALS PLC |
Nature of connection (Note 9) | Advisor to Offeree |
SUPPLEMENTAL FORM 38.5(b)
IRISH TAKEOVER PANEL
DISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2013
DETAILS OF OPEN POSITIONS
OPEN POSITIONS (Note 1)
Product name,e.g. call option | Written or purchased | Number of relevant securities to which the option or derivative relates | Exercise price (Note 2) | Type, e.g. American, European etc. | Expiry date |
Swap | Sold | 84 | 0.0000 | N/A | 17/12/2025 |
Swap | Purchased | 33,762 | 0.0000 | N/A | 20/01/2026 |
Notes
1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given. Full details of any existing agreements to purchase or to sell must also be given on this form.
2. For all prices and other monetary amounts, the currency must be stated.
For full details of disclosure requirements, see Rules 8 and 38.5 of the Rules. If in doubt, consult the Panel.