REG - Goldman Sachs & Co. Avadel Pharma plc - ITP Only - Form 38.5b Avadel Pharmaceuticals PLC
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RNS Number : 9606F Goldman Sachs & Co. LLC 03 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 31 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 1,381,490 (1.41) 676,779 (0.69)
(2) Derivatives (other than options) 238,434 (0.24) 63,843 (0.06)
(3) Options and agreements to purchase/sell 0 (0.00) 0 (0.00)
Total 1,619,924 (1.66) 740,622 (0.76)
(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 16 18.8900 USD
Purchase 202 18.8900 USD
Purchase 1,340 18.8900 USD
Purchase 74 18.8900 USD
Sale 13 18.7600 USD
Sale 13 18.7600 USD
Sale 13 18.7700 USD
Sale 13 18.7700 USD
Sale 13 18.7900 USD
Sale 13 18.7900 USD
Sale 14 18.7900 USD
Sale 12 18.7950 USD
Sale 27 18.8000 USD
Sale 27 18.8000 USD
Sale 12 18.8200 USD
Sale 12 18.8200 USD
Sale 12 18.8200 USD
Sale 12 18.8250 USD
Sale 10 18.8250 USD
Sale 12 18.8250 USD
Sale 1 18.8250 USD
Sale 4 18.8250 USD
Sale 11 18.8250 USD
Sale 9 18.8250 USD
Sale 3 18.8250 USD
Sale 12 18.8250 USD
Sale 13 18.8350 USD
Sale 12 18.8350 USD
Sale 5 18.8400 USD
Sale 5 18.8500 USD
Sale 5 18.8500 USD
Sale 1 18.8500 USD
Sale 4 18.8500 USD
Sale 6 18.8500 USD
Sale 5 18.8500 USD
Sale 3 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 3 18.8550 USD
Sale 2 18.8550 USD
Sale 3 18.8550 USD
Sale 3 18.8550 USD
Sale 1 18.8550 USD
Sale 2 18.8550 USD
Sale 3 18.8550 USD
Sale 3 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 1 18.8550 USD
Sale 1 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 3 18.8550 USD
Sale 3 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 1 18.8550 USD
Sale 13 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 3 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 13 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 2 18.8550 USD
Sale 3 18.8550 USD
Sale 1 18.8550 USD
Sale 2 18.8600 USD
Sale 1 18.8600 USD
Sale 124,288 18.8900 USD
Sale 5,094 18.8900 USD
Sale 6,905 18.8900 USD
Sale 1,405 18.8900 USD
Purchase (Loan Full Return) 36,184 N/A
Sale (Borrow Partial Return) 65,000 N/A
Purchase (Borrow New) 25,676 N/A
Sale (Loan New) 25,676 N/A
Purchase (Borrow New) 21,709 N/A
Sale (Loan New) 36,184 N/A
Purchase (Loan Partial Return) 25,676 N/A
Purchase (Loan Full Return) 10,508 N/A
Sale (Borrow Full Return) 21,796 N/A
Sale (Borrow Full Return) 36,184 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 4,412 18.8900 USD
CFD Increasing a long position 4,412 18.8900 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 03 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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