REG - Goldman Sachs & Co. Avadel Pharma plc - ITP Only - (38.5b) - Avadel
Thu 13:00
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RNS Number : 3144J Goldman Sachs & Co. LLC 27 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 26 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 931,689 (0.95) 490,910 (0.50)
(2) Derivatives (other than options) 70,122 (0.07) 63,843 (0.06)
(3) Options and agreements to purchase/sell 0 (0.00) 0 (0.00)
Total 1,001,811 (1.02) 554,753 (0.56)
(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 700 21.3750 USD
Purchase 695 21.3750 USD
Purchase 400 21.3850 USD
Purchase 562 21.3850 USD
Purchase 400 21.3850 USD
Purchase 733 21.3850 USD
Purchase 400 21.3850 USD
Purchase 600 21.3900 USD
Purchase 700 21.3900 USD
Purchase 281 21.3900 USD
Purchase 100 21.3900 USD
Purchase 300 21.3900 USD
Purchase 200 21.3900 USD
Purchase 700 21.3900 USD
Purchase 600 21.3900 USD
Purchase 1,400 21.3900 USD
Purchase 1,446 21.3900 USD
Purchase 281 21.3900 USD
Purchase 100 21.3900 USD
Purchase 1 21.3900 USD
Purchase 1,500 21.3900 USD
Purchase 1 21.3900 USD
Purchase 100 21.3900 USD
Purchase 100 21.3900 USD
Purchase 1,100 21.3950 USD
Purchase 21 22.9000 USD
Purchase 20 22.9000 USD
Purchase 9 22.9200 USD
Purchase 10 22.9200 USD
Purchase 9 22.9200 USD
Purchase 5 22.9300 USD
Purchase 9 22.9400 USD
Purchase 7 22.9500 USD
Purchase 2 22.9500 USD
Purchase 7 22.9500 USD
Purchase 9 22.9500 USD
Purchase 1 22.9500 USD
Purchase 9 22.9500 USD
Purchase 9 22.9600 USD
Purchase 9 22.9600 USD
Purchase 11 22.9620 USD
Purchase 13 22.9638 USD
Purchase 21 22.9639 USD
Purchase 3 22.9650 USD
Purchase 1 22.9700 USD
Purchase 9 22.9700 USD
Purchase 7 22.9700 USD
Purchase 2 22.9700 USD
Purchase 1 22.9700 USD
Purchase 9 22.9700 USD
Purchase 10 22.9700 USD
Purchase 1 22.9700 USD
Purchase 8 22.9700 USD
Purchase 9 22.9700 USD
Purchase 8 22.9700 USD
Purchase 12 22.9727 USD
Purchase 1 22.9750 USD
Purchase 2 22.9750 USD
Purchase 4 22.9800 USD
Purchase 10 22.9800 USD
Purchase 4 22.9800 USD
Purchase 3 22.9800 USD
Purchase 10 22.9800 USD
Purchase 1 22.9800 USD
Purchase 4 22.9800 USD
Purchase 4 22.9800 USD
Purchase 5 22.9800 USD
Purchase 1 22.9900 USD
Purchase 4 22.9900 USD
Purchase 3 22.9900 USD
Purchase 9 22.9900 USD
Purchase 4 22.9900 USD
Purchase 4 22.9900 USD
Purchase 4 22.9900 USD
Purchase 5 22.9900 USD
Purchase 1 22.9900 USD
Purchase 9 23.0000 USD
Purchase 5 23.0000 USD
Purchase 8 23.0000 USD
Purchase 8 23.0000 USD
Purchase 9 23.0000 USD
Purchase 4 23.0000 USD
Purchase 5 23.0000 USD
Purchase 8 23.0000 USD
Sale 10 21.3000 USD
Sale 100 21.3000 USD
Sale 133 21.3000 USD
Sale 100 21.3050 USD
Sale 100 21.3050 USD
Sale 100 21.3050 USD
Sale 100 21.3050 USD
Sale 26 21.3050 USD
Sale 100 21.3050 USD
Sale 32 21.3050 USD
Sale 10 21.3200 USD
Sale 9 21.3200 USD
Sale 100 21.3200 USD
Sale 91 21.3200 USD
Sale 9 21.3200 USD
Purchase (Loan Partial Return) 1,064 N/A
Purchase (Loan Full Return) 13,840 N/A
Purchase (Borrow New) 12,400 N/A
Sale (Borrow Partial Return) 14,800 N/A
Sale (Borrow Partial Return) 9,200 N/A
Sale (Borrow Partial Return) 2,000 N/A
Sale (Borrow Partial Return) 4,000 N/A
Sale (Borrow Partial Return) 1,000 N/A
Sale (Borrow Partial Return) 5,000 N/A
Sale (Borrow Full Return) 3,000 N/A
Purchase (Loan Partial Return) 480 N/A
Purchase (Loan Partial Return) 480 N/A
Sale (Borrow Partial Return) 4,800 N/A
Sale (Borrow Partial Return) 12,400 N/A
Sale (Loan New) 480 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 1,813 21.3871 USD
CFD Reducing a long position 12,690 21.5279 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 27 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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