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Form 8.3 - Avadel Pharmaceuticals plc

19th Nov 2025 15:00

RNS Number : 2310I
Citadel Group
19 November 2025
 

Ap27

 

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.

 

Ap28

 

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 relevantsecurity

Purchase/sale

Number ofsecurities

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

 

Ap29

 

(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)

Exerciseprice per unit

Type e.g. American, Europeanetc.

Expiry date

Option moneypaid/ 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)

 

 

 

 

 

Ap30

 

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.

 

 

 

Ap32

 

SUPPLEMENTAL FORM 8

 

IRISH TAKEOVER PANEL

 

DISCLOSURE UNDER RULE 8.1, RULE 8.3, RULE 38.5(b) ANDRULE 38.6 OF THE IRISH TAKEOVER PANEL ACT, 1997,TAKEOVER RULES, 2022

 

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDINGOPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ANDRIGHTS 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 towhich optionor 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:

 

 

 

Ap33

 

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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