• 23 Oct 25
 

Morgan Stanley & Co. - Rule 38.5_A - Avadel Pharmaceuticals plc



RNS Number : 5993E
Morgan Stanley & Co. Int'l plc
23 October 2025
 

 

FORM 38.5(a) (EPT/RI)

 

IRISH TAKEOVER PANEL

 

DEALING DISCLOSURE UNDER RULE 38.5(a) OF THE IRISH
TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022
BY A CONNECTED EXEMPT PRINCIPAL TRADER WITH
RECOGNISED INTERMEDIARY STATUS AND DEALING IN
A CLIENT-SERVING CAPACITY

 

1.             KEY INFORMATION

 

 

(a)   Name of exempt principal trader:

Morgan Stanley & Co. International plc

(b)   Name of offeror/offeree in relation to whose relevant securities this form relates:

Use a separate form for each offeror/offeree

Avadel Pharmaceuticals plc

(c)   Name of the party to the offer with which exempt principal trader is connected: (Note 1)

Avadel Pharmaceuticals plc

(d)   Date dealing undertaken:

22 October 2025

(e)   In addition to the company in 1(b) above, is the exempt principal trader 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.             DEALINGS BY THE EXEMPT PRINCIPAL TRADER (Note 2)

 

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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
(Note 3)

Purchases/
sales

Total
number of

securities

Highest
price per
unit paid/
received

Lowest
price per
unit paid/
received

0.01 ordinary shares

PURCHASES

33,364

18.5650 USD

18.5106 USD

0.01 ordinary shares

SALES

33,364

18.5650 USD

18.5106 USD

 

(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 4)

Price per
unit
(Note 5)

N/A

N/A

N/A

N/A

N/A

 

(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 4)

Exercise
price per
unit

Type
 e.g.
American,
European
etc.

Expiry
date

Option
money
paid/
received
per unit

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

 

(ii)           Exercise

 

Class of
relevant
security

Product
description
e.g. call option

Exercising/
exercised
against

Number of
securities

Exercise price
per unit
(Note 5)

N/A

N/A

N/A

N/A

N/A

 

(d)           Other dealings (including transactions in respect of new securities)

 

Class of relevant security

Nature of
dealing
e.g. subscription,
conversion,
exercise

Details

Price per unit
(if applicable)
(Note 5)

N/A

N/A

N/A

N/A

 

 

3.             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 exempt principal trader 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

 

Date of disclosure:

23 October 2025

Contact name:

Claire Gordon

Telephone number:

+44 141 245-8893

 

Public disclosures under Rule 38 of the Rules must be made to a Regulatory Information Service.

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