--- title: "REG - Morgan Stanley Cap Avadel Pharma plc - RULE 38.5_A - Avadel Pharmaceuticals plc" type: "News" locale: "en" url: "https://longbridge.com/en/news/275568626.md" description: "Morgan Stanley Capital Services LLC disclosed dealings related to Avadel Pharmaceuticals plc under Rule 38.5(a) of the Irish Takeover Panel. On February 10, 2026, the firm purchased 69,721 ordinary shares at prices ranging from $21.6500 to $21.6596 and sold 1,261 shares at prices between $21.6300 and $21.6565. Additionally, the firm reduced short positions in cash-settled derivatives involving ordinary shares. No other agreements or arrangements were reported. The disclosure was made on February 11, 2026, by Claire Gordon." datetime: "2026-02-11T07:48:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275568626.md) - [en](https://longbridge.com/en/news/275568626.md) - [zh-HK](https://longbridge.com/zh-HK/news/275568626.md) generator: "portal-rs" --- # REG - Morgan Stanley Cap Avadel Pharma plc - RULE 38.5_A - Avadel Pharmaceuticals plc RNS Number : 5741S Morgan Stanley Capital Services LLC 11 February 2026 FORM 38.5(a) (EPT/RI) IRISH TAKEOVER PANEL DEALING DISCLOSURE UNDER RULE 38.5(a) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY A CONNECTED EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS AND DEALING IN A CLIENT-SERVING CAPACITY 1\. KEY INFORMATION (a) Name of exempt principal trader: Morgan Stanley Capital Services LLC (b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Avadel Pharmaceuticals plc (c) Name of the party to the offer with which exempt principal trader is connected: (Note 1) Avadel Pharmaceuticals plc (d) Date dealing undertaken: 10 February 2026 (e) In addition to the company in 1(b) above, is the exempt principal trader 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\. DEALINGS BY THE EXEMPT PRINCIPAL TRADER (Note 2) Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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 relevant security (Note 3) Purchases/ sales Total number of securities Highest price per unit paid/ received Lowest price per unit paid/ received 0.01 ordinary shares PURCHASES 697 21.6596 USD 21.6500 USD 0.01 ordinary shares SALES 1,261 21.6565 USD 21.6300 USD (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 4) Price per unit (Note 5) 0.01 ordinary shares CFD reducing a short position 777 21.6523 USD 0.01 ordinary shares CFD reducing a short position 15 21.6545 USD 0.01 ordinary shares CFD reducing a short position 14 21.6547 USD 0.01 ordinary shares CFD reducing a short position 11 21.6553 USD 0.01 ordinary shares CFD reducing a short position 19 21.6558 USD 0.01 ordinary shares CFD reducing a long position 279 21.6596 USD 0.01 ordinary shares CFD reducing a short position 7 21.6654 USD (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security N/A Product description e.g. call option N/A Writing, purchasing, selling, varying etc. N/A Number of securities to which option relates (Note 4) N/A Exercise price per unit N/A Type e.g. American, European etc. N/A Expiry date N/A Option money paid/ received per unit N/A (ii) Exercise Class of relevant security N/A Product description e.g. call option N/A Exercising/ exercised against N/A Number of securities N/A Exercise price per unit (Note 5) N/A (d) Other dealings (including transactions in respect of new securities) Class of relevant security N/A Nature of dealing e.g. subscription, conversion, exercise N/A Details N/A Price per unit (if applicable) (Note 5) N/A 3\. 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 exempt principal trader 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 Date of disclosure: 11 February 2026 Contact name: Claire Gordon Telephone number: +44 141 245-8893 Public disclosures under Rule 38 of the Rules must be made to a Regulatory Information Service. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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