REG - Goldman Sachs & Co. Avadel Pharma plc - Form 38.5b - Avadel Pharmaceuticals PLC
14/11/2025 13:00
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RNS Number : 6349H Goldman Sachs & Co. LLC 14 November 2025
FORM 38.5(b)
IRISH TAKEOVER PANEL
DISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2013
DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RECOGNISED INTERMEDIARY STATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY
1. KEY INFORMATION
Name of exempt principal trader GOLDMAN SACHS & CO. LLC
Company dealt in AVADEL PHARMACEUTICALS PLC
Class of relevant security to which the dealings being disclosed relate USD 0.01 ordinary shares
(Note1)
Date of dealing 13 November 2025
2. INTERESTS AND SHORT POSITIONS
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 2)
Long Short
Number (%) Number (%)
(1) Relevant securities 882,487 (0.90) 526,157 (0.54)
(2) Derivatives (other than options) 161,288 (0.16) 63,843 (0.06)
(3) Options and agreements to purchase/sell 0 (0.00) 0 (0.00)
Total 1,043,775 (1.07) 590,000 (0.60)
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 2)
Class of relevant security: Long Short
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
Total
3. DEALINGS (Note 3)
(a) Purchases and sales
Purchase/sale Number of relevant securities Price per unit (Note 4)
Purchase 30 19.1600 USD
Purchase 10 19.1600 USD
Purchase 12 19.1620 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 8 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 22 19.1650 USD
Purchase 16 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 100 19.1650 USD
Purchase 32 19.1700 USD
Purchase 100 19.1700 USD
Purchase 10 19.1700 USD
Purchase 6 19.1700 USD
Purchase 6 19.1800 USD
Purchase 1 19.1800 USD
Purchase 22 19.1850 USD
Purchase 54 19.1850 USD
Purchase 45 19.1850 USD
Purchase 49 19.1850 USD
Purchase 2 19.1850 USD
Purchase 22 19.1850 USD
Purchase 7 19.1850 USD
Purchase 14 19.1850 USD
Purchase 16 19.1850 USD
Purchase 47 19.1850 USD
Purchase 129 19.1850 USD
Purchase 100 19.1850 USD
Purchase 14 19.1850 USD
Purchase 100 19.1850 USD
Purchase 4 19.1850 USD
Purchase 65 19.1850 USD
Purchase 10 19.1850 USD
Purchase 144 19.1850 USD
Purchase 100 19.1850 USD
Purchase 16 19.1850 USD
Purchase 121 19.1850 USD
Purchase 17 19.1900 USD
Purchase 4 19.1900 USD
Purchase 33 19.1900 USD
Purchase 6 19.1900 USD
Purchase 1 19.1900 USD
Purchase 164 19.1900 USD
Purchase 1 19.1900 USD
Purchase 36 19.1900 USD
Purchase 110 19.1900 USD
Purchase 4 19.1900 USD
Purchase 63 19.1900 USD
Purchase 85 19.1900 USD
Purchase 100 19.1900 USD
Purchase 100 19.1900 USD
Purchase 100 19.1900 USD
Purchase 25 19.1900 USD
Purchase 59 19.1900 USD
Purchase 10 19.1900 USD
Purchase 42 19.1900 USD
Purchase 64 19.1900 USD
Purchase 200 19.1900 USD
Purchase 4 19.1900 USD
Purchase 70 19.1900 USD
Purchase 7 19.1950 USD
Purchase 73 19.1950 USD
Purchase 49 19.1950 USD
Purchase 9 19.1950 USD
Purchase 73 19.1950 USD
Purchase 9 19.1950 USD
Purchase 48 19.1950 USD
Purchase 100 19.1950 USD
Purchase 8 19.1950 USD
Purchase 27 19.1950 USD
Purchase 8 19.1950 USD
Purchase 8 19.1950 USD
Purchase 100 19.1950 USD
Purchase 50 19.1950 USD
Purchase 8 19.1950 USD
Purchase 8 19.1950 USD
Purchase 9 19.1950 USD
Purchase 7 19.1950 USD
Purchase 8 19.1950 USD
Purchase 57 19.1950 USD
Purchase 43 19.1950 USD
Purchase 7 19.1950 USD
Purchase 9 19.1950 USD
Purchase 100 19.1950 USD
Purchase 4 19.1950 USD
Purchase 100 19.1950 USD
Purchase 9 19.1950 USD
Purchase 200 19.1950 USD
Purchase 127 19.1950 USD
Purchase 14 19.1951 USD
Purchase 12 19.1985 USD
Purchase 8 19.2000 USD
Purchase 4 19.2000 USD
Purchase 100 19.2000 USD
Purchase 4 19.2000 USD
Purchase 23 19.2000 USD
Purchase 8 19.2000 USD
Purchase 5 19.2000 USD
Purchase 7 19.2000 USD
Purchase 5 19.2000 USD
Purchase 10 19.2000 USD
Purchase 23 19.2000 USD
Purchase 13 19.2000 USD
Purchase 51 19.2000 USD
Purchase 23 19.2000 USD
Purchase 19 19.2000 USD
Purchase 200 19.2000 USD
Purchase 120 19.2000 USD
Purchase 36 19.2000 USD
Purchase 13 19.2000 USD
Purchase 12 19.2000 USD
Purchase 13 19.2000 USD
Purchase 1 19.2000 USD
Purchase 100 19.2000 USD
Purchase 100 19.2000 USD
Purchase 100 19.2000 USD
Purchase 17 19.2000 USD
Purchase 376 19.2000 USD
Purchase 500 19.2000 USD
Purchase 7 19.2000 USD
Purchase 17 19.2000 USD
Purchase 8 19.2000 USD
Purchase 36 19.2000 USD
Purchase 327 19.2000 USD
Purchase 300 19.2000 USD
Purchase 87 19.2000 USD
Purchase 3 19.2000 USD
Purchase 68 19.2000 USD
Purchase 45 19.2000 USD
Purchase 3 19.2000 USD
Purchase 7 19.2000 USD
Purchase 8 19.2000 USD
Purchase 4 19.2000 USD
Purchase 7 19.2000 USD
Purchase 141 19.2000 USD
Purchase 100 19.2000 USD
Purchase 164 19.2000 USD
Purchase 100 19.2050 USD
Purchase 100 19.2050 USD
Purchase 100 19.2100 USD
Purchase 193 19.2100 USD
Purchase 10 19.2100 USD
Purchase 9 19.2100 USD
Purchase 184 19.2100 USD
Purchase 19 19.2100 USD
Purchase 5 19.2100 USD
Purchase 12 19.2100 USD
Purchase 24 19.2100 USD
Purchase 5 19.2100 USD
Purchase 5 19.2100 USD
Purchase 67 19.2100 USD
Purchase 5 19.2100 USD
Purchase 500 19.2100 USD
Purchase 5 19.2100 USD
Purchase 23 19.2100 USD
Purchase 200 19.2100 USD
Purchase 200 19.2100 USD
Purchase 438 19.2100 USD
Purchase 5 19.2150 USD
Purchase 100 19.2150 USD
Purchase 16 19.2150 USD
Purchase 100 19.2150 USD
Purchase 100 19.2150 USD
Purchase 100 19.2150 USD
Purchase 89 19.2150 USD
Purchase 1 19.2200 USD
Purchase 4 19.2200 USD
Purchase 4 19.2200 USD
Purchase 1 19.2200 USD
Purchase 100 19.2200 USD
Purchase 1 19.2200 USD
Purchase 13 19.2200 USD
Purchase 16 19.2250 USD
Purchase 16 19.2250 USD
Purchase 82 19.2250 USD
Purchase 17 19.2250 USD
Purchase 92 19.2250 USD
Purchase 21 19.2250 USD
Purchase 27 19.2300 USD
Purchase 5 19.2300 USD
Purchase 26 19.2300 USD
Purchase 5 19.2300 USD
Purchase 5 19.2300 USD
Purchase 5 19.2300 USD
Purchase 13 19.2300 USD
Purchase 100 19.2350 USD
Purchase 9 19.2350 USD
Purchase 95 19.2350 USD
Purchase 9 19.2350 USD
Purchase 17 19.2350 USD
Purchase 19 19.2350 USD
Purchase 39 19.2350 USD
Purchase 20 19.2350 USD
Purchase 18 19.2350 USD
Purchase 2 19.2400 USD
Purchase 5 19.2400 USD
Purchase 1 19.2400 USD
Purchase 4 19.2400 USD
Purchase 30 19.2400 USD
Purchase 19 19.2450 USD
Purchase 118 19.2450 USD
Purchase 8 19.2450 USD
Purchase 7 19.2450 USD
Purchase 16 19.2500 USD
Purchase 9 19.2500 USD
Purchase 8 19.2500 USD
Purchase 8 19.2500 USD
Sale 100 19.1550 USD
Sale 281 19.1550 USD
Sale 17 19.1550 USD
Sale 1 19.1550 USD
Sale 100 19.1550 USD
Sale 100 19.1550 USD
Sale 100 19.1650 USD
Sale 198 19.1650 USD
Sale 3,353 19.1650 USD
Sale 200 19.1650 USD
Sale 100 19.1700 USD
Sale 100 19.1700 USD
Sale 100 19.1750 USD
Sale 100 19.1750 USD
Sale 100 19.1800 USD
Sale 400 19.1850 USD
Sale 100 19.1850 USD
Sale 200 19.1850 USD
Sale 200 19.1850 USD
Sale 300 19.1850 USD
Sale 200 19.1850 USD
Sale 2,616 19.1850 USD
Sale 400 19.1850 USD
Sale 400 19.1850 USD
Sale 400 19.1850 USD
Sale 200 19.1850 USD
Sale 100 19.1900 USD
Sale (Borrow Full Return) 81,900 N/A
Sale (Borrow Full Return) 1,500 N/A
Sale (Borrow Full Return) 53,700 N/A
Sale (Borrow Partial Return) 9,100 N/A
Sale (Borrow Partial Return) 12,400 N/A
Sale (Borrow Partial Return) 100 N/A
(b) Derivatives transactions (other than options transactions)
Product name, e.g. CFD Nature of transaction (Note 5) Number of relevant securities (Note 6) Price per unit (Note 4)
CFD Reducing a long position 11,909 19.1999 USD
CFD Reducing a long position 1,022 19.2067 USD
(c) Options transactions in respect of existing relevant securities
(i) Writing, selling, purchasing or varying
Product name,e.g. call option Writing, selling, purchasing, varying etc. Number of securities to which the option relates (Note 7) Exercise price Type, e.g. American, European etc. Expiry date Option money paid/received per unit (Note 4)
(ii) Exercising
Product name,e.g. call option Number of securities Exercise price per unit (Note 4)
(d) Other dealings (including transactions in respect of new securities) (Note 3)
Nature of transaction (Note 7) Details Price per unit (if applicable) (Note 4)
4. OTHER INFORMATION
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
Is a Supplemental Form 8 attached? (Note 9) YES
Date of disclosure 14 November 2025
Contact name Papa Lette and Andrzej Szyszka
Telephone number +33(1) 4212 1459 / +48(22) 317 4817
Name of offeree/offeror with which connected AVADEL PHARMACEUTICALS PLC
Nature of connection (Note 9) Advisor to Offeree
SUPPLEMENTAL FORM 38.5(b)
IRISH TAKEOVER PANEL
DISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2013
DETAILS OF OPEN POSITIONS
OPEN POSITIONS (Note 1)
Product name,e.g. call option Written or purchased Number of relevant securities to which the option or derivative relates Exercise price (Note 2) Type, e.g. American, European etc. Expiry date
Swap Sold 84 0.0000 N/A 17/12/2025
Swap Purchased 33,762 0.0000 N/A 20/01/2026
Notes
1. Where there are open option positions or open derivative positions (except
for CFDs), full details should be given. Full details of any existing
agreements to purchase or to sell must also be given on this form.
2. For all prices and other monetary amounts, the currency must be stated.
For full details of disclosure requirements, see Rules 8 and 38.5 of the
Rules. If in doubt, consult the Panel.
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