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Form 8.3 - Avadel Pharmaceuticals plc

13th Nov 2025 15:00

RNS Number : 4598H
Citadel Group
13 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

12 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

1,845,209

1.88

435,100

0.44

(2) Cash-settled derivatives

0

0.00

0

0.00

(3) Stock-settled derivatives (including options) and agreements to purchase/ sell

172,200

0.17

1,476,500

1.51

Total

2,017,409

2.06

1,911,600

1.95

 

 

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

27

18.7900 USD

 Common

Buy Transaction

300

18.8200 USD

 Common

Buy Transaction

480

18.8300 USD

 Common

Buy Transaction

1,969

18.8400 USD

 Common

Buy Transaction

355

18.8420 USD

 Common

Buy Transaction

600

18.8433 USD

 Common

Buy Transaction

325

18.8477 USD

 Common

Buy Transaction

2,474

18.8500 USD

 Common

Buy Transaction

400

18.8501 USD

 Common

Buy Transaction

100

18.8538 USD

 Common

Buy Transaction

100

18.8550 USD

 Common

Buy Transaction

9

18.8556 USD

 Common

Buy Transaction

750

18.8565 USD

 Common

Buy Transaction

401

18.8600 USD

 Common

Buy Transaction

94

18.8628 USD

 Common

Buy Transaction

61

18.8651 USD

 Common

Buy Transaction

6

18.8667 USD

 Common

Buy Transaction

362

18.8729 USD

 Common

Buy Transaction

30

18.8743 USD

 Common

Buy Transaction

2,536

18.8750 USD

 Common

Buy Transaction

11,000

18.8801 USD

 Common

Buy Transaction

700

18.8821 USD

 Common

Buy Transaction

100

18.8900 USD

 Common

Buy Transaction

942

18.8970 USD

 Common

Buy Transaction

329

18.8974 USD

 Common

Buy Transaction

125

18.9083 USD

 Common

Buy Transaction

947

18.9093 USD

 Common

Buy Transaction

700

18.9271 USD

 Common

Buy Transaction

700

18.9293 USD

 Common

Buy Transaction

1,321

18.9323 USD

 Common

Buy Transaction

5

18.9460 USD

 Common

Buy Transaction

303

18.9465 USD

 Common

Buy Transaction

12,089

18.9500 USD

 Common

Buy Transaction

538

18.9511 USD

 Common

Buy Transaction

56

18.9650 USD

 Common

Buy Transaction

3,000

18.9750 USD

 Common

Buy Transaction

925

18.9762 USD

 Common

Buy Transaction

251

18.9800 USD

 Common

Buy Transaction

2

18.9950 USD

 Common

Buy Transaction

1,387

18.9984 USD

 Common

Buy Transaction

1,116

19.0000 USD

 Common

Buy Transaction

986

19.0047 USD

 Common

Buy Transaction

17

19.0100 USD

 Common

Buy Transaction

260

19.0106 USD

 Common

Buy Transaction

597

19.0173 USD

 Common

Buy Transaction

4,106

19.0174 USD

 Common

Buy Transaction

500

19.0200 USD

 Common

Buy Transaction

12

19.0250 USD

 Common

Buy Transaction

25

19.0252 USD

 Common

Buy Transaction

6,292

19.0281 USD

 Common

Buy Transaction

1,884

19.0297 USD

 Common

Buy Transaction

228

19.0300 USD

 Common

Buy Transaction

200

19.0301 USD

 Common

Buy Transaction

748

19.0302 USD

 Common

Buy Transaction

28,418

19.0331 USD

 Common

Buy Transaction

1,006

19.0340 USD

 Common

Buy Transaction

4,333

19.0343 USD

 Common

Buy Transaction

393

19.0348 USD

 Common

Buy Transaction

552

19.0350 USD

 Common

Buy Transaction

523

19.0361 USD

 Common

Buy Transaction

1,130

19.0378 USD

 Common

Buy Transaction

68

19.0400 USD

 Common

Buy Transaction

101

19.0405 USD

 Common

Buy Transaction

29

19.0431 USD

 Common

Buy Transaction

131

19.0441 USD

 Common

Buy Transaction

9,945

19.0480 USD

 Common

Buy Transaction

626

19.0500 USD

 Common

Buy Transaction

1

19.0600 USD

 Common

Buy Transaction

8

19.0625 USD

 Common

Buy Transaction

572

19.0665 USD

 Common

Buy Transaction

2,225

19.0680 USD

 Common

Buy Transaction

2

19.0700 USD

 Common

Buy Transaction

400

19.0750 USD

 Common

Buy Transaction

2,000

19.0800 USD

 Common

Buy Transaction

2,000

19.1000 USD

 Common

Buy Transaction

89

19.1300 USD

 Common

Buy Transaction

20,199

19.1362 USD

 Common

Buy Transaction

37

19.1400 USD

 Common

Buy Transaction

3,734

19.1500 USD

 Common

Buy Transaction

100

19.1550 USD

 Common

Buy Transaction

2,720

19.1700 USD

 Common

Sell Transaction

172

18.8326 USD

 Common

Sell Transaction

242

18.8376 USD

 Common

Sell Transaction

2

18.8400 USD

 Common

Sell Transaction

863

18.8457 USD

 Common

Sell Transaction

318

18.8500 USD

 Common

Sell Transaction

2,314

18.8511 USD

 Common

Sell Transaction

49

18.8539 USD

 Common

Sell Transaction

151

18.8539 USD

 Common

Sell Transaction

158

18.8579 USD

 Common

Sell Transaction

70

18.8581 USD

 Common

Sell Transaction

108

18.8596 USD

 Common

Sell Transaction

378

18.8600 USD

 Common

Sell Transaction

1,552

18.8671 USD

 Common

Sell Transaction

20

18.8675 USD

 Common

Sell Transaction

400

18.8700 USD

 Common

Sell Transaction

126

18.8744 USD

 Common

Sell Transaction

72

18.8781 USD

 Common

Sell Transaction

9,727

18.8800 USD

 Common

Sell Transaction

500

18.8810 USD

 Common

Sell Transaction

448

18.8811 USD

 Common

Sell Transaction

50

18.8850 USD

 Common

Sell Transaction

1,229

18.8893 USD

 Common

Sell Transaction

287

18.8961 USD

 Common

Sell Transaction

604

18.8998 USD

 Common

Sell Transaction

35

18.9091 USD

 Common

Sell Transaction

1

18.9100 USD

 Common

Sell Transaction

508

18.9150 USD

 Common

Sell Transaction

700

18.9271 USD

 Common

Sell Transaction

19

18.9300 USD

 Common

Sell Transaction

606

18.9309 USD

 Common

Sell Transaction

698

18.9317 USD

 Common

Sell Transaction

156

18.9383 USD

 Common

Sell Transaction

257

18.9527 USD

 Common

Sell Transaction

726

18.9540 USD

 Common

Sell Transaction

392

18.9578 USD

 Common

Sell Transaction

1

18.9600 USD

 Common

Sell Transaction

980

18.9647 USD

 Common

Sell Transaction

13

18.9669 USD

 Common

Sell Transaction

27

18.9700 USD

 Common

Sell Transaction

255

18.9757 USD

 Common

Sell Transaction

44

18.9766 USD

 Common

Sell Transaction

2,536

18.9795 USD

 Common

Sell Transaction

1,101

18.9796 USD

 Common

Sell Transaction

200

18.9800 USD

 Common

Sell Transaction

210

18.9806 USD

 Common

Sell Transaction

12

18.9850 USD

 Common

Sell Transaction

412

18.9916 USD

 Common

Sell Transaction

24

18.9925 USD

 Common

Sell Transaction

346

18.9935 USD

 Common

Sell Transaction

242

18.9949 USD

 Common

Sell Transaction

821

18.9966 USD

 Common

Sell Transaction

209

19.0000 USD

 Common

Sell Transaction

811

19.0027 USD

 Common

Sell Transaction

95

19.0041 USD

 Common

Sell Transaction

220

19.0053 USD

 Common

Sell Transaction

37

19.0081 USD

 Common

Sell Transaction

35

19.0091 USD

 Common

Sell Transaction

5

19.0100 USD

 Common

Sell Transaction

273

19.0101 USD

 Common

Sell Transaction

47

19.0106 USD

 Common

Sell Transaction

533

19.0112 USD

 Common

Sell Transaction

9,236

19.0112 USD

 Common

Sell Transaction

690

19.0145 USD

 Common

Sell Transaction

4,865

19.0177 USD

 Common

Sell Transaction

445

19.0200 USD

 Common

Sell Transaction

545

19.0206 USD

 Common

Sell Transaction

940

19.0211 USD

 Common

Sell Transaction

349

19.0244 USD

 Common

Sell Transaction

425

19.0257 USD

 Common

Sell Transaction

573

19.0300 USD

 Common

Sell Transaction

130

19.0332 USD

 Common

Sell Transaction

176

19.0342 USD

 Common

Sell Transaction

14

19.0343 USD

 Common

Sell Transaction

200

19.0350 USD

 Common

Sell Transaction

1,974

19.0353 USD

 Common

Sell Transaction

7

19.0357 USD

 Common

Sell Transaction

500

19.0375 USD

 Common

Sell Transaction

1,241

19.0399 USD

 Common

Sell Transaction

906

19.0400 USD

 Common

Sell Transaction

201

19.0406 USD

 Common

Sell Transaction

2,177

19.0416 USD

 Common

Sell Transaction

3

19.0433 USD

 Common

Sell Transaction

16

19.0444 USD

 Common

Sell Transaction

906

19.0462 USD

 Common

Sell Transaction

840

19.0462 USD

 Common

Sell Transaction

18,436

19.0466 USD

 Common

Sell Transaction

1,039

19.0481 USD

 Common

Sell Transaction

19

19.0489 USD

 Common

Sell Transaction

250

19.0500 USD

 Common

Sell Transaction

73

19.0510 USD

 Common

Sell Transaction

2,209

19.0611 USD

 Common

Sell Transaction

601

19.0614 USD

 Common

Sell Transaction

1,422

19.0626 USD

 Common

Sell Transaction

197

19.0629 USD

 Common

Sell Transaction

1,214

19.0632 USD

 Common

Sell Transaction

7,468

19.0684 USD

 Common

Sell Transaction

221

19.0700 USD

 Common

Sell Transaction

1,067

19.0738 USD

 Common

Sell Transaction

780

19.0791 USD

 Common

Sell Transaction

6

19.0800 USD

 Common

Sell Transaction

669

19.0804 USD

 Common

Sell Transaction

2,201

19.0805 USD

 Common

Sell Transaction

368

19.0817 USD

 Common

Sell Transaction

6,995

19.0825 USD

 Common

Sell Transaction

217

19.0861 USD

 Common

Sell Transaction

464

19.0875 USD

 Common

Sell Transaction

13

19.0892 USD

 Common

Sell Transaction

519

19.0893 USD

 Common

Sell Transaction

241

19.0904 USD

 Common

Sell Transaction

2,066

19.0930 USD

 Common

Sell Transaction

738

19.0950 USD

 Common

Sell Transaction

18,092

19.1008 USD

 Common

Sell Transaction

6,783

19.1030 USD

 Common

Sell Transaction

19

19.1100 USD

 Common

Sell Transaction

2,410

19.1211 USD

 Common

Sell Transaction

834

19.1236 USD

 Common

Sell Transaction

1,539

19.1252 USD

 Common

Sell Transaction

5

19.1260 USD

 Common

Sell Transaction

200

19.1300 USD

 Common

Sell Transaction

4,405

19.1500 USD

 Common

Sell Transaction

13

19.1554 USD

 Common

Sell Transaction

48

19.1600 USD

 Common

Sell Transaction

600

19.1650 USD

 Common

Sell Transaction

300

19.1700 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

800

15.0000 USD

American

2025-11-21

4.1000 USD

Common

Call Option

Sell Transaction

100

20.0000 USD

American

2025-12-19

0.2400 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

13 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

-3,100

12.5 USD

 

American

 

20/03/2026

 

Common

Put Option

Purchased

-300

15.0 USD

 

American

 

21/11/2025

 

Common

Put Option

Purchased

-4,700

15.0 USD

 

American

 

19/12/2025

 

Common

Put Option

Purchased

-100

7.5 USD

 

American

 

20/03/2026

 

Common

Put Option

Purchased

-3,800

15.0 USD

 

American

 

20/03/2026

 

Common

Call Option

Purchased

7,200

7.5 USD

 

American

 

21/11/2025

 

Common

Put Option

Purchased

-100

15.0 USD

 

American

 

15/01/2027

 

Common

Put Option

Purchased

-45,000

10.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Purchased

2,200

20.0 USD

 

American

 

18/06/2026

 

Common

Put Option

Purchased

-2,900

7.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Purchased

3,100

25.0 USD

 

American

 

15/01/2027

 

Common

Put Option

Purchased

-1,000

17.5 USD

 

American

 

18/06/2026

 

Common

Put Option

Purchased

-1,000

25.0 USD

 

American

 

20/03/2026

 

Common

Put Option

Purchased

0

10.0 USD

 

American

 

20/03/2026

 

Common

Put Option

Purchased

-60,700

15.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Purchased

5,600

12.5 USD

 

American

 

15/01/2027

 

Common

Call Option

Purchased

900

7.5 USD

 

American

 

19/12/2025

 

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

0

20.0 USD

 

American

 

21/11/2025

 

Common

Call Option

Purchased

5,800

22.5 USD

 

American

 

15/01/2027

 

Common

Call Option

Purchased

0

5.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Purchased

200

22.5 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

-4,600

12.5 USD

 

American

 

21/11/2025

 

Common

Call Option

Purchased

5,100

15.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Purchased

24,200

22.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Purchased

200

25.0 USD

 

American

 

21/11/2025

 

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

Call Option

Sold

-179,200

20.0 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-1,700

30.0 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-1,700

25.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-35,400

5.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-65,900

12.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-4,400

22.5 USD

 

American

 

19/12/2025

 

Common

Put Option

Sold

24,900

7.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-1,800

17.5 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

400

20.0 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-900

20.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-100

25.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-100

35.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

59,000

5.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-10,700

7.5 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-5,100

10.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-2,600

30.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

5,400

12.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-10,100

17.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-219,200

12.5 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-184,000

10.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-52,000

20.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

4,400

17.5 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

1,900

17.5 USD

 

American

 

19/12/2025

 

Common

Put Option

Sold

100

10.0 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-227,800

17.5 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-6,200

12.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-13,500

10.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-30,000

15.0 USD

 

American

 

20/03/2026

 

Common

Put Option

Sold

11,800

17.5 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-30,700

15.0 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-5,400

20.0 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-4,400

20.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-2,100

12.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-3,400

22.5 USD

 

American

 

21/11/2025

 

Common

Call Option

Sold

-33,500

17.5 USD

 

American

 

19/12/2025

 

Common

Put Option

Sold

8,200

10.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-52,000

15.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-4,800

17.5 USD

 

American

 

15/01/2027

 

Common

Put Option

Sold

1,600

12.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-9,600

7.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-150,600

15.0 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:

 

 

 

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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