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DUBLIN - Morgan Stanley Capital Services LLC has disclosed its trading activity in Avadel Pharmaceuticals plc (NASDAQ:AVDL) securities, according to a regulatory filing made Thursday under Irish Takeover Panel rules.
The firm, acting as an exempt principal trader with recognized intermediary status, reported purchasing 792,226 ordinary shares of Avadel at prices ranging from $18.5250 to $18.6083 per share on October 22. During the same period, Morgan Stanley sold 38,917 shares at prices between $18.5175 and $18.5751.
The disclosure also detailed multiple cash-settled derivative transactions involving Avadel shares, including various positions being increased or reduced through contracts for difference (CFDs). These transactions included reducing a long position by 777,671 shares across multiple trades and both increasing and reducing short positions in various quantities.
Morgan Stanley Capital Services is connected to Avadel Pharmaceuticals in the context of a potential offer situation, as indicated in the filing. The firm confirmed it has no indemnity arrangements, agreements, or understandings relating to options or derivatives with any party to the offer.
The dealings were reported in compliance with Rule 38.5(a) of the Irish Takeover Panel Act, which requires disclosure of trading activity by connected exempt principal traders dealing in a client-serving capacity.
The disclosure was submitted as part of regulatory requirements for market transparency during takeover situations, according to the press release statement.
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