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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 21 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 869,100 1.16 9,811 0.01 | (2) Cash-settled derivatives 0 0.00 0 0.00 | (3) Stock-settled derivatives (including options) and agreements to purchase/ sell 146,400 0.19 46,400 0.06 | Total 1,015,500 1.35 56,211 0.07 |
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 2 4.2100 USD | Common Buy Transaction 10 4.2200 USD | Common Buy Transaction 706 4.2227 USD | Common Buy Transaction 2,876 4.2400 USD | Common Buy Transaction 2,325 4.2410 USD | Common Buy Transaction 260 4.2473 USD | Common Buy Transaction 1,122 4.2487 USD | Common Buy Transaction 646 4.2576 USD | Common Buy Transaction 458 4.2600 USD | Common Buy Transaction 260 4.2675 USD | Common Buy Transaction 900 4.2701 USD | Common Buy Transaction 13,061 4.2798 USD | Common Buy Transaction 50 4.2800 USD | Common Buy Transaction 598 4.2803 USD | Common Buy Transaction 2,185 4.2900 USD | Common Buy Transaction 453 4.2912 USD | Common Buy Transaction 140 4.2944 USD | Common Buy Transaction 348 4.2950 USD | Common Buy Transaction 189 4.2950 USD | Common Buy Transaction 1,349 4.2954 USD | Common Buy Transaction 1,917 4.2966 USD | Common Buy Transaction 11,428 4.2975 USD | Common Buy Transaction 200 4.2975 USD | Common Buy Transaction 3,883 4.3000 USD | Common Buy Transaction 285 4.3008 USD | Common Buy Transaction 1,124 4.3022 USD | Common Buy Transaction 80 4.3027 USD | Common Buy Transaction 77 4.3031 USD | Common Buy Transaction 65 4.3032 USD | Common Buy Transaction 64 4.3037 USD | Common Buy Transaction 70 4.3050 USD | Common Buy Transaction 65 4.3072 USD | Common Buy Transaction 87 4.3079 USD | Common Buy Transaction 129 4.3082 USD | Common Buy Transaction 1,392 4.3100 USD | Common Buy Transaction 138 4.3110 USD | Common Buy Transaction 2,612 4.3124 USD | Common Buy Transaction 474 4.3124 USD | Common Buy Transaction 4,210 4.3133 USD | Common Buy Transaction 1,389 4.3142 USD | Common Buy Transaction 146 4.3150 USD | Common Buy Transaction 125 4.3153 USD | Common Buy Transaction 15 4.3160 USD | Common Buy Transaction 340 4.3162 USD | Common Buy Transaction 730 4.3171 USD | Common Buy Transaction 716 4.3198 USD | Common Buy Transaction 39,794 4.3200 USD | Common Buy Transaction 2,268 4.3220 USD | Common Buy Transaction 120 4.3225 USD | Common Buy Transaction 500 4.3226 USD | Common Buy Transaction 420 4.3239 USD | Common Buy Transaction 4,414 4.3246 USD | Common Buy Transaction 222 4.3250 USD | Common Buy Transaction 13 4.3254 USD | Common Buy Transaction 360 4.3267 USD | Common Buy Transaction 180 4.3283 USD | Common Buy Transaction 932 4.3300 USD | Common Buy Transaction 300 4.3333 USD | Common Buy Transaction 8 4.3338 USD | Common Buy Transaction 315 4.3352 USD | Common Buy Transaction 14,820 4.3365 USD | Common Buy Transaction 130 4.3388 USD | Common Buy Transaction 476 4.3400 USD | Common Buy Transaction 91 4.3400 USD | Common Buy Transaction 20 4.3420 USD | Common Buy Transaction 644 4.3425 USD | Common Buy Transaction 605 4.3427 USD | Common Buy Transaction 1,363 4.3430 USD | Common Buy Transaction 4,900 4.3457 USD | Common Buy Transaction 3 4.3467 USD | Common Buy Transaction 250 4.3480 USD | Common Buy Transaction 702 4.3537 USD | Common Buy Transaction 2,367 4.3542 USD | Common Buy Transaction 5 4.3560 USD | Common Buy Transaction 229 4.3599 USD | Common Buy Transaction 200 4.3600 USD | Common Buy Transaction 4,490 4.3625 USD | Common Buy Transaction 54 4.3635 USD | Common Buy Transaction 200 4.3650 USD | Common Buy Transaction 3 4.3667 USD | Common Buy Transaction 951 4.3673 USD | Common Buy Transaction 133 4.3700 USD | Common Buy Transaction 110 4.3720 USD | Common Buy Transaction 6,747 4.3738 USD | Common Buy Transaction 400 4.3750 USD | Common Buy Transaction 1,042 4.3785 USD | Common Buy Transaction 10,187 4.3786 USD | Common Buy Transaction 3 4.3800 USD | Common Buy Transaction 1,500 4.3803 USD | Common Buy Transaction 504 4.3814 USD | Common Buy Transaction 944 4.3818 USD | Common Buy Transaction 2,400 4.3850 USD | Common Buy Transaction 11 4.3855 USD | Common Buy Transaction 1,413 4.3891 USD | Common Buy Transaction 3,746 4.3903 USD | Common Buy Transaction 1,240 4.3925 USD | Common Buy Transaction 1,700 4.3953 USD | Common Buy Transaction 1,378 4.3961 USD | Common Buy Transaction 505 4.3979 USD | Common Buy Transaction 1,842 4.4000 USD | Common Buy Transaction 1,600 4.4088 USD | Common Buy Transaction 291 4.4100 USD | Common Buy Transaction 21,940 4.4101 USD | Common Buy Transaction 24,782 4.4106 USD | Common Buy Transaction 1,319 4.4108 USD | Common Buy Transaction 574 4.4109 USD | Common Buy Transaction 4,228 4.4109 USD | Common Buy Transaction 800 4.4112 USD | Common Buy Transaction 155 4.4143 USD | Common Buy Transaction 1,481 4.4168 USD | Common Buy Transaction 328 4.4180 USD | Common Buy Transaction 2,220 4.4181 USD | Common Buy Transaction 2,800 4.4200 USD | Common Buy Transaction 101 4.4300 USD | Common Buy Transaction 184 4.4400 USD | Common Buy Transaction 205 4.4436 USD | Common Buy Transaction 13 4.4500 USD | Common Buy Transaction 311 4.4600 USD | Common Buy Transaction 3,825 4.4695 USD | Common Buy Transaction 7,629 4.4700 USD | Common Buy Transaction 587 4.4900 USD | Common Buy Transaction 3,010 4.5000 USD | Common Buy Transaction 614 4.5181 USD | Common Buy Transaction 9 4.5200 USD | Common Buy Transaction 650 4.5231 USD | Common Buy Transaction 1,751 4.6000 USD | Common Buy Transaction 228 4.6100 USD | Common Buy Transaction 1,403 4.6151 USD | Common Buy Transaction 700 4.6300 USD | Common Buy Transaction 1,357 4.6400 USD | Common Buy Transaction 264 4.6900 USD | Common Buy Transaction 62 4.7000 USD | Common Buy Transaction 50 4.7500 USD | Common Buy Transaction 128 4.8698 USD | Common Buy Transaction 3,372 4.3200 USD | Common Sell Transaction 2,749 4.2000 USD | Common Sell Transaction 841 4.2100 USD | Common Sell Transaction 2,775 4.2151 USD | Common Sell Transaction 1,116 4.2193 USD | Common Sell Transaction 111 4.2195 USD | Common Sell Transaction 1,045 4.2200 USD | Common Sell Transaction 438 4.2237 USD | Common Sell Transaction 857 4.2281 USD | Common Sell Transaction 1 4.2300 USD | Common Sell Transaction 104 4.2305 USD | Common Sell Transaction 480 4.2339 USD | Common Sell Transaction 206 4.2343 USD | Common Sell Transaction 400 4.2350 USD | Common Sell Transaction 17 4.2376 USD | Common Sell Transaction 969 4.2389 USD | Common Sell Transaction 100 4.2400 USD | Common Sell Transaction 3,024 4.2434 USD | Common Sell Transaction 23 4.2500 USD | Common Sell Transaction 100 4.2600 USD | Common Sell Transaction 1 4.2700 USD | Common Sell Transaction 899 4.2735 USD | Common Sell Transaction 7 4.2743 USD | Common Sell Transaction 6,312 4.2815 USD | Common Sell Transaction 100 4.2816 USD | Common Sell Transaction 80 4.2850 USD | Common Sell Transaction 3,335 4.2900 USD | Common Sell Transaction 185 4.2943 USD | Common Sell Transaction 578 4.2955 USD | Common Sell Transaction 116 4.2966 USD | Common Sell Transaction 871 4.3000 USD | Common Sell Transaction 102 4.3006 USD | Common Sell Transaction 1,176 4.3009 USD | Common Sell Transaction 2,938 4.3044 USD | Common Sell Transaction 1,079 4.3049 USD | Common Sell Transaction 502 4.3050 USD | Common Sell Transaction 400 4.3057 USD | Common Sell Transaction 8 4.3063 USD | Common Sell Transaction 2,260 4.3082 USD | Common Sell Transaction 521 4.3097 USD | Common Sell Transaction 940 4.3099 USD | Common Sell Transaction 2,626 4.3100 USD | Common Sell Transaction 1,340 4.3133 USD | Common Sell Transaction 53 4.3151 USD | Common Sell Transaction 80 4.3154 USD | Common Sell Transaction 7 4.3157 USD | Common Sell Transaction 350 4.3190 USD | Common Sell Transaction 38,894 4.3200 USD | Common Sell Transaction 80 4.3275 USD | Common Sell Transaction 160 4.3288 USD | Common Sell Transaction 180 4.3288 USD | Common Sell Transaction 553 4.3290 USD | Common Sell Transaction 8,124 4.3295 USD | Common Sell Transaction 1,316 4.3300 USD | Common Sell Transaction 1,402 4.3300 USD | Common Sell Transaction 189 4.3302 USD | Common Sell Transaction 230 4.3343 USD | Common Sell Transaction 100 4.3386 USD | Common Sell Transaction 86 4.3386 USD | Common Sell Transaction 725 4.3400 USD | Common Sell Transaction 5,340 4.3437 USD | Common Sell Transaction 368 4.3447 USD | Common Sell Transaction 10 4.3450 USD | Common Sell Transaction 1,263 4.3464 USD | Common Sell Transaction 700 4.3500 USD | Common Sell Transaction 360 4.3557 USD | Common Sell Transaction 172 4.3588 USD | Common Sell Transaction 600 4.3601 USD | Common Sell Transaction 400 4.3625 USD | Common Sell Transaction 19,313 4.3679 USD | Common Sell Transaction 6 4.3683 USD | Common Sell Transaction 600 4.3700 USD | Common Sell Transaction 530 4.3726 USD | Common Sell Transaction 25 4.3800 USD | Common Sell Transaction 2,265 4.3801 USD | Common Sell Transaction 500 4.3820 USD | Common Sell Transaction 200 4.3850 USD | Common Sell Transaction 55 4.3900 USD | Common Sell Transaction 555 4.3904 USD | Common Sell Transaction 247 4.3925 USD | Common Sell Transaction 55 4.3938 USD | Common Sell Transaction 39 4.3954 USD | Common Sell Transaction 109 4.3980 USD | Common Sell Transaction 22 4.3982 USD | Common Sell Transaction 60 4.3993 USD | Common Sell Transaction 2,491 4.3996 USD | Common Sell Transaction 1,058 4.4000 USD | Common Sell Transaction 816 4.4006 USD | Common Sell Transaction 52 4.4050 USD | Common Sell Transaction 153 4.4072 USD | Common Sell Transaction 120 4.4085 USD | Common Sell Transaction 280 4.4086 USD | Common Sell Transaction 101 4.4099 USD | Common Sell Transaction 1,201 4.4100 USD | Common Sell Transaction 1,500 4.4107 USD | Common Sell Transaction 42,098 4.4112 USD | Common Sell Transaction 214 4.4123 USD | Common Sell Transaction 155 4.4143 USD | Common Sell Transaction 100 4.4163 USD | Common Sell Transaction 328 4.4180 USD | Common Sell Transaction 8,475 4.4200 USD | Common Sell Transaction 662 4.4211 USD | Common Sell Transaction 51 4.4288 USD | Common Sell Transaction 100 4.4300 USD | Common Sell Transaction 1,440 4.4350 USD | Common Sell Transaction 7 4.4400 USD | Common Sell Transaction 1,100 4.4404 USD | Common Sell Transaction 890 4.4500 USD | Common Sell Transaction 400 4.4512 USD | Common Sell Transaction 200 4.4525 USD | Common Sell Transaction 190 4.4537 USD | Common Sell Transaction 1,500 4.4593 USD | Common Sell Transaction 207 4.4600 USD | Common Sell Transaction 3,500 4.4660 USD | Common Sell Transaction 7,703 4.4699 USD | Common Sell Transaction 500 4.4700 USD | Common Sell Transaction 202 4.4879 USD | Common Sell Transaction 3,000 4.4889 USD | Common Sell Transaction 587 4.4900 USD | Common Sell Transaction 2,650 4.5057 USD | Common Sell Transaction 1,500 4.5067 USD | Common Sell Transaction 11 4.5091 USD | Common Sell Transaction 114 4.5100 USD | Common Sell Transaction 9 4.5200 USD | Common Sell Transaction 212 4.5277 USD | Common Sell Transaction 7 4.5900 USD | Common Sell Transaction 300 4.5915 USD | Common Sell Transaction 1,650 4.6000 USD | Common Sell Transaction 228 4.6100 USD | Common Sell Transaction 2,100 4.6200 USD | Common Sell Transaction 703 4.6300 USD | Common Sell Transaction 357 4.6400 USD | Common Sell Transaction 1,062 4.6435 USD | Common Sell Transaction 1,103 4.6500 USD | Common Sell Transaction 700 4.6543 USD | Common Sell Transaction 1 4.6800 USD | Common Sell Transaction 1,800 4.6803 USD | Common Sell Transaction 763 4.6900 USD | Common Sell Transaction 50 4.7500 USD | Common Sell Transaction 128 4.8698 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 200 7.5000 USD American 2026-08-21 0.0600 USD | Common Call Option Sell Transaction 1,000 5.0000 USD American 2026-08-21 0.2500 USD | Common Call Option Sell Transaction 100 5.0000 USD American 2027-02-19 1.4000 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 22 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 Put Option Purchased -100 10.0 USD American 21/08/2026 | Common Put Option Purchased -800 7.5 USD American 21/08/2026 | Common Put Option Purchased -2,300 5.0 USD American 20/11/2026 | Common Put Option Purchased -100 2.5 USD American 21/08/2026 | Common Put Option Purchased -900 2.5 USD American 18/12/2026 | Common Put Option Purchased -300 7.5 USD American 19/02/2027 | Common Call Option Purchased 44,000 10.0 USD American 18/12/2026 | Common Put Option Purchased -300 10.0 USD American 18/12/2026 | Common Call Option Purchased 21,800 10.0 USD American 20/11/2026 | Common Call Option Purchased 1,700 10.0 USD American 21/08/2026 | Common Call Option Purchased 16,100 5.0 USD American 21/08/2026 | Common Put Option Purchased -2,800 5.0 USD American 21/08/2026 | Common Call Option Purchased 50,500 20.0 USD American 21/08/2026 | Common Call Option Purchased 100 7.5 USD American 19/02/2027 | Common Call Option Purchased 9,300 5.0 USD American 19/02/2027 | Common Put Option Purchased -2,500 7.5 USD American 18/12/2026 | Common Call Option Sold -400 5.0 USD American 20/11/2026 | Common Call Option Sold -200 15.0 USD American 18/12/2026 | Common Call Option Sold -3,200 17.5 USD American 18/12/2026 | Common Call Option Sold -3,100 7.5 USD American 20/11/2026 | Common Call Option Sold -9,100 7.5 USD American 18/12/2026 | Common Call Option Sold -9,000 20.0 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 | Common Call Option Sold -2,100 2.5 USD American 19/02/2027 | Common Call Option Sold -100 7.5 USD American 21/08/2026 | Common Put Option Sold 2,900 5.0 USD American 18/12/2026 | Common Call Option Sold -2,400 2.5 USD American 21/08/2026 | Common Call Option Sold -1,100 2.5 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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