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Form 8.3 - Avadel Pharmaceuticals plc

24th Nov 2025 15:00

RNS Number : 7529I
Citadel Group
24 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

21 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

1,379,477

1.41

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

161,900

0.16

780,300

0.79

Total

1,541,377

1.57

1,105,485

1.13

 

 

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

192

22.7400 USD

 Common

Buy Transaction

1,080

22.7568 USD

 Common

Buy Transaction

1,080

22.7568 USD

 Common

Buy Transaction

3,051

22.7925 USD

 Common

Buy Transaction

3,101

22.8100 USD

 Common

Buy Transaction

1,038

22.8110 USD

 Common

Buy Transaction

41

22.8129 USD

 Common

Buy Transaction

215

22.8148 USD

 Common

Buy Transaction

841

22.8178 USD

 Common

Buy Transaction

1

22.8200 USD

 Common

Buy Transaction

12

22.8233 USD

 Common

Buy Transaction

27

22.8363 USD

 Common

Buy Transaction

54

22.8411 USD

 Common

Buy Transaction

37

22.8500 USD

 Common

Buy Transaction

496

22.8524 USD

 Common

Buy Transaction

10

22.8550 USD

 Common

Buy Transaction

424

22.8554 USD

 Common

Buy Transaction

300

22.8567 USD

 Common

Buy Transaction

1

22.8600 USD

 Common

Buy Transaction

2,412

22.8607 USD

 Common

Buy Transaction

569

22.8618 USD

 Common

Buy Transaction

413

22.8700 USD

 Common

Buy Transaction

859

22.8711 USD

 Common

Buy Transaction

9,957

22.8783 USD

 Common

Buy Transaction

1,895

22.8852 USD

 Common

Buy Transaction

210

22.8886 USD

 Common

Buy Transaction

1,370

22.8890 USD

 Common

Buy Transaction

90

22.8894 USD

 Common

Buy Transaction

268

22.8900 USD

 Common

Buy Transaction

155

22.8903 USD

 Common

Buy Transaction

1,260

22.8906 USD

 Common

Buy Transaction

1,868

22.8955 USD

 Common

Buy Transaction

11,128

22.8974 USD

 Common

Buy Transaction

910

22.9000 USD

 Common

Buy Transaction

3

22.9033 USD

 Common

Buy Transaction

109

22.9050 USD

 Common

Buy Transaction

294

22.9070 USD

 Common

Buy Transaction

26

22.9100 USD

 Common

Buy Transaction

250

22.9151 USD

 Common

Buy Transaction

1,093

22.9152 USD

 Common

Buy Transaction

7

22.9157 USD

 Common

Buy Transaction

235

22.9182 USD

 Common

Buy Transaction

170

22.9194 USD

 Common

Buy Transaction

643

22.9195 USD

 Common

Buy Transaction

100

22.9200 USD

 Common

Buy Transaction

200

22.9275 USD

 Common

Buy Transaction

931

22.9300 USD

 Common

Buy Transaction

1,050

22.9351 USD

 Common

Buy Transaction

342

22.9396 USD

 Common

Buy Transaction

2,293

22.9398 USD

 Common

Buy Transaction

2

22.9400 USD

 Common

Buy Transaction

244

22.9430 USD

 Common

Buy Transaction

6,903

22.9448 USD

 Common

Buy Transaction

220

22.9497 USD

 Common

Buy Transaction

200

22.9500 USD

 Common

Buy Transaction

623

22.9523 USD

 Common

Buy Transaction

2,558

22.9539 USD

 Common

Buy Transaction

134

22.9555 USD

 Common

Buy Transaction

415

22.9561 USD

 Common

Buy Transaction

5,301

22.9595 USD

 Common

Buy Transaction

100

22.9600 USD

 Common

Buy Transaction

142

22.9623 USD

 Common

Buy Transaction

1,122

22.9665 USD

 Common

Buy Transaction

5,901

22.9698 USD

 Common

Buy Transaction

457

22.9700 USD

 Common

Buy Transaction

400

22.9750 USD

 Common

Buy Transaction

6,467

22.9782 USD

 Common

Buy Transaction

108

22.9793 USD

 Common

Buy Transaction

200

22.9800 USD

 Common

Buy Transaction

1,090

22.9813 USD

 Common

Buy Transaction

600

22.9850 USD

 Common

Buy Transaction

2,225

22.9867 USD

 Common

Buy Transaction

228

22.9867 USD

 Common

Buy Transaction

300

22.9875 USD

 Common

Buy Transaction

400

22.9881 USD

 Common

Buy Transaction

600

22.9887 USD

 Common

Buy Transaction

600

22.9900 USD

 Common

Buy Transaction

447

22.9937 USD

 Common

Buy Transaction

500

23.0000 USD

 Common

Buy Transaction

189

23.0050 USD

 Common

Buy Transaction

100

23.0100 USD

 Common

Buy Transaction

400

23.0125 USD

 Common

Buy Transaction

10

23.0150 USD

 Common

Buy Transaction

2,881

23.0174 USD

 Common

Buy Transaction

5

23.0200 USD

 Common

Buy Transaction

3,200

23.0201 USD

 Common

Buy Transaction

500

23.0227 USD

 Common

Buy Transaction

10

23.0240 USD

 Common

Buy Transaction

43

23.0263 USD

 Common

Buy Transaction

59

23.0288 USD

 Common

Buy Transaction

3,358

23.0300 USD

 Common

Buy Transaction

210

23.0310 USD

 Common

Buy Transaction

542

23.0350 USD

 Common

Buy Transaction

118

23.0403 USD

 Common

Buy Transaction

20,825

23.0440 USD

 Common

Buy Transaction

9

23.0456 USD

 Common

Buy Transaction

169

23.0500 USD

 Common

Buy Transaction

400

23.0625 USD

 Common

Buy Transaction

10

23.0700 USD

 Common

Sell Transaction

15,000

22.7250 USD

 Common

Sell Transaction

200

22.7400 USD

 Common

Sell Transaction

1,080

22.7568 USD

 Common

Sell Transaction

104

22.7667 USD

 Common

Sell Transaction

1

22.7700 USD

 Common

Sell Transaction

4,400

22.7913 USD

 Common

Sell Transaction

100

22.8100 USD

 Common

Sell Transaction

1,500

22.8147 USD

 Common

Sell Transaction

381

22.8200 USD

 Common

Sell Transaction

121

22.8232 USD

 Common

Sell Transaction

21

22.8233 USD

 Common

Sell Transaction

1,633

22.8300 USD

 Common

Sell Transaction

71

22.8304 USD

 Common

Sell Transaction

2,200

22.8364 USD

 Common

Sell Transaction

331

22.8397 USD

 Common

Sell Transaction

400

22.8412 USD

 Common

Sell Transaction

210

22.8421 USD

 Common

Sell Transaction

2,900

22.8550 USD

 Common

Sell Transaction

563

22.8563 USD

 Common

Sell Transaction

130

22.8600 USD

 Common

Sell Transaction

537

22.8614 USD

 Common

Sell Transaction

369

22.8638 USD

 Common

Sell Transaction

100

22.8700 USD

 Common

Sell Transaction

5,568

22.8707 USD

 Common

Sell Transaction

300

22.8710 USD

 Common

Sell Transaction

200

22.8712 USD

 Common

Sell Transaction

306

22.8863 USD

 Common

Sell Transaction

416

22.8914 USD

 Common

Sell Transaction

198

22.8915 USD

 Common

Sell Transaction

20

22.9000 USD

 Common

Sell Transaction

1,921

22.9028 USD

 Common

Sell Transaction

700

22.9100 USD

 Common

Sell Transaction

55

22.9107 USD

 Common

Sell Transaction

1,108

22.9115 USD

 Common

Sell Transaction

291

22.9144 USD

 Common

Sell Transaction

470

22.9150 USD

 Common

Sell Transaction

9

22.9156 USD

 Common

Sell Transaction

7

22.9157 USD

 Common

Sell Transaction

165

22.9170 USD

 Common

Sell Transaction

486

22.9178 USD

 Common

Sell Transaction

875

22.9191 USD

 Common

Sell Transaction

46

22.9200 USD

 Common

Sell Transaction

833

22.9204 USD

 Common

Sell Transaction

615

22.9251 USD

 Common

Sell Transaction

526

22.9269 USD

 Common

Sell Transaction

599

22.9300 USD

 Common

Sell Transaction

1,477

22.9310 USD

 Common

Sell Transaction

358

22.9324 USD

 Common

Sell Transaction

700

22.9324 USD

 Common

Sell Transaction

800

22.9331 USD

 Common

Sell Transaction

5

22.9360 USD

 Common

Sell Transaction

849

22.9375 USD

 Common

Sell Transaction

2

22.9400 USD

 Common

Sell Transaction

841

22.9411 USD

 Common

Sell Transaction

163

22.9416 USD

 Common

Sell Transaction

342

22.9434 USD

 Common

Sell Transaction

1,600

22.9436 USD

 Common

Sell Transaction

195

22.9446 USD

 Common

Sell Transaction

1,725

22.9485 USD

 Common

Sell Transaction

200

22.9500 USD

 Common

Sell Transaction

1,199

22.9520 USD

 Common

Sell Transaction

6,766

22.9552 USD

 Common

Sell Transaction

13

22.9554 USD

 Common

Sell Transaction

5,431

22.9588 USD

 Common

Sell Transaction

1,074

22.9615 USD

 Common

Sell Transaction

177

22.9628 USD

 Common

Sell Transaction

1,852

22.9685 USD

 Common

Sell Transaction

65

22.9700 USD

 Common

Sell Transaction

600

22.9708 USD

 Common

Sell Transaction

3,882

22.9734 USD

 Common

Sell Transaction

703

22.9794 USD

 Common

Sell Transaction

100

22.9800 USD

 Common

Sell Transaction

7,815

22.9844 USD

 Common

Sell Transaction

400

22.9913 USD

 Common

Sell Transaction

350

22.9949 USD

 Common

Sell Transaction

482

22.9963 USD

 Common

Sell Transaction

600

22.9983 USD

 Common

Sell Transaction

740

23.0000 USD

 Common

Sell Transaction

3,136

23.0009 USD

 Common

Sell Transaction

100

23.0050 USD

 Common

Sell Transaction

35

23.0051 USD

 Common

Sell Transaction

169

23.0100 USD

 Common

Sell Transaction

1,506

23.0113 USD

 Common

Sell Transaction

43

23.0147 USD

 Common

Sell Transaction

1

23.0150 USD

 Common

Sell Transaction

89

23.0194 USD

 Common

Sell Transaction

2,747

23.0300 USD

 Common

Sell Transaction

72

23.0326 USD

 Common

Sell Transaction

1,120

23.0364 USD

 Common

Sell Transaction

2,930

23.0365 USD

 Common

Sell Transaction

295

23.0400 USD

 Common

Sell Transaction

25,825

23.0444 USD

 Common

Sell Transaction

3,000

23.0450 USD

 Common

Sell Transaction

19

23.0458 USD

 Common

Sell Transaction

1,500

23.0480 USD

 Common

Sell Transaction

486

23.0494 USD

 Common

Sell Transaction

37

23.0497 USD

 Common

Sell Transaction

4,010

23.0500 USD

 Common

Sell Transaction

124

23.0550 USD

 Common

Sell Transaction

101

23.0550 USD

 Common

Sell Transaction

35

23.0551 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

700

22.5000 USD

American

2025-11-21

0.3500 USD

Common

Call Option

Buy Transaction

500

20.0000 USD

American

2025-12-19

3.0000 USD

Common

Call Option

Buy Transaction

100

17.5000 USD

American

2025-11-21

5.4000 USD

Common

Call Option

Sell Transaction

1,000

25.0000 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)

Common

Call Option

Exercised against

184,200

12.5000 USD

Common

Call Option

Exercised against

30,800

15.0000 USD

Common

Call Option

Exercised against

226,900

17.5000 USD

Common

Call Option

Exercised against

152,000

20.0000 USD

Common

Call Option

Exercising

7,200

7.5000 USD

Common

Call Option

Exercising

700

22.5000 USD

 

(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

24 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

Call Option

Purchased

24,200

22.5 USD

 

American

 

20/03/2026

 

Common

Put Option

Purchased

-100

7.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Purchased

0

5.0 USD

 

American

 

16/01/2026

 

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

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

-44,400

10.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

-3,100

12.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Purchased

4,200

17.5 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

0

10.0 USD

 

American

 

20/03/2026

 

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

Purchased

5,100

15.0 USD

 

American

 

15/01/2027

 

Common

Put Option

Purchased

-100

20.0 USD

 

American

 

18/06/2026

 

Common

Put Option

Purchased

-3,800

15.0 USD

 

American

 

20/03/2026

 

Common

Call Option

Purchased

3,100

25.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Purchased

5,800

22.5 USD

 

American

 

15/01/2027

 

Common

Call Option

Purchased

100

22.5 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

-200

17.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Purchased

900

7.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Purchased

2,200

20.0 USD

 

American

 

18/06/2026

 

Common

Call Option

Purchased

5,600

12.5 USD

 

American

 

15/01/2027

 

Common

Put Option

Purchased

-4,700

15.0 USD

 

American

 

19/12/2025

 

Common

Put Option

Purchased

-60,700

15.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-183,200

10.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-100

30.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-4,300

22.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-46,200

20.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

8,200

10.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-100

35.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

400

20.0 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-1,800

25.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-10,200

7.5 USD

 

American

 

15/01/2027

 

Common

Put Option

Sold

5,500

12.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-2,100

12.5 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-30,000

15.0 USD

 

American

 

20/03/2026

 

Common

Call Option

Sold

-13,500

10.0 USD

 

American

 

15/01/2027

 

Common

Put Option

Sold

59,000

5.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

4,800

20.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-38,000

15.0 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-34,200

5.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-1,700

25.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-150,600

15.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-6,200

12.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-65,900

12.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-4,800

17.5 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-31,800

17.5 USD

 

American

 

19/12/2025

 

Common

Call Option

Sold

-9,600

7.5 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

1,900

17.5 USD

 

American

 

19/12/2025

 

Common

Put Option

Sold

1,600

12.5 USD

 

American

 

19/12/2025

 

Common

Put Option

Sold

24,900

7.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-10,000

17.5 USD

 

American

 

20/03/2026

 

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

Call Option

Sold

-100

20.0 USD

 

American

 

15/01/2027

 

Common

Call Option

Sold

-700

20.0 USD

 

American

 

19/12/2025

 

Common

Put Option

Sold

4,400

17.5 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-5,400

20.0 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:

 

 

 

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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