--- title: "REG - Citadel Group Avadel Pharma plc - Form 8.3 - Avadel Pharmaceuticals plc" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/268774806.md" description: "Citadel Group disclosed its opening position under Rule 8.3 of the Irish Takeover Panel Act, 1997, regarding Avadel Pharmaceuticals plc. The disclosure includes interests and short positions in Avadel's securities, with Citadel owning 1.2% and holding short positions of 1.05%. The disclosure details various transactions, including purchases and sales of common stock, and highlights the company's interests in stock-settled derivatives." datetime: "2025-12-05T15:00:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/268774806.md) - [en](https://longbridge.com/en/news/268774806.md) - [zh-HK](https://longbridge.com/zh-HK/news/268774806.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/268774806.md) | [English](https://longbridge.com/en/news/268774806.md) # REG - Citadel Group Avadel Pharma plc - Form 8.3 - Avadel Pharmaceuticals plc RNS Number : 4859K Citadel Group 05 December 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 4 December 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 987,476 1.00 245,168 0.24 (2) Cash-settled derivatives 0 0.00 0 0.00 (3) Stock-settled derivatives (including options) and agreements to purchase/ sell 195,400 0.19 791,800 0.80 Total 1,182,876 1.20 1,036,968 1.05 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 relevant security Purchase/sale Number of securities Price per unit (Note 5) Common Buy Transaction 1 21.2200 USD Common Buy Transaction 700 21.3200 USD Common Buy Transaction 608 21.3204 USD Common Buy Transaction 103 21.3209 USD Common Buy Transaction 100 21.3225 USD Common Buy Transaction 1,467 21.3242 USD Common Buy Transaction 2,284 21.3250 USD Common Buy Transaction 1,419 21.3250 USD Common Buy Transaction 384 21.3258 USD Common Buy Transaction 5,016 21.3298 USD Common Buy Transaction 35,507 21.3300 USD Common Buy Transaction 28 21.3336 USD Common Buy Transaction 233 21.3342 USD Common Buy Transaction 120 21.3350 USD Common Buy Transaction 723 21.3400 USD Common Buy Transaction 825 21.3403 USD Common Buy Transaction 760 21.3409 USD Common Buy Transaction 1,482 21.3411 USD Common Buy Transaction 114 21.3422 USD Common Buy Transaction 15 21.3427 USD Common Buy Transaction 1,240 21.3451 USD Common Buy Transaction 1,347 21.3453 USD Common Buy Transaction 1,700 21.3453 USD Common Buy Transaction 6,779 21.3460 USD Common Buy Transaction 90 21.3484 USD Common Buy Transaction 62 21.3487 USD Common Buy Transaction 535 21.3500 USD Common Buy Transaction 2,535 21.3504 USD Common Buy Transaction 911 21.3506 USD Common Buy Transaction 70 21.3507 USD Common Buy Transaction 912 21.3517 USD Common Buy Transaction 833 21.3526 USD Common Buy Transaction 3,068 21.3529 USD Common Buy Transaction 30 21.3533 USD Common Buy Transaction 647 21.3535 USD Common Buy Transaction 81 21.3537 USD Common Buy Transaction 1,200 21.3538 USD Common Buy Transaction 412 21.3538 USD Common Buy Transaction 433 21.3539 USD Common Buy Transaction 533 21.3541 USD Common Buy Transaction 3,773 21.3550 USD Common Buy Transaction 3,065 21.3550 USD Common Buy Transaction 1,373 21.3550 USD Common Buy Transaction 297 21.3550 USD Common Buy Transaction 87 21.3551 USD Common Buy Transaction 17 21.3553 USD Common Buy Transaction 239 21.3554 USD Common Buy Transaction 1,369 21.3555 USD Common Buy Transaction 10 21.3560 USD Common Buy Transaction 1,000 21.3561 USD Common Buy Transaction 6,127 21.3561 USD Common Buy Transaction 665 21.3565 USD Common Buy Transaction 3 21.3567 USD Common Buy Transaction 2,300 21.3570 USD Common Buy Transaction 30 21.3570 USD Common Buy Transaction 27 21.3570 USD Common Buy Transaction 723 21.3571 USD Common Buy Transaction 400 21.3575 USD Common Buy Transaction 2,500 21.3576 USD Common Buy Transaction 112 21.3579 USD Common Buy Transaction 431 21.3582 USD Common Buy Transaction 200 21.3590 USD Common Buy Transaction 311 21.3593 USD Common Buy Transaction 3,012 21.3593 USD Common Buy Transaction 330 21.3597 USD Common Buy Transaction 2,788 21.3598 USD Common Buy Transaction 54,526 21.3600 USD Common Buy Transaction 1,163 21.3619 USD Common Buy Transaction 18 21.3622 USD Common Buy Transaction 9 21.3633 USD Common Buy Transaction 1,301 21.3700 USD Common Buy Transaction 371 21.3757 USD Common Buy Transaction 1,039 21.3800 USD Common Sell Transaction 200 21.3200 USD Common Sell Transaction 4,600 21.3243 USD Common Sell Transaction 1,200 21.3250 USD Common Sell Transaction 9,454 21.3293 USD Common Sell Transaction 6,500 21.3299 USD Common Sell Transaction 800 21.3300 USD Common Sell Transaction 110 21.3318 USD Common Sell Transaction 5,000 21.3350 USD Common Sell Transaction 226 21.3400 USD Common Sell Transaction 401 21.3400 USD Common Sell Transaction 855 21.3431 USD Common Sell Transaction 21 21.3433 USD Common Sell Transaction 2,508 21.3450 USD Common Sell Transaction 1,231 21.3452 USD Common Sell Transaction 1,627 21.3458 USD Common Sell Transaction 310 21.3471 USD Common Sell Transaction 800 21.3475 USD Common Sell Transaction 700 21.3479 USD Common Sell Transaction 500 21.3480 USD Common Sell Transaction 2,737 21.3487 USD Common Sell Transaction 2,548 21.3492 USD Common Sell Transaction 1,016 21.3500 USD Common Sell Transaction 120 21.3507 USD Common Sell Transaction 1,230 21.3511 USD Common Sell Transaction 644 21.3522 USD Common Sell Transaction 725 21.3525 USD Common Sell Transaction 743 21.3533 USD Common Sell Transaction 296 21.3535 USD Common Sell Transaction 22 21.3536 USD Common Sell Transaction 56 21.3545 USD Common Sell Transaction 22,387 21.3550 USD Common Sell Transaction 3,065 21.3550 USD Common Sell Transaction 1,267 21.3550 USD Common Sell Transaction 407 21.3550 USD Common Sell Transaction 125 21.3550 USD Common Sell Transaction 87 21.3551 USD Common Sell Transaction 79 21.3551 USD Common Sell Transaction 2,157 21.3554 USD Common Sell Transaction 203 21.3557 USD Common Sell Transaction 25,000 21.3574 USD Common Sell Transaction 401 21.3575 USD Common Sell Transaction 41 21.3583 USD Common Sell Transaction 104 21.3588 USD Common Sell Transaction 37,948 21.3600 USD Common Sell Transaction 530 21.3613 USD Common Sell Transaction 400 21.3650 USD Common Sell Transaction 171 21.3673 USD Common Sell Transaction 1,200 21.3700 USD Common Sell Transaction 501 21.3800 USD Common Sell Transaction 1 21.4900 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) Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit Common Put Option Buy Transaction 100 20.0000 USD American 2026-03-20 0.0700 USD Common Call Option Buy Transaction 4,800 20.0000 USD American 2025-12-19 1.3500 USD Common Call Option Buy Transaction 200 15.0000 USD American 2026-01-16 6.3800 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 5 December 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) AND RULE 38.6 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL AND RIGHTS 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 to which option or derivative relates Exercise price per unit Type e.g. American, European etc. Expiry date Common Call Option Purchased 4,200 17.5 USD American 16/01/2026 Common Put Option Purchased \-3,100 12.5 USD American 20/03/2026 Common Call Option Purchased 0 5.0 USD American 16/01/2026 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 Put Option Purchased \-100 7.5 USD American 20/03/2026 Common Put Option Purchased \-1,000 17.5 USD American 18/06/2026 Common Put Option Purchased \-200 17.5 USD American 20/03/2026 Common Put Option Purchased \-60,700 15.0 USD American 16/01/2026 Common Put Option Purchased \-900 25.0 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 Put Option Purchased \-2,900 7.5 USD American 19/12/2025 Common Put Option Purchased \-100 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 \-3,800 15.0 USD American 20/03/2026 Common Put Option Purchased 0 12.5 USD American 15/01/2027 Common Call Option Purchased 33,900 20.0 USD American 19/12/2025 Common Call Option Purchased 3,000 25.0 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 Purchased 5,100 22.5 USD American 15/01/2027 Common Put Option Purchased 0 10.0 USD American 20/03/2026 Common Put Option Purchased \-44,400 10.0 USD American 16/01/2026 Common Put Option Sold 2,000 17.5 USD American 19/12/2025 Common Call Option Sold \-1,700 25.0 USD American 16/01/2026 Common Call Option Sold \-6,800 25.0 USD American 19/12/2025 Common Call Option Sold \-100 20.0 USD American 15/01/2027 Common Put Option Sold 8,200 10.0 USD American 19/12/2025 Common Put Option Sold 59,000 5.0 USD American 16/01/2026 Common Call Option Sold \-2,100 12.5 USD American 20/03/2026 Common Call Option Sold \-13,400 10.0 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 Call Option Sold \-6,200 12.5 USD American 19/12/2025 Common Call Option Sold \-100 35.0 USD American 16/01/2026 Common Call Option Sold \-34,200 5.0 USD American 15/01/2027 Common Call Option Sold \-9,900 22.5 USD American 16/01/2026 Common Put Option Sold 4,400 17.5 USD American 16/01/2026 Common Put Option Sold 24,900 7.5 USD American 16/01/2026 Common Call Option Sold \-30,000 15.0 USD American 20/03/2026 Common Put Option Sold 5,500 12.5 USD American 16/01/2026 Common Call Option Sold \-31,800 17.5 USD American 19/12/2025 Common Put Option Sold 5,300 20.0 USD American 19/12/2025 Common Put Option Sold 300 20.0 USD American 20/03/2026 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 \-38,000 15.0 USD American 19/12/2025 Common Call Option Sold \-10,200 7.5 USD American 15/01/2027 Common Call Option Sold \-147,800 15.0 USD American 16/01/2026 Common Call Option Sold \-10,000 17.5 USD American 20/03/2026 Common Call Option Sold \-46,200 20.0 USD American 16/01/2026 Common Call Option Sold \-100 30.0 USD American 19/12/2025 Common Call Option Sold \-182,900 10.0 USD American 16/01/2026 Common Call Option Sold \-4,900 22.5 USD American 19/12/2025 Common Call Option Sold \-5,400 20.0 USD American 20/03/2026 Common Call Option Sold \-65,900 12.5 USD American 16/01/2026 Common Call Option Sold \-9,600 7.5 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. 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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