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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 7 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 1.05 174,631 0.23 | (2) Cash-settled derivatives 0 0.00 0 0.00 | (3) Stock-settled derivatives (including options) and agreements to purchase/ sell 165,000 0.22 51,800 0.06 | Total 950,784 1.27 226,431 0.30 |
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 4 4.2700 USD | Common Buy Transaction 205 4.3000 USD | Common Buy Transaction 42 4.3050 USD | Common Buy Transaction 171 4.3050 USD | Common Buy Transaction 119 4.3050 USD | Common Buy Transaction 1 4.3100 USD | Common Buy Transaction 21 4.3105 USD | Common Buy Transaction 8 4.3187 USD | Common Buy Transaction 1 4.3200 USD | Common Buy Transaction 10 4.3210 USD | Common Buy Transaction 13 4.3292 USD | Common Buy Transaction 165 4.3300 USD | Common Buy Transaction 260 4.3400 USD | Common Buy Transaction 1,500 4.3492 USD | Common Buy Transaction 200 4.3500 USD | Common Buy Transaction 73 4.3515 USD | Common Buy Transaction 2 4.3550 USD | Common Buy Transaction 70 4.3576 USD | Common Buy Transaction 11,026 4.3582 USD | Common Buy Transaction 36 4.3600 USD | Common Buy Transaction 28 4.3604 USD | Common Buy Transaction 1,832 4.3640 USD | Common Buy Transaction 2,901 4.3685 USD | Common Buy Transaction 50 4.3754 USD | Common Buy Transaction 196 4.3900 USD | Common Buy Transaction 586 4.3970 USD | Common Buy Transaction 3,228 4.4022 USD | Common Buy Transaction 1,500 4.4093 USD | Common Buy Transaction 803 4.4113 USD | Common Buy Transaction 96 4.4128 USD | Common Buy Transaction 186 4.4289 USD | Common Buy Transaction 200 4.4300 USD | Common Buy Transaction 587 4.4337 USD | Common Buy Transaction 500 4.4360 USD | Common Buy Transaction 1,000 4.4400 USD | Common Buy Transaction 141 4.4500 USD | Common Buy Transaction 400 4.4525 USD | Common Buy Transaction 793 4.4532 USD | Common Buy Transaction 2 4.4600 USD | Common Buy Transaction 1,359 4.4695 USD | Common Buy Transaction 15 4.4700 USD | Common Buy Transaction 2,100 4.4712 USD | Common Buy Transaction 290 4.4745 USD | Common Buy Transaction 4,882 4.4807 USD | Common Buy Transaction 41 4.4851 USD | Common Buy Transaction 2,339 4.4898 USD | Common Buy Transaction 221 4.4900 USD | Common Buy Transaction 500 4.4920 USD | Common Buy Transaction 431 4.4932 USD | Common Buy Transaction 1,331 4.4938 USD | Common Buy Transaction 1,240 4.4978 USD | Common Buy Transaction 831 4.5000 USD | Common Buy Transaction 114 4.5026 USD | Common Buy Transaction 220 4.5032 USD | Common Buy Transaction 1,100 4.5036 USD | Common Buy Transaction 439 4.5066 USD | Common Buy Transaction 349 4.5099 USD | Common Buy Transaction 139 4.5100 USD | Common Buy Transaction 1,303 4.5102 USD | Common Buy Transaction 3,790 4.5103 USD | Common Buy Transaction 1,786 4.5195 USD | Common Buy Transaction 440 4.5209 USD | Common Buy Transaction 409 4.5213 USD | Common Buy Transaction 6,782 4.5222 USD | Common Buy Transaction 226 4.5230 USD | Common Buy Transaction 1,955 4.5269 USD | Common Buy Transaction 800 4.5287 USD | Common Buy Transaction 100 4.5300 USD | Common Buy Transaction 188 4.5315 USD | Common Buy Transaction 290 4.5400 USD | Common Buy Transaction 343 4.5417 USD | Common Buy Transaction 295 4.5434 USD | Common Buy Transaction 510 4.5464 USD | Common Buy Transaction 400 4.5488 USD | Common Buy Transaction 2,438 4.5500 USD | Common Buy Transaction 736 4.5539 USD | Common Buy Transaction 4,632 4.5636 USD | Common Buy Transaction 595 4.5652 USD | Common Buy Transaction 216 4.5671 USD | Common Buy Transaction 690 4.5700 USD | Common Buy Transaction 1,836 4.5742 USD | Common Buy Transaction 907 4.5845 USD | Common Buy Transaction 1,201 4.5869 USD | Common Buy Transaction 9,953 4.5881 USD | Common Buy Transaction 55 4.5933 USD | Common Buy Transaction 932 4.6274 USD | Common Buy Transaction 598 4.6306 USD | Common Buy Transaction 11,681 4.6450 USD | Common Buy Transaction 500 4.6500 USD | Common Buy Transaction 59 4.6515 USD | Common Buy Transaction 141 4.6516 USD | Common Buy Transaction 18 4.6567 USD | Common Buy Transaction 520 4.6569 USD | Common Buy Transaction 77 4.6600 USD | Common Buy Transaction 14 4.6693 USD | Common Buy Transaction 3 4.6700 USD | Common Buy Transaction 48 4.6850 USD | Common Buy Transaction 3,939 4.7000 USD | Common Buy Transaction 25 4.7200 USD | Common Buy Transaction 5,690 4.7601 USD | Common Buy Transaction 4,197 4.7875 USD | Common Buy Transaction 4,238 4.7955 USD | Common Buy Transaction 1 4.8000 USD | Common Buy Transaction 145 4.8001 USD | Common Buy Transaction 70 4.8300 USD | Common Sell Transaction 138 4.3050 USD | Common Sell Transaction 62 4.2700 USD | Common Sell Transaction 400 4.2750 USD | Common Sell Transaction 1,017 4.2762 USD | Common Sell Transaction 2,763 4.2778 USD | Common Sell Transaction 554 4.2900 USD | Common Sell Transaction 205 4.3000 USD | Common Sell Transaction 723 4.3021 USD | Common Sell Transaction 1,742 4.3050 USD | Common Sell Transaction 333 4.3050 USD | Common Sell Transaction 171 4.3050 USD | Common Sell Transaction 129 4.3050 USD | Common Sell Transaction 2 4.3100 USD | Common Sell Transaction 200 4.3150 USD | Common Sell Transaction 35 4.3183 USD | Common Sell Transaction 461 4.3486 USD | Common Sell Transaction 1,000 4.3489 USD | Common Sell Transaction 1,500 4.3492 USD | Common Sell Transaction 500 4.3498 USD | Common Sell Transaction 201 4.3499 USD | Common Sell Transaction 809 4.3499 USD | Common Sell Transaction 1,253 4.3500 USD | Common Sell Transaction 452 4.3503 USD | Common Sell Transaction 357 4.3504 USD | Common Sell Transaction 270 4.3524 USD | Common Sell Transaction 59 4.3556 USD | Common Sell Transaction 23 4.3578 USD | Common Sell Transaction 27 4.3581 USD | Common Sell Transaction 15,644 4.3586 USD | Common Sell Transaction 4,100 4.3595 USD | Common Sell Transaction 1,300 4.3600 USD | Common Sell Transaction 1,184 4.3622 USD | Common Sell Transaction 600 4.3650 USD | Common Sell Transaction 43 4.3681 USD | Common Sell Transaction 18 4.3683 USD | Common Sell Transaction 2,901 4.3685 USD | Common Sell Transaction 400 4.3699 USD | Common Sell Transaction 5,701 4.3800 USD | Common Sell Transaction 100 4.3850 USD | Common Sell Transaction 703 4.3894 USD | Common Sell Transaction 500 4.3899 USD | Common Sell Transaction 315 4.3899 USD | Common Sell Transaction 1,801 4.3900 USD | Common Sell Transaction 2,759 4.3952 USD | Common Sell Transaction 3,246 4.4000 USD | Common Sell Transaction 3,337 4.4132 USD | Common Sell Transaction 12,600 4.4134 USD | Common Sell Transaction 34 4.4182 USD | Common Sell Transaction 1,280 4.4200 USD | Common Sell Transaction 6 4.4233 USD | Common Sell Transaction 50 4.4280 USD | Common Sell Transaction 39 4.4328 USD | Common Sell Transaction 217 4.4347 USD | Common Sell Transaction 6 4.4383 USD | Common Sell Transaction 1,000 4.4389 USD | Common Sell Transaction 2 4.4400 USD | Common Sell Transaction 224 4.4571 USD | Common Sell Transaction 510 4.4575 USD | Common Sell Transaction 1,223 4.4599 USD | Common Sell Transaction 488 4.4600 USD | Common Sell Transaction 116 4.4677 USD | Common Sell Transaction 800 4.4700 USD | Common Sell Transaction 219 4.4716 USD | Common Sell Transaction 300 4.4717 USD | Common Sell Transaction 1,696 4.4721 USD | Common Sell Transaction 9,994 4.4846 USD | Common Sell Transaction 11 4.4891 USD | Common Sell Transaction 102 4.4998 USD | Common Sell Transaction 23,040 4.4998 USD | Common Sell Transaction 413 4.4998 USD | Common Sell Transaction 665 4.4998 USD | Common Sell Transaction 9,382 4.5000 USD | Common Sell Transaction 470 4.5062 USD | Common Sell Transaction 3,383 4.5063 USD | Common Sell Transaction 1,049 4.5094 USD | Common Sell Transaction 2,092 4.5097 USD | Common Sell Transaction 15 4.5193 USD | Common Sell Transaction 7,986 4.5217 USD | Common Sell Transaction 300 4.5333 USD | Common Sell Transaction 41 4.5400 USD | Common Sell Transaction 10,903 4.5448 USD | Common Sell Transaction 310 4.5500 USD | Common Sell Transaction 125 4.5540 USD | Common Sell Transaction 784 4.5590 USD | Common Sell Transaction 700 4.5600 USD | Common Sell Transaction 200 4.5625 USD | Common Sell Transaction 1,497 4.5648 USD | Common Sell Transaction 8,574 4.5691 USD | Common Sell Transaction 240 4.5699 USD | Common Sell Transaction 19 4.5716 USD | Common Sell Transaction 56 4.5750 USD | Common Sell Transaction 1 4.5800 USD | Common Sell Transaction 1,289 4.5952 USD | Common Sell Transaction 1,368 4.5964 USD | Common Sell Transaction 1,310 4.6106 USD | Common Sell Transaction 345 4.6284 USD | Common Sell Transaction 325 4.6400 USD | Common Sell Transaction 1,775 4.6411 USD | Common Sell Transaction 5,333 4.6472 USD | Common Sell Transaction 2,321 4.6500 USD | Common Sell Transaction 8,152 4.6600 USD | Common Sell Transaction 2,294 4.6601 USD | Common Sell Transaction 1,100 4.6636 USD | Common Sell Transaction 4,416 4.6697 USD | Common Sell Transaction 48 4.6850 USD | Common Sell Transaction 2,318 4.7293 USD | Common Sell Transaction 600 4.7300 USD | Common Sell Transaction 600 4.7350 USD | Common Sell Transaction 3,333 4.7501 USD | Common Sell Transaction 4,066 4.7600 USD | Common Sell Transaction 67 4.7785 USD | Common Sell Transaction 20 4.8000 USD | Common Sell Transaction 2 4.8100 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 4,000 5.0000 USD American 2026-08-21 0.4000 USD | Common Call Option Buy Transaction 4,000 5.0000 USD American 2026-08-21 0.4500 USD | Common Call Option Buy Transaction 200 5.0000 USD American 2027-02-19 1.3600 USD | Common Call Option Buy Transaction 900 5.0000 USD American 2027-02-19 1.3800 USD | Common Call Option Sell Transaction 300 5.0000 USD American 2026-12-18 1.0000 USD | Common Call Option Sell Transaction 100 5.0000 USD American 2026-12-18 1.1000 USD | Common Call Option Sell Transaction 800 2.5000 USD American 2027-02-19 2.2500 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 8 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 -2,300 5.0 USD American 20/11/2026 | Common Call Option Purchased 50,800 20.0 USD American 21/08/2026 | Common Put Option Purchased -900 2.5 USD American 18/12/2026 | Common Call Option Purchased 44,000 10.0 USD American 18/12/2026 | Common Put Option Purchased -800 7.5 USD American 21/08/2026 | Common Put Option Purchased -2,500 7.5 USD American 18/12/2026 | Common Call Option Purchased 100 2.5 USD American 17/07/2026 | Common Call Option Purchased 800 5.0 USD American 17/07/2026 | 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 Call Option Purchased 1,700 10.0 USD American 21/08/2026 | Common Put Option Purchased -7,600 5.0 USD American 17/07/2026 | Common Call Option Purchased 21,200 10.0 USD American 20/11/2026 | Common Put Option Purchased -300 10.0 USD American 18/12/2026 | Common Call Option Purchased 7,300 5.0 USD American 21/08/2026 | Common Put Option Purchased -300 7.5 USD American 19/02/2027 | Common Call Option Purchased 200 17.5 USD American 18/12/2026 | Common Put Option Purchased -2,700 5.0 USD American 21/08/2026 | Common Call Option Sold -3,000 7.5 USD American 20/11/2026 | Common Call Option Sold -2,400 2.5 USD American 21/08/2026 | Common Call Option Sold -2,900 5.0 USD American 19/02/2027 | Common Call Option Sold -500 10.0 USD American 19/02/2027 | Common Put Option Sold 2,900 5.0 USD American 18/12/2026 | Common Call Option Sold -600 2.5 USD American 18/12/2026 | Common Put Option Sold 36,000 2.5 USD American 17/07/2026 | Common Call Option Sold -800 2.5 USD American 19/02/2027 | Common Call Option Sold -200 15.0 USD American 18/12/2026 | Common Call Option Sold -4,900 5.0 USD American 18/12/2026 | 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 -300 7.5 USD American 21/08/2026 | Common Call Option Sold -500 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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