REG - Goldman Sachs & Co. Avadel Pharma plc - ITP Only - Form 38.5b AVADEL_PHARMACEUTICALS_PLC
24/10/2025 13:15
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RNS Number : 7884E Goldman Sachs & Co. LLC 24 October 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 23 October 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 1,618,580 (1.66) 773,015 (0.79)
(2) Derivatives (other than options) 354,655 (0.36) 223,114 (0.22)
(3) Options and agreements to purchase/sell 0 (0.00) 0 (0.00)
Total 1,973,235 (2.02) 996,129 (1.02)
(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 500 18.5150 USD
Purchase 700 18.5150 USD
Purchase 200 18.5150 USD
Purchase 100 18.5150 USD
Purchase 600 18.5150 USD
Purchase 5,467 18.5150 USD
Purchase 133 18.5150 USD
Purchase 1,300 18.5200 USD
Purchase 100 18.5200 USD
Purchase 100 18.5200 USD
Purchase 1,300 18.5200 USD
Purchase 1,400 18.5200 USD
Purchase 100 18.5250 USD
Purchase 100 18.5250 USD
Purchase 700 18.5250 USD
Purchase 450 18.5250 USD
Purchase 150 18.5250 USD
Purchase 100 18.5250 USD
Purchase 100 18.5250 USD
Purchase 15,000 18.5250 USD
Purchase 100 18.5250 USD
Purchase 600 18.5250 USD
Purchase 700 18.5250 USD
Sale 100 18.4950 USD
Sale 920 18.4950 USD
Sale 100 18.4950 USD
Sale 76 18.4997 USD
Sale 123 18.4998 USD
Sale 75 18.4999 USD
Sale 5 18.5000 USD
Sale 76 18.5002 USD
Sale 287 18.5002 USD
Sale 110 18.5003 USD
Sale 80 18.5007 USD
Sale 121 18.5007 USD
Sale 77 18.5007 USD
Sale 90 18.5009 USD
Sale 78 18.5009 USD
Sale 232 18.5009 USD
Sale 75 18.5010 USD
Sale 80 18.5012 USD
Sale 93 18.5015 USD
Sale 75 18.5019 USD
Sale 75 18.5023 USD
Sale 75 18.5023 USD
Sale 76 18.5024 USD
Sale 78 18.5024 USD
Sale 75 18.5024 USD
Sale 76 18.5026 USD
Sale 159 18.5028 USD
Sale 104 18.5028 USD
Sale 75 18.5031 USD
Sale 75 18.5032 USD
Sale 75 18.5035 USD
Sale 77 18.5035 USD
Sale 77 18.5035 USD
Sale 77 18.5035 USD
Sale 77 18.5039 USD
Sale 80 18.5041 USD
Sale 76 18.5041 USD
Sale 75 18.5041 USD
Sale 75 18.5041 USD
Sale 80 18.5041 USD
Sale 82 18.5043 USD
Sale 76 18.5044 USD
Sale 78 18.5044 USD
Sale 76 18.5044 USD
Sale 82 18.5044 USD
Sale 169 18.5045 USD
Sale 75 18.5045 USD
Sale 78 18.5045 USD
Sale 77 18.5046 USD
Sale 77 18.5047 USD
Sale 75 18.5048 USD
Sale 75 18.5049 USD
Sale 77 18.5049 USD
Sale 76 18.5049 USD
Sale 75 18.5050 USD
Sale 100 18.5050 USD
Sale 100 18.5050 USD
Sale 187 18.5050 USD
Sale 190 18.5050 USD
Sale 190 18.5050 USD
Sale 83 18.5050 USD
Sale 100 18.5050 USD
Sale 100 18.5050 USD
Sale 2 18.5050 USD
Sale 5 18.5050 USD
Sale 100 18.5050 USD
Sale 140 18.5050 USD
Sale 100 18.5050 USD
Sale 100 18.5050 USD
Sale 83 18.5050 USD
Sale 93 18.5050 USD
Sale 100 18.5050 USD
Sale 100 18.5050 USD
Sale 100 18.5050 USD
Sale 100 18.5050 USD
Sale 43 18.5052 USD
Sale 95 18.5052 USD
Sale 77 18.5053 USD
Sale 83 18.5056 USD
Sale 75 18.5057 USD
Sale 78 18.5057 USD
Sale 75 18.5058 USD
Sale 130 18.5059 USD
Sale 76 18.5060 USD
Sale 83 18.5063 USD
Sale 472 18.5065 USD
Sale 145 18.5066 USD
Sale 445 18.5068 USD
Sale 79 18.5068 USD
Sale 77 18.5070 USD
Sale 156 18.5070 USD
Sale 76 18.5070 USD
Sale 286 18.5071 USD
Sale 77 18.5072 USD
Sale 77 18.5072 USD
Sale 75 18.5075 USD
Sale 523 18.5079 USD
Sale 77 18.5080 USD
Sale 79 18.5080 USD
Sale 75 18.5082 USD
Sale 485 18.5086 USD
Sale 137 18.5087 USD
Sale 527 18.5088 USD
Sale 75 18.5089 USD
Sale 314 18.5090 USD
Sale 88 18.5090 USD
Sale 284 18.5090 USD
Sale 35 18.5092 USD
Sale 75 18.5093 USD
Sale 91 18.5093 USD
Sale 583 18.5093 USD
Sale 77 18.5093 USD
Sale 79 18.5094 USD
Sale 76 18.5094 USD
Sale 81 18.5094 USD
Sale 473 18.5094 USD
Sale 78 18.5095 USD
Sale 79 18.5095 USD
Sale 77 18.5096 USD
Sale 75 18.5096 USD
Sale 75 18.5096 USD
Sale 75 18.5097 USD
Sale 75 18.5097 USD
Sale 85 18.5097 USD
Sale 78 18.5097 USD
Sale 75 18.5099 USD
Sale 83 18.5099 USD
Sale 3 18.5100 USD
Sale 77 18.5100 USD
Sale 100 18.5100 USD
Sale 45 18.5100 USD
Sale 60 18.5100 USD
Sale 93 18.5100 USD
Sale 100 18.5100 USD
Sale 100 18.5100 USD
Sale 22 18.5100 USD
Sale 154 18.5100 USD
Sale 10 18.5100 USD
Sale 150 18.5100 USD
Sale 77 18.5100 USD
Sale 100 18.5100 USD
Sale 32 18.5100 USD
Sale 88 18.5102 USD
Sale 83 18.5103 USD
Sale 129 18.5103 USD
Sale 135 18.5103 USD
Sale 86 18.5103 USD
Sale 75 18.5104 USD
Sale 125 18.5105 USD
Sale 75 18.5109 USD
Sale 79 18.5116 USD
Sale 164 18.5123 USD
Sale 84 18.5123 USD
Sale 237 18.5124 USD
Sale 142 18.5124 USD
Sale 77 18.5135 USD
Sale 163 18.5135 USD
Sale 75 18.5136 USD
Sale 82 18.5138 USD
Sale 76 18.5139 USD
Sale 78 18.5140 USD
Sale 75 18.5143 USD
Sale 75 18.5144 USD
Sale 81 18.5145 USD
Sale 80 18.5145 USD
Sale 147 18.5145 USD
Sale 75 18.5146 USD
Sale 92 18.5147 USD
Sale 360 18.5150 USD
Sale 100 18.5150 USD
Sale 100 18.5150 USD
Sale 500 18.5150 USD
Sale 200 18.5150 USD
Sale 200 18.5150 USD
Sale 100 18.5150 USD
Sale 82 18.5150 USD
Sale 200 18.5150 USD
Sale 176 18.5150 USD
Sale 190 18.5150 USD
Sale 77 18.5150 USD
Sale 75 18.5151 USD
Sale 75 18.5151 USD
Sale 81 18.5152 USD
Sale 75 18.5154 USD
Sale 77 18.5160 USD
Sale 75 18.5162 USD
Sale 75 18.5162 USD
Sale 75 18.5165 USD
Sale 75 18.5168 USD
Sale 91 18.5169 USD
Sale 156 18.5172 USD
Sale 75 18.5173 USD
Sale 83 18.5181 USD
Sale 254 18.5183 USD
Sale 871 18.5184 USD
Sale 98 18.5200 USD
Sale 77 18.5200 USD
Sale 15 18.5200 USD
Sale 116 18.5200 USD
Sale 78 18.5200 USD
Sale 75 18.5200 USD
Sale 49 18.5200 USD
Sale 80 18.5200 USD
Sale 25 18.5200 USD
Sale 115 18.5201 USD
Sale 75 18.5201 USD
Sale 90 18.5201 USD
Sale 81 18.5202 USD
Sale 80 18.5202 USD
Sale 227 18.5202 USD
Sale 79 18.5202 USD
Sale 87 18.5204 USD
Sale 135 18.5205 USD
Sale 87 18.5205 USD
Sale 105 18.5205 USD
Sale 75 18.5206 USD
Sale 90 18.5207 USD
Sale 128 18.5208 USD
Sale 140 18.5208 USD
Sale 86 18.5210 USD
Sale 125 18.5210 USD
Sale 132 18.5210 USD
Sale 77 18.5211 USD
Sale 129 18.5211 USD
Sale 86 18.5212 USD
Sale 129 18.5212 USD
Sale 133 18.5213 USD
Sale 76 18.5214 USD
Sale 122 18.5214 USD
Sale 101 18.5216 USD
Sale 132 18.5217 USD
Sale 75 18.5219 USD
Sale 77 18.5222 USD
Sale 76 18.5222 USD
Sale 155 18.5223 USD
Sale 109 18.5223 USD
Sale 75 18.5223 USD
Sale 108 18.5223 USD
Sale 75 18.5231 USD
Sale 81 18.5234 USD
Sale 78 18.5235 USD
Sale 380 18.5238 USD
Sale 82 18.5239 USD
Sale 77 18.5240 USD
Sale 84 18.5241 USD
Sale 77 18.5246 USD
Sale 78 18.5248 USD
Sale 78 18.5248 USD
Sale 79 18.5249 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 75 18.5250 USD
Sale 1 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 133 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 100 18.5250 USD
Sale 111 18.5250 USD
Sale 100 18.5250 USD
Sale 290 18.5253 USD
Sale 75 18.5261 USD
Sale 115 18.5281 USD
Sale 80 18.5282 USD
Sale 125 18.5292 USD
Sale 75 18.5300 USD
Sale 91 18.5300 USD
Sale 75 18.5300 USD
Sale 76 18.5300 USD
Sale 168 18.5300 USD
Sale 77 18.5300 USD
Sale 76 18.5300 USD
Sale 51 18.5300 USD
Sale 301 18.5350 USD
Sale 100 18.5350 USD
Sale 200 18.5350 USD
Sale 100 18.5350 USD
Sale 26 18.5350 USD
Sale 100 18.5350 USD
Sale 167 18.5350 USD
Sale 100 18.5350 USD
Sale 50 18.5350 USD
Sale 89 18.5350 USD
Sale 100 18.5350 USD
Sale 100 18.5350 USD
Sale 100 18.5350 USD
Sale 200 18.5350 USD
Sale 100 18.5350 USD
Sale 200 18.5350 USD
Sale 100 18.5350 USD
Sale 100 18.5350 USD
Sale 165 18.5350 USD
Sale 50 18.5350 USD
Sale 200 18.5350 USD
Sale 261 18.5350 USD
Sale 61 18.5350 USD
Sale 1 18.5350 USD
Sale 100 18.5350 USD
Sale 300 18.5350 USD
Sale 190 18.5350 USD
Sale 123 18.5350 USD
Sale 80 18.5400 USD
Sale 3 18.5400 USD
Sale 29 18.5400 USD
Sale 6 18.5400 USD
Sale 75 18.5400 USD
Sale 90 18.5400 USD
Sale 67 18.5400 USD
Sale 100 18.5400 USD
Sale 25 18.5400 USD
Sale 83 18.5400 USD
Sale 93 18.5400 USD
Sale 84 18.5500 USD
Sale 62 18.5500 USD
Sale 100 18.5500 USD
Sale 138 18.5600 USD
Sale 100 18.5600 USD
Sale 177 18.5600 USD
Sale 98 18.5600 USD
Sale 34 18.5600 USD
Sale 100 18.5600 USD
Sale 17,179 18.5600 USD
Sale 124 18.5600 USD
Sale 9 18.5600 USD
Sale 40 18.5600 USD
Sale 24 18.5600 USD
Sale 100 18.5650 USD
Sale 100 18.5650 USD
Sale 79 18.5700 USD
Sale 85 18.5700 USD
Sale 100 18.5700 USD
Sale 93 18.5700 USD
Sale (Borrow Full Return) 7,931 N/A
Sale (Borrow Full Return) 10,199 N/A
Purchase (Loan Partial Return) 1,893 N/A
Purchase (Loan Full Return) 27,280 N/A
Sale (Loan New) 35,211 N/A
Sale (Loan New) 80,999 N/A
Purchase (Loan Partial Return) 35,211 N/A
Purchase (Borrow New) 54,900 N/A
Purchase (Borrow New) 35,211 N/A
Purchase (Loan Partial Return) 51,529 N/A
Purchase (Loan Full Return) 31,653 N/A
Purchase (Borrow New) 31,096 N/A
Purchase (Loan Full Return) 7,931 N/A
Purchase (Borrow New) 28,700 N/A
Purchase (Borrow New) 40,200 N/A
Purchase (Borrow New) 28,700 N/A
Sale (Loan New) 53,719 N/A
Purchase (Loan Full Return) 53,719 N/A
Sale (Borrow Partial Return) 180,675 N/A
Sale (Borrow Partial Return) 1,213 N/A
Sale (Borrow Full Return) 24,966 N/A
Purchase (Borrow New) 19,684 N/A
Sale (Borrow Full Return) 19,684 N/A
Sale (Borrow Partial Return) 4,864 N/A
Purchase (Borrow New) 24,548 N/A
Sale (Borrow Full Return) 19,684 N/A
Purchase (Borrow New) 81,900 N/A
Sale (Borrow Partial Return) 24,548 N/A
Sale (Borrow Partial Return) 1,213 N/A
Sale (Borrow Partial Return) 38,655 N/A
Sale (Borrow Full Return) 25,070 N/A
Purchase (Borrow New) 55,300 N/A
Sale (Loan New) 83,824 N/A
Purchase (Borrow New) 138,600 N/A
Sale (Borrow Full Return) 1,213 N/A
Purchase (Borrow New) 1,213 N/A
Purchase (Borrow New) 110,700 N/A
Purchase (Borrow New) 40,600 N/A
Purchase (Loan Partial Return) 863 N/A
Purchase (Loan Partial Return) 1,504 N/A
Purchase (Loan Full Return) 1,902 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 Opening a short position 34,464 18.5123 USD
CFD Reducing a long position 10,085 18.5126 USD
CFD Reducing a short position 23,531 18.5164 USD
CFD Reducing a short position 14,422 18.5164 USD
CFD Reducing a short position 11,900 18.5233 USD
CFD Reducing a short position 500 18.5233 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 24 October 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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