12th Nov 2025 15:00
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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 | 11 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
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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 | 1,845,624 | 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 | 1,477,200 | 1.51 |
Total | 2,017,824 | 2.06 | 1,912,300 | 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 | 6 | 18.7250 USD |
Common | Buy Transaction | 56 | 18.7264 USD |
Common | Buy Transaction | 326 | 18.7300 USD |
Common | Buy Transaction | 1,906 | 18.7350 USD |
Common | Buy Transaction | 3 | 18.7367 USD |
Common | Buy Transaction | 36 | 18.7383 USD |
Common | Buy Transaction | 12 | 18.7400 USD |
Common | Buy Transaction | 55 | 18.7418 USD |
Common | Buy Transaction | 245 | 18.7419 USD |
Common | Buy Transaction | 5 | 18.7420 USD |
Common | Buy Transaction | 110 | 18.7450 USD |
Common | Buy Transaction | 14,239 | 18.7500 USD |
Common | Buy Transaction | 1,100 | 18.7501 USD |
Common | Buy Transaction | 18 | 18.7600 USD |
Common | Buy Transaction | 1,408 | 18.7607 USD |
Common | Buy Transaction | 6 | 18.7800 USD |
Common | Buy Transaction | 370 | 18.7814 USD |
Common | Buy Transaction | 132 | 18.7943 USD |
Common | Buy Transaction | 1 | 18.8000 USD |
Common | Buy Transaction | 559 | 18.8043 USD |
Common | Buy Transaction | 93 | 18.8051 USD |
Common | Buy Transaction | 702 | 18.8055 USD |
Common | Buy Transaction | 106 | 18.8056 USD |
Common | Buy Transaction | 798 | 18.8075 USD |
Common | Buy Transaction | 1,597 | 18.8076 USD |
Common | Buy Transaction | 1,298 | 18.8100 USD |
Common | Buy Transaction | 20 | 18.8150 USD |
Common | Buy Transaction | 196 | 18.8179 USD |
Common | Buy Transaction | 231 | 18.8188 USD |
Common | Buy Transaction | 4,717 | 18.8195 USD |
Common | Buy Transaction | 9,182 | 18.8200 USD |
Common | Buy Transaction | 331 | 18.8204 USD |
Common | Buy Transaction | 548 | 18.8219 USD |
Common | Buy Transaction | 710 | 18.8230 USD |
Common | Buy Transaction | 108 | 18.8244 USD |
Common | Buy Transaction | 2 | 18.8250 USD |
Common | Buy Transaction | 8,019 | 18.8259 USD |
Common | Buy Transaction | 44 | 18.8259 USD |
Common | Buy Transaction | 281 | 18.8271 USD |
Common | Buy Transaction | 1,733 | 18.8278 USD |
Common | Buy Transaction | 760 | 18.8285 USD |
Common | Buy Transaction | 52 | 18.8288 USD |
Common | Buy Transaction | 1,177 | 18.8294 USD |
Common | Buy Transaction | 5,449 | 18.8300 USD |
Common | Buy Transaction | 966 | 18.8301 USD |
Common | Buy Transaction | 319 | 18.8309 USD |
Common | Buy Transaction | 2,155 | 18.8312 USD |
Common | Buy Transaction | 234 | 18.8330 USD |
Common | Buy Transaction | 518 | 18.8350 USD |
Common | Buy Transaction | 35 | 18.8360 USD |
Common | Buy Transaction | 3,200 | 18.8366 USD |
Common | Buy Transaction | 356 | 18.8377 USD |
Common | Buy Transaction | 9,674 | 18.8400 USD |
Common | Buy Transaction | 187 | 18.8401 USD |
Common | Buy Transaction | 9,548 | 18.8500 USD |
Common | Sell Transaction | 207 | 18.7200 USD |
Common | Sell Transaction | 28 | 18.7264 USD |
Common | Sell Transaction | 224 | 18.7300 USD |
Common | Sell Transaction | 193 | 18.7400 USD |
Common | Sell Transaction | 700 | 18.7478 USD |
Common | Sell Transaction | 3 | 18.7500 USD |
Common | Sell Transaction | 683 | 18.7573 USD |
Common | Sell Transaction | 11 | 18.7591 USD |
Common | Sell Transaction | 410 | 18.7710 USD |
Common | Sell Transaction | 1 | 18.7800 USD |
Common | Sell Transaction | 364 | 18.7926 USD |
Common | Sell Transaction | 16 | 18.8056 USD |
Common | Sell Transaction | 33 | 18.8073 USD |
Common | Sell Transaction | 6,100 | 18.8080 USD |
Common | Sell Transaction | 1,650 | 18.8091 USD |
Common | Sell Transaction | 3,648 | 18.8100 USD |
Common | Sell Transaction | 1,742 | 18.8102 USD |
Common | Sell Transaction | 1,084 | 18.8105 USD |
Common | Sell Transaction | 690 | 18.8107 USD |
Common | Sell Transaction | 1,212 | 18.8143 USD |
Common | Sell Transaction | 267 | 18.8144 USD |
Common | Sell Transaction | 378 | 18.8147 USD |
Common | Sell Transaction | 28 | 18.8150 USD |
Common | Sell Transaction | 227 | 18.8151 USD |
Common | Sell Transaction | 991 | 18.8155 USD |
Common | Sell Transaction | 16 | 18.8156 USD |
Common | Sell Transaction | 17 | 18.8159 USD |
Common | Sell Transaction | 520 | 18.8164 USD |
Common | Sell Transaction | 510 | 18.8196 USD |
Common | Sell Transaction | 8,273 | 18.8200 USD |
Common | Sell Transaction | 549 | 18.8209 USD |
Common | Sell Transaction | 80 | 18.8212 USD |
Common | Sell Transaction | 3,302 | 18.8222 USD |
Common | Sell Transaction | 2,401 | 18.8229 USD |
Common | Sell Transaction | 7 | 18.8243 USD |
Common | Sell Transaction | 175 | 18.8253 USD |
Common | Sell Transaction | 193 | 18.8255 USD |
Common | Sell Transaction | 557 | 18.8264 USD |
Common | Sell Transaction | 1,018 | 18.8269 USD |
Common | Sell Transaction | 100 | 18.8270 USD |
Common | Sell Transaction | 1,006 | 18.8271 USD |
Common | Sell Transaction | 1,164 | 18.8275 USD |
Common | Sell Transaction | 300 | 18.8277 USD |
Common | Sell Transaction | 7,958 | 18.8300 USD |
Common | Sell Transaction | 5 | 18.8320 USD |
Common | Sell Transaction | 53 | 18.8343 USD |
Common | Sell Transaction | 41 | 18.8346 USD |
Common | Sell Transaction | 200 | 18.8350 USD |
Common | Sell Transaction | 1,100 | 18.8373 USD |
Common | Sell Transaction | 615 | 18.8396 USD |
Common | Sell Transaction | 97 | 18.8396 USD |
Common | Sell Transaction | 9,467 | 18.8400 USD |
Common | Sell Transaction | 194 | 18.8420 USD |
Common | Sell Transaction | 598 | 18.8433 USD |
Common | Sell Transaction | 265 | 18.8437 USD |
Common | Sell Transaction | 73 | 18.8500 USD |
Common | Sell Transaction | 342 | 18.8519 USD |
Common | Sell Transaction | 300 | 18.8550 USD |
Common | Sell Transaction | 1,272 | 18.8555 USD |
Common | Sell Transaction | 1 | 18.8600 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) | Exerciseprice per unit | Type e.g. American, Europeanetc. | Expiry date | Option moneypaid/ received per unit |
Common | Call Option | Buy Transaction | 2,500 | 10.0000 USD | American | 2025-12-19 | 8.8000 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 | 12 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.
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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 | 5,600 | 12.5 USD
| American
| 15/01/2027
|
Common | Put Option | Purchased | -60,700 | 15.0 USD
| American
| 16/01/2026
|
Common | Put Option | Purchased | 0 | 12.5 USD
| American
| 15/01/2027
|
Common | Call Option | Purchased | 200 | 22.5 USD
| American
| 16/01/2026
|
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 | Call Option | Purchased | 900 | 7.5 USD
| American
| 19/12/2025
|
Common | Call Option | Purchased | 0 | 5.0 USD
| American
| 16/01/2026
|
Common | Put Option | Purchased | 0 | 20.0 USD
| American
| 21/11/2025
|
Common | Put Option | Purchased | -200 | 17.5 USD
| American
| 20/03/2026
|
Common | Call Option | Purchased | 200 | 25.0 USD
| American
| 21/11/2025
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Common | Put Option | Purchased | -1,000 | 17.5 USD
| American
| 18/06/2026
|
Common | Call Option | Purchased | 7,200 | 7.5 USD
| American
| 21/11/2025
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Common | Put Option | Purchased | -3,100 | 12.5 USD
| American
| 20/03/2026
|
Common | Put Option | Purchased | -100 | 20.0 USD
| American
| 18/06/2026
|
Common | Call Option | Purchased | 2,200 | 20.0 USD
| American
| 18/06/2026
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Common | Put Option | Purchased | -45,000 | 10.0 USD
| American
| 16/01/2026
|
Common | Put Option | Purchased | -100 | 7.5 USD
| American
| 20/03/2026
|
Common | Put Option | Purchased | -4,600 | 12.5 USD
| American
| 21/11/2025
|
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 | Put Option | Purchased | -3,800 | 15.0 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 | -2,900 | 7.5 USD
| American
| 19/12/2025
|
Common | Call Option | Purchased | 3,100 | 25.0 USD
| American
| 15/01/2027
|
Common | Call Option | Purchased | 24,200 | 22.5 USD
| American
| 20/03/2026
|
Common | Call Option | Purchased | 5,100 | 15.0 USD
| American
| 15/01/2027
|
Common | Call Option | Purchased | 0 | 25.0 USD
| American
| 20/03/2026
|
Common | Call Option | Sold | -4,300 | 20.0 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -52,000 | 15.0 USD
| American
| 19/12/2025
|
Common | Put Option | Sold | 400 | 20.0 USD
| American
| 20/03/2026
|
Common | Call Option | Sold | -150,600 | 15.0 USD
| American
| 16/01/2026
|
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 | -5,400 | 20.0 USD
| American
| 20/03/2026
|
Common | Call Option | Sold | -100 | 35.0 USD
| American
| 16/01/2026
|
Common | Put Option | Sold | 11,800 | 17.5 USD
| American
| 21/11/2025
|
Common | Call Option | Sold | -9,600 | 7.5 USD
| American
| 16/01/2026
|
Common | Call Option | Sold | -900 | 20.0 USD
| American
| 15/01/2027
|
Common | Call Option | Sold | -13,500 | 10.0 USD
| American
| 15/01/2027
|
Common | Call Option | Sold | -2,100 | 12.5 USD
| American
| 20/03/2026
|
Common | Call Option | Sold | -219,200 | 12.5 USD
| American
| 21/11/2025
|
Common | Call Option | Sold | -4,400 | 22.5 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -5,100 | 10.0 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -10,100 | 17.5 USD
| American
| 20/03/2026
|
Common | Call Option | Sold | -65,900 | 12.5 USD
| American
| 16/01/2026
|
Common | Call Option | Sold | -100 | 25.0 USD
| American
| 19/12/2025
|
Common | Put Option | Sold | 1,900 | 17.5 USD
| American
| 19/12/2025
|
Common | Put Option | Sold | 24,900 | 7.5 USD
| American
| 16/01/2026
|
Common | Call Option | Sold | -4,800 | 17.5 USD
| American
| 15/01/2027
|
Common | Call Option | Sold | -184,000 | 10.0 USD
| American
| 16/01/2026
|
Common | Put Option | Sold | 8,200 | 10.0 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -10,700 | 7.5 USD
| American
| 15/01/2027
|
Common | Call Option | Sold | -6,200 | 12.5 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -31,500 | 15.0 USD
| American
| 21/11/2025
|
Common | Call Option | Sold | -33,500 | 17.5 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -30,000 | 15.0 USD
| American
| 20/03/2026
|
Common | Call Option | Sold | -227,800 | 17.5 USD
| American
| 21/11/2025
|
Common | Call Option | Sold | -52,000 | 20.0 USD
| American
| 16/01/2026
|
Common | Put Option | Sold | 1,600 | 12.5 USD
| American
| 19/12/2025
|
Common | Call Option | Sold | -1,800 | 17.5 USD
| American
| 16/01/2026
|
Common | Call Option | Sold | -2,600 | 30.0 USD
| American
| 16/01/2026
|
Common | Call Option | Sold | -3,400 | 22.5 USD
| American
| 21/11/2025
|
Common | Call Option | Sold | -35,400 | 5.0 USD
| American
| 15/01/2027
|
Common | Put Option | Sold | 5,400 | 12.5 USD
| American
| 16/01/2026
|
Common | Put Option | Sold | 59,000 | 5.0 USD
| American
| 16/01/2026
|
Common | Put Option | Sold | 4,400 | 17.5 USD
| American
| 16/01/2026
|
Common | Call Option | Sold | -1,700 | 25.0 USD
| American
| 16/01/2026
|
Common | Put Option | Sold | 100 | 10.0 USD
| American
| 21/11/2025
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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: |
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Details, including nature of the rights concerned and relevant percentages: |
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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.