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FORM 8.3
IRISH TAKEOVER PANEL
OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER
RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
1. KEY INFORMATION
(a) Full name of discloser Citadel Group | (b) Owner or controller of interests and short positions disclosed, if different from 1(a) The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A | (c) Name of offeror/offeree in relation to whose relevant securities this form relates Use a separate form for each offeror/offeree FORWARD INDUSTRIES INC | (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree (Note 1) N/A | (e) Date position held/dealing undertaken For an opening position disclosure, state the latest practicable date prior to the disclosure 15 July 2026 | (f) In addition to the company in 1(c) above, is the discloser 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" YES BRERA HOLDINGS PLC |
2. INTERESTS AND SHORT POSITIONS
If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security.
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Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
(Note 2)
Class of relevant security (Note 3) ISIN US3499321038 $0.01 ordinary shares | Interests Short positions | Number % Number % | (1) Relevant securities owned and/or controlled 785,784 1.05 88,851 0.11 | (2) Cash-settled derivatives 0 0.00 0 0.00 | (3) Stock-settled derivatives (including options) and agreements to purchase/ sell 167,400 0.22 53,100 0.07 | Total 953,184 1.27 141,951 0.19 |
All interests and all short positions should be disclosed.
Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (Note 4)
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(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 Purchase/sale Number of securities Price per unit (Note 5) | Common Buy Transaction 125 4.2420 USD | Common Buy Transaction 288 4.2600 USD | Common Buy Transaction 253 4.2700 USD | Common Buy Transaction 554 4.2708 USD | Common Buy Transaction 97 4.2794 USD | Common Buy Transaction 262 4.2796 USD | Common Buy Transaction 2,247 4.2800 USD | Common Buy Transaction 59 4.2817 USD | Common Buy Transaction 1,130 4.2821 USD | Common Buy Transaction 81 4.2851 USD | Common Buy Transaction 21 4.2852 USD | Common Buy Transaction 907 4.2870 USD | Common Buy Transaction 398 4.2875 USD | Common Buy Transaction 3,133 4.2877 USD | Common Buy Transaction 529 4.2890 USD | Common Buy Transaction 1,144 4.2900 USD | Common Buy Transaction 398 4.2901 USD | Common Buy Transaction 14,637 4.2904 USD | Common Buy Transaction 17 4.2912 USD | Common Buy Transaction 2,217 4.2921 USD | Common Buy Transaction 1,900 4.2971 USD | Common Buy Transaction 700 4.2986 USD | Common Buy Transaction 2,200 4.3000 USD | Common Buy Transaction 883 4.3008 USD | Common Buy Transaction 500 4.3060 USD | Common Buy Transaction 107 4.3061 USD | Common Buy Transaction 230 4.3078 USD | Common Buy Transaction 70 4.3093 USD | Common Buy Transaction 250 4.3114 USD | Common Buy Transaction 302 4.3135 USD | Common Buy Transaction 387 4.3170 USD | Common Buy Transaction 277 4.3211 USD | Common Buy Transaction 40 4.3230 USD | Common Buy Transaction 377 4.3231 USD | Common Buy Transaction 871 4.3248 USD | Common Buy Transaction 48 4.3258 USD | Common Buy Transaction 276 4.3263 USD | Common Buy Transaction 847 4.3276 USD | Common Buy Transaction 146 4.3284 USD | Common Buy Transaction 100 4.3350 USD | Common Buy Transaction 140 4.3357 USD | Common Buy Transaction 7 4.3371 USD | Common Buy Transaction 144 4.3381 USD | Common Buy Transaction 2,200 4.3397 USD | Common Buy Transaction 850 4.3400 USD | Common Buy Transaction 5,806 4.3431 USD | Common Buy Transaction 6 4.3500 USD | Common Buy Transaction 1,352 4.3610 USD | Common Buy Transaction 574 4.3638 USD | Common Buy Transaction 236 4.3664 USD | Common Buy Transaction 889 4.3699 USD | Common Buy Transaction 180 4.3700 USD | Common Buy Transaction 510 4.3713 USD | Common Buy Transaction 400 4.3725 USD | Common Buy Transaction 100 4.3750 USD | Common Buy Transaction 1,491 4.3755 USD | Common Buy Transaction 1,200 4.3783 USD | Common Buy Transaction 100 4.3790 USD | Common Buy Transaction 714 4.3813 USD | Common Buy Transaction 1,464 4.3905 USD | Common Buy Transaction 223 4.3934 USD | Common Buy Transaction 26 4.3942 USD | Common Buy Transaction 3,194 4.3967 USD | Common Buy Transaction 1,459 4.3980 USD | Common Buy Transaction 75 4.3980 USD | Common Buy Transaction 300 4.4000 USD | Common Buy Transaction 38 4.4021 USD | Common Buy Transaction 26 4.4100 USD | Common Buy Transaction 1,200 4.4163 USD | Common Buy Transaction 2 4.4200 USD | Common Buy Transaction 91 4.4248 USD | Common Buy Transaction 460 4.4337 USD | Common Buy Transaction 125 4.4340 USD | Common Buy Transaction 732 4.4397 USD | Common Buy Transaction 1,300 4.4500 USD | Common Buy Transaction 827 4.4541 USD | Common Buy Transaction 5 4.4700 USD | Common Buy Transaction 129 4.4800 USD | Common Buy Transaction 200 4.4900 USD | Common Buy Transaction 1,044 4.4940 USD | Common Buy Transaction 406 4.4998 USD | Common Buy Transaction 101 4.5100 USD | Common Buy Transaction 252 4.5159 USD | Common Buy Transaction 1 4.5200 USD | Common Buy Transaction 26 4.5212 USD | Common Buy Transaction 53 4.5268 USD | Common Buy Transaction 32 4.5294 USD | Common Buy Transaction 2,259 4.5296 USD | Common Buy Transaction 6,048 4.5381 USD | Common Buy Transaction 2,382 4.5403 USD | Common Buy Transaction 2,414 4.5403 USD | Common Buy Transaction 270 4.5511 USD | Common Buy Transaction 102 4.5600 USD | Common Buy Transaction 23 4.5700 USD | Common Buy Transaction 4,975 4.5758 USD | Common Buy Transaction 63 4.6100 USD | Common Buy Transaction 16 4.6200 USD | Common Buy Transaction 220 4.6400 USD | Common Buy Transaction 266 4.6600 USD | Common Sell Transaction 2,248 4.2900 USD | Common Sell Transaction 3,134 4.2450 USD | Common Sell Transaction 1 4.2500 USD | Common Sell Transaction 112 4.2600 USD | Common Sell Transaction 5 4.2660 USD | Common Sell Transaction 10 4.2690 USD | Common Sell Transaction 506 4.2705 USD | Common Sell Transaction 120 4.2740 USD | Common Sell Transaction 1,604 4.2750 USD | Common Sell Transaction 1,742 4.2794 USD | Common Sell Transaction 58 4.2795 USD | Common Sell Transaction 453 4.2800 USD | Common Sell Transaction 220 4.2861 USD | Common Sell Transaction 7,146 4.2865 USD | Common Sell Transaction 5 4.2880 USD | Common Sell Transaction 15 4.2887 USD | Common Sell Transaction 134 4.2889 USD | Common Sell Transaction 46 4.2889 USD | Common Sell Transaction 88 4.2898 USD | Common Sell Transaction 976 4.2900 USD | Common Sell Transaction 403 4.2908 USD | Common Sell Transaction 30 4.2950 USD | Common Sell Transaction 277 4.2965 USD | Common Sell Transaction 161 4.2994 USD | Common Sell Transaction 927 4.2994 USD | Common Sell Transaction 1 4.3000 USD | Common Sell Transaction 24 4.3012 USD | Common Sell Transaction 32 4.3025 USD | Common Sell Transaction 400 4.3075 USD | Common Sell Transaction 460 4.3078 USD | Common Sell Transaction 129 4.3084 USD | Common Sell Transaction 34 4.3094 USD | Common Sell Transaction 534 4.3100 USD | Common Sell Transaction 450 4.3162 USD | Common Sell Transaction 408 4.3188 USD | Common Sell Transaction 2 4.3200 USD | Common Sell Transaction 2,802 4.3213 USD | Common Sell Transaction 6,332 4.3243 USD | Common Sell Transaction 8 4.3250 USD | Common Sell Transaction 1,006 4.3251 USD | Common Sell Transaction 1,025 4.3264 USD | Common Sell Transaction 548 4.3283 USD | Common Sell Transaction 250 4.3300 USD | Common Sell Transaction 230 4.3312 USD | Common Sell Transaction 1,966 4.3327 USD | Common Sell Transaction 224 4.3346 USD | Common Sell Transaction 50 4.3350 USD | Common Sell Transaction 15 4.3400 USD | Common Sell Transaction 108 4.3406 USD | Common Sell Transaction 101 4.3409 USD | Common Sell Transaction 1,551 4.3415 USD | Common Sell Transaction 426 4.3549 USD | Common Sell Transaction 733 4.3551 USD | Common Sell Transaction 400 4.3575 USD | Common Sell Transaction 200 4.3600 USD | Common Sell Transaction 2,768 4.3626 USD | Common Sell Transaction 4,096 4.3664 USD | Common Sell Transaction 1,167 4.3695 USD | Common Sell Transaction 400 4.3700 USD | Common Sell Transaction 58 4.3734 USD | Common Sell Transaction 1,100 4.3745 USD | Common Sell Transaction 5,611 4.3765 USD | Common Sell Transaction 182 4.3789 USD | Common Sell Transaction 1,883 4.3795 USD | Common Sell Transaction 1,020 4.3800 USD | Common Sell Transaction 100 4.3800 USD | Common Sell Transaction 1,178 4.3876 USD | Common Sell Transaction 981 4.3900 USD | Common Sell Transaction 1,458 4.3905 USD | Common Sell Transaction 103 4.3948 USD | Common Sell Transaction 240 4.3950 USD | Common Sell Transaction 585 4.3976 USD | Common Sell Transaction 100 4.4000 USD | Common Sell Transaction 300 4.4099 USD | Common Sell Transaction 1,200 4.4100 USD | Common Sell Transaction 3,173 4.4138 USD | Common Sell Transaction 900 4.4144 USD | Common Sell Transaction 416 4.4175 USD | Common Sell Transaction 164 4.4193 USD | Common Sell Transaction 3,297 4.4211 USD | Common Sell Transaction 1,484 4.4228 USD | Common Sell Transaction 133 4.4250 USD | Common Sell Transaction 300 4.4267 USD | Common Sell Transaction 151 4.4272 USD | Common Sell Transaction 108 4.4341 USD | Common Sell Transaction 555 4.4374 USD | Common Sell Transaction 101 4.4400 USD | Common Sell Transaction 331 4.4416 USD | Common Sell Transaction 1,600 4.4428 USD | Common Sell Transaction 930 4.4440 USD | Common Sell Transaction 311 4.4456 USD | Common Sell Transaction 84 4.4495 USD | Common Sell Transaction 827 4.4541 USD | Common Sell Transaction 140 4.4550 USD | Common Sell Transaction 5 4.4580 USD | Common Sell Transaction 735 4.4688 USD | Common Sell Transaction 836 4.4791 USD | Common Sell Transaction 1 4.4900 USD | Common Sell Transaction 2,222 4.4937 USD | Common Sell Transaction 77 4.4951 USD | Common Sell Transaction 201 4.4993 USD | Common Sell Transaction 500 4.5000 USD | Common Sell Transaction 459 4.5064 USD | Common Sell Transaction 100 4.5100 USD | Common Sell Transaction 82 4.5200 USD | Common Sell Transaction 6,048 4.5381 USD | Common Sell Transaction 1,244 4.5400 USD | Common Sell Transaction 796 4.5633 USD | Common Sell Transaction 13 4.6000 USD | Common Sell Transaction 4,000 4.6064 USD | Common Sell Transaction 16 4.6200 USD | Common Sell Transaction 133 4.6600 USD |
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(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 6)
Price
per unit
(Note 5)
(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 6) Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit | Common Call Option Buy Transaction 12,500 5.0000 USD American 2027-02-19 1.2000 USD | Common Call Option Sell Transaction 100 7.5000 USD American 2026-11-20 0.6000 USD |
(ii) Exercise
Class of
relevant
security
Product
description
e.g. call
option
Exercising/
exercised
against
Number of
securities
Exercise
price per
unit
(Note 5)
(d) Other dealings (including transactions in respect of new securities) (Note 3)
Class of
relevant
security
Nature of dealing
e.g. subscription,
conversion, exercise
Details
Price per unit (if
applicable)
(Note 5)
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4. 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 person 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
(c) Attachments
Is a Supplemental Form 8 attached?
YES
Date of disclosure 16 July 2026 | Contact name Paula Santos | Telephone number 020 7645 9700 |
Public disclosures under Rule 8.3 of the Rules must be made to a Regulatory Information Service.
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SUPPLEMENTAL FORM 8
IRISH TAKEOVER PANEL
DISCLOSURE UNDER RULE 8.1, RULE 8.3, RULE 38.5(b) AND
RULE 38.6 OF THE IRISH TAKEOVER PANEL ACT, 1997,
TAKEOVER RULES, 2022
DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING
OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL AND
RIGHTS TO SUBSCRIBE FOR NEW SECURITIES
1. KEY INFORMATION
Full name of person making disclosure: Citadel Group | Name of offeror/offeree in relation to whose relevant securities the disclosure relates: FORWARD INDUSTRIES INC |
2. STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)
Class of relevant security Product description e.g. call option Written or purchased Number of securities to which option or derivative relates Exercise price per unit Type e.g. American, European etc. Expiry date | Common Call Option Purchased 21,800 10.0 USD American 20/11/2026 | Common Call Option Purchased 9,400 5.0 USD American 19/02/2027 | Common Put Option Purchased -2,500 7.5 USD American 18/12/2026 | Common Put Option Purchased -2,300 5.0 USD American 20/11/2026 | Common Put Option Purchased -800 7.5 USD American 21/08/2026 | Common Call Option Purchased 800 5.0 USD American 17/07/2026 | Common Call Option Purchased 1,700 10.0 USD American 21/08/2026 | Common Call Option Purchased 100 7.5 USD American 19/02/2027 | Common Put Option Purchased -100 10.0 USD American 21/08/2026 | Common Put Option Purchased -100 2.5 USD American 21/08/2026 | Common Put Option Purchased -300 10.0 USD American 18/12/2026 | Common Call Option Purchased 0 2.5 USD American 17/07/2026 | Common Call Option Purchased 200 17.5 USD American 18/12/2026 | Common Call Option Purchased 44,000 10.0 USD American 18/12/2026 | Common Put Option Purchased -900 2.5 USD American 18/12/2026 | Common Call Option Purchased 50,500 20.0 USD American 21/08/2026 | Common Put Option Purchased -2,800 5.0 USD American 21/08/2026 | Common Put Option Purchased -7,600 5.0 USD American 17/07/2026 | Common Put Option Purchased -300 7.5 USD American 19/02/2027 | Common Call Option Sold -9,100 7.5 USD American 18/12/2026 | Common Put Option Sold 36,000 2.5 USD American 17/07/2026 | Common Call Option Sold -9,000 20.0 USD American 18/12/2026 | Common Put Option Sold 2,900 5.0 USD American 18/12/2026 | Common Call Option Sold -800 2.5 USD American 19/02/2027 | Common Call Option Sold -3,900 5.0 USD American 21/08/2026 | Common Call Option Sold -3,100 7.5 USD American 20/11/2026 | Common Call Option Sold -400 5.0 USD American 20/11/2026 | Common Call Option Sold -600 2.5 USD American 18/12/2026 | Common Call Option Sold -2,400 2.5 USD American 21/08/2026 | Common Call Option Sold -300 7.5 USD American 21/08/2026 | Common Call Option Sold -200 15.0 USD American 18/12/2026 | Common Call Option Sold -500 10.0 USD American 19/02/2027 | Common Call Option Sold -5,100 5.0 USD American 18/12/2026 |
3. AGREEMENTS TO PURCHASE OR SELL
Full details should be given so that the nature of the interest or position can be fully understood:
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4. RIGHTS TO SUBSCRIBE FOR NEW SECURITIES (INCLUDING DIRECTORS' AND OTHER EMPLOYEE OPTIONS)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
It is not necessary to provide details on a Supplemental Form with regard to cash-settled derivatives.
The currency of all prices and other monetary amounts should be stated.
For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel.
References in these notes to "the Rules" are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.
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