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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 17 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 802,184 1.07 7,603 0.01 | (2) Cash-settled derivatives 0 0.00 0 0.00 | (3) Stock-settled derivatives (including options) and agreements to purchase/ sell 130,400 0.17 49,000 0.06 | Total 932,584 1.24 56,603 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 90 3.9600 USD | Common Buy Transaction 200 3.9700 USD | Common Buy Transaction 900 3.9950 USD | Common Buy Transaction 200 3.9950 USD | Common Buy Transaction 1,410 3.9979 USD | Common Buy Transaction 1,702 4.0000 USD | Common Buy Transaction 10,212 4.0036 USD | Common Buy Transaction 695 4.0073 USD | Common Buy Transaction 1,241 4.0100 USD | Common Buy Transaction 2,546 4.0143 USD | Common Buy Transaction 946 4.0147 USD | Common Buy Transaction 304 4.0149 USD | Common Buy Transaction 350 4.0150 USD | Common Buy Transaction 393 4.0150 USD | Common Buy Transaction 167 4.0150 USD | Common Buy Transaction 149 4.0150 USD | Common Buy Transaction 141 4.0150 USD | Common Buy Transaction 852 4.0157 USD | Common Buy Transaction 5 4.0160 USD | Common Buy Transaction 1,100 4.0173 USD | Common Buy Transaction 898 4.0178 USD | Common Buy Transaction 118 4.0185 USD | Common Buy Transaction 500 4.0190 USD | Common Buy Transaction 6,635 4.0192 USD | Common Buy Transaction 1,179 4.0196 USD | Common Buy Transaction 1,261 4.0196 USD | Common Buy Transaction 815 4.0196 USD | Common Buy Transaction 15,862 4.0200 USD | Common Buy Transaction 802 4.0200 USD | Common Buy Transaction 7,994 4.0204 USD | Common Buy Transaction 39,300 4.0222 USD | Common Buy Transaction 526 4.0232 USD | Common Buy Transaction 901 4.0234 USD | Common Buy Transaction 300 4.0250 USD | Common Buy Transaction 1,300 4.0269 USD | Common Buy Transaction 893 4.0276 USD | Common Buy Transaction 383 4.0279 USD | Common Buy Transaction 10,984 4.0300 USD | Common Buy Transaction 147 4.0312 USD | Common Buy Transaction 200 4.0325 USD | Common Buy Transaction 458 4.0326 USD | Common Buy Transaction 1,505 4.0343 USD | Common Buy Transaction 182 4.0346 USD | Common Buy Transaction 300 4.0350 USD | Common Buy Transaction 439 4.0353 USD | Common Buy Transaction 141 4.0364 USD | Common Buy Transaction 300 4.0367 USD | Common Buy Transaction 84 4.0373 USD | Common Buy Transaction 148 4.0380 USD | Common Buy Transaction 4,261 4.0388 USD | Common Buy Transaction 315 4.0394 USD | Common Buy Transaction 2,021 4.0397 USD | Common Buy Transaction 715 4.0397 USD | Common Buy Transaction 3,102 4.0399 USD | Common Buy Transaction 981 4.0400 USD | Common Buy Transaction 36 4.0411 USD | Common Buy Transaction 903 4.0413 USD | Common Buy Transaction 8,759 4.0419 USD | Common Buy Transaction 10,600 4.0440 USD | Common Buy Transaction 278 4.0450 USD | Common Buy Transaction 220 4.0459 USD | Common Buy Transaction 435 4.0461 USD | Common Buy Transaction 216 4.0477 USD | Common Buy Transaction 900 4.0489 USD | Common Buy Transaction 4,938 4.0500 USD | Common Buy Transaction 933 4.0508 USD | Common Buy Transaction 939 4.0530 USD | Common Buy Transaction 31 4.0597 USD | Common Buy Transaction 1,401 4.0621 USD | Common Buy Transaction 420 4.0627 USD | Common Buy Transaction 16,700 4.0642 USD | Common Buy Transaction 2 4.0650 USD | Common Buy Transaction 24,300 4.0658 USD | Common Buy Transaction 200 4.0690 USD | Common Buy Transaction 6,544 4.0700 USD | Common Buy Transaction 1,060 4.0760 USD | Common Buy Transaction 5 4.0820 USD | Common Buy Transaction 504 4.0849 USD | Common Buy Transaction 176 4.0893 USD | Common Buy Transaction 665 4.0907 USD | Common Buy Transaction 2,317 4.0957 USD | Common Buy Transaction 512 4.0974 USD | Common Buy Transaction 1 4.1100 USD | Common Buy Transaction 302 4.1193 USD | Common Buy Transaction 898 4.1324 USD | Common Buy Transaction 855 4.1567 USD | Common Buy Transaction 94 4.2291 USD | Common Buy Transaction 88 4.2700 USD | Common Sell Transaction 3,653 4.0150 USD | Common Sell Transaction 351 4.0150 USD | Common Sell Transaction 190 3.9400 USD | Common Sell Transaction 9 3.9500 USD | Common Sell Transaction 100 3.9600 USD | Common Sell Transaction 300 3.9700 USD | Common Sell Transaction 11 3.9800 USD | Common Sell Transaction 236 3.9834 USD | Common Sell Transaction 301 3.9836 USD | Common Sell Transaction 200 3.9850 USD | Common Sell Transaction 995 3.9850 USD | Common Sell Transaction 806 3.9942 USD | Common Sell Transaction 3,000 3.9954 USD | Common Sell Transaction 2,000 3.9998 USD | Common Sell Transaction 2,875 4.0000 USD | Common Sell Transaction 160 4.0026 USD | Common Sell Transaction 317 4.0042 USD | Common Sell Transaction 204 4.0043 USD | Common Sell Transaction 419 4.0079 USD | Common Sell Transaction 58 4.0086 USD | Common Sell Transaction 56 4.0088 USD | Common Sell Transaction 10 4.0090 USD | Common Sell Transaction 15 4.0093 USD | Common Sell Transaction 7,000 4.0099 USD | Common Sell Transaction 5,418 4.0099 USD | Common Sell Transaction 682 4.0100 USD | Common Sell Transaction 421 4.0108 USD | Common Sell Transaction 2,849 4.0141 USD | Common Sell Transaction 352 4.0150 USD | Common Sell Transaction 393 4.0150 USD | Common Sell Transaction 167 4.0150 USD | Common Sell Transaction 125 4.0153 USD | Common Sell Transaction 5 4.0160 USD | Common Sell Transaction 485 4.0165 USD | Common Sell Transaction 3 4.0167 USD | Common Sell Transaction 3,289 4.0172 USD | Common Sell Transaction 2,200 4.0199 USD | Common Sell Transaction 12,791 4.0200 USD | Common Sell Transaction 300 4.0233 USD | Common Sell Transaction 303 4.0233 USD | Common Sell Transaction 110 4.0269 USD | Common Sell Transaction 601 4.0283 USD | Common Sell Transaction 304 4.0297 USD | Common Sell Transaction 8,433 4.0300 USD | Common Sell Transaction 99 4.0308 USD | Common Sell Transaction 41 4.0310 USD | Common Sell Transaction 64 4.0312 USD | Common Sell Transaction 900 4.0333 USD | Common Sell Transaction 125 4.0340 USD | Common Sell Transaction 1,652 4.0342 USD | Common Sell Transaction 861 4.0347 USD | Common Sell Transaction 254 4.0350 USD | Common Sell Transaction 138 4.0352 USD | Common Sell Transaction 151 4.0354 USD | Common Sell Transaction 1,046 4.0382 USD | Common Sell Transaction 1,179 4.0397 USD | Common Sell Transaction 2,985 4.0397 USD | Common Sell Transaction 1,500 4.0399 USD | Common Sell Transaction 329 4.0400 USD | Common Sell Transaction 57 4.0411 USD | Common Sell Transaction 1,034 4.0421 USD | Common Sell Transaction 23 4.0443 USD | Common Sell Transaction 100 4.0444 USD | Common Sell Transaction 680 4.0476 USD | Common Sell Transaction 3,176 4.0478 USD | Common Sell Transaction 831 4.0490 USD | Common Sell Transaction 3,836 4.0500 USD | Common Sell Transaction 700 4.0514 USD | Common Sell Transaction 1,717 4.0537 USD | Common Sell Transaction 980 4.0550 USD | Common Sell Transaction 29 4.0552 USD | Common Sell Transaction 1,100 4.0555 USD | Common Sell Transaction 1,944 4.0600 USD | Common Sell Transaction 1,007 4.0647 USD | Common Sell Transaction 1,815 4.0670 USD | Common Sell Transaction 97 4.0686 USD | Common Sell Transaction 570 4.0695 USD | Common Sell Transaction 842 4.0710 USD | Common Sell Transaction 759 4.0774 USD | Common Sell Transaction 246 4.0797 USD | Common Sell Transaction 9,210 4.0800 USD | Common Sell Transaction 400 4.0825 USD | Common Sell Transaction 15 4.0900 USD | Common Sell Transaction 829 4.0918 USD | Common Sell Transaction 130 4.0950 USD | Common Sell Transaction 764 4.0999 USD | Common Sell Transaction 236 4.0999 USD | Common Sell Transaction 100 4.1000 USD | Common Sell Transaction 9,069 4.1019 USD | Common Sell Transaction 961 4.1126 USD | Common Sell Transaction 180 4.1375 USD | Common Sell Transaction 353 4.1850 USD | Common Sell Transaction 82 4.2290 USD | Common Sell Transaction 12 4.2300 USD | Common Sell Transaction 1,890 4.2648 USD | Common Sell Transaction 600 4.2800 USD | Common Sell Transaction 279 4.2816 USD | Common Sell Transaction 801 4.3000 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 Sell Transaction 1,500 17.5000 USD American 2026-12-18 0.1800 USD | Common Call Option Sell Transaction 200 17.5000 USD American 2026-12-18 0.1900 USD | Common Call Option Sell Transaction 1,700 17.5000 USD American 2026-12-18 0.2000 USD |
(ii) Exercise
Class of relevant security Common | Product description e.g. call option Put Option | Exercising/ exercised against OPTION_EXERCISE | Number of securities 7,600 | Exercise price per unit (Note 5) 5.0000 USD |
(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 20 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 -300 10.0 USD American 18/12/2026 | Common Put Option Purchased -100 10.0 USD American 21/08/2026 | 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 -300 7.5 USD American 19/02/2027 | 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 Put Option Purchased -100 2.5 USD American 21/08/2026 | 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 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 Put Option Purchased -2,800 5.0 USD American 21/08/2026 | 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 Sold -9,000 20.0 USD American 18/12/2026 | Common Call Option Sold -800 2.5 USD American 19/02/2027 | Common Call Option Sold -3,200 17.5 USD American 18/12/2026 | Common Call Option Sold -2,400 2.5 USD American 21/08/2026 | Common Call Option Sold -900 2.5 USD American 18/12/2026 | Common Call Option Sold -9,100 7.5 USD American 18/12/2026 | Common Put Option Sold 2,900 5.0 USD American 18/12/2026 | 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 -3,100 7.5 USD American 20/11/2026 | Common Call Option Sold -500 10.0 USD American 19/02/2027 | Common Call Option Sold -3,900 5.0 USD American 21/08/2026 | Common Call Option Sold -5,100 5.0 USD American 18/12/2026 | Common Call Option Sold -400 5.0 USD American 20/11/2026 |
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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