t
Citadel Group filed a Form 8.3 disclosure with the Irish Takeover Panel on 17 July 2026, detailing its positions and dealings in FORWARD INDUSTRIES INC securities as of 16 July 2026. The disclosure reported Citadel Group's total interest of 954,476 (1.27%) and total short positions of 132,805 (0.17%) in FORWARD INDUSTRIES INC's $0.01 ordinary shares. On 16 July 2026, Citadel Group executed numerous buy and sell transactions in common shares at prices ranging from $4.1400 USD to $4.8000 USD, and sold 300 American Call Options with an exercise price of $2.50 USD expiring on 18 December 2026.
| Date | 17 Jul 2026 |
| Time | 15:00:00 |
| Category | Miscellaneous |
| ID | 8566M |
Ap27
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 |
16 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.
Ap28
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 |
ISIN US3499321038 $0.01 ordinary shares |
|||
|
|
Interests |
Short positions |
||
|
Number |
% |
Number |
% |
|
|
(1) Relevant securities owned and/or controlled |
787,076 |
1.05 |
79,405 |
0.10 |
|
(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 |
53,400 |
0.07 |
|
Total |
954,476 |
1.27 |
132,805 |
0.17 |
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 |
Purchase/sale |
Number of |
Price per unit |
|
Common |
Buy Transaction |
44 |
4.1420 USD |
|
Common |
Buy Transaction |
65 |
4.1500 USD |
|
Common |
Buy Transaction |
600 |
4.1550 USD |
|
Common |
Buy Transaction |
107 |
4.1550 USD |
|
Common |
Buy Transaction |
62 |
4.1560 USD |
|
Common |
Buy Transaction |
583 |
4.1600 USD |
|
Common |
Buy Transaction |
934 |
4.1625 USD |
|
Common |
Buy Transaction |
709 |
4.1636 USD |
|
Common |
Buy Transaction |
200 |
4.1650 USD |
|
Common |
Buy Transaction |
351 |
4.1659 USD |
|
Common |
Buy Transaction |
2,300 |
4.1661 USD |
|
Common |
Buy Transaction |
410 |
4.1662 USD |
|
Common |
Buy Transaction |
400 |
4.1675 USD |
|
Common |
Buy Transaction |
10,457 |
4.1700 USD |
|
Common |
Buy Transaction |
622 |
4.1712 USD |
|
Common |
Buy Transaction |
2,625 |
4.1738 USD |
|
Common |
Buy Transaction |
969 |
4.1740 USD |
|
Common |
Buy Transaction |
686 |
4.1745 USD |
|
Common |
Buy Transaction |
3,307 |
4.1755 USD |
|
Common |
Buy Transaction |
518 |
4.1756 USD |
|
Common |
Buy Transaction |
600 |
4.1767 USD |
|
Common |
Buy Transaction |
26 |
4.1777 USD |
|
Common |
Buy Transaction |
1,107 |
4.1779 USD |
|
Common |
Buy Transaction |
356 |
4.1779 USD |
|
Common |
Buy Transaction |
249 |
4.1794 USD |
|
Common |
Buy Transaction |
7,412 |
4.1798 USD |
|
Common |
Buy Transaction |
922 |
4.1799 USD |
|
Common |
Buy Transaction |
1,486 |
4.1800 USD |
|
Common |
Buy Transaction |
174 |
4.1801 USD |
|
Common |
Buy Transaction |
192 |
4.1805 USD |
|
Common |
Buy Transaction |
910 |
4.1814 USD |
|
Common |
Buy Transaction |
4,835 |
4.1837 USD |
|
Common |
Buy Transaction |
691 |
4.1842 USD |
|
Common |
Buy Transaction |
308 |
4.1857 USD |
|
Common |
Buy Transaction |
805 |
4.1892 USD |
|
Common |
Buy Transaction |
856 |
4.1900 USD |
|
Common |
Buy Transaction |
625 |
4.1904 USD |
|
Common |
Buy Transaction |
239 |
4.1907 USD |
|
Common |
Buy Transaction |
1,049 |
4.1911 USD |
|
Common |
Buy Transaction |
499 |
4.1938 USD |
|
Common |
Buy Transaction |
1,290 |
4.1950 USD |
|
Common |
Buy Transaction |
437 |
4.1950 USD |
|
Common |
Buy Transaction |
1,015 |
4.1951 USD |
|
Common |
Buy Transaction |
1,240 |
4.1954 USD |
|
Common |
Buy Transaction |
194 |
4.1964 USD |
|
Common |
Buy Transaction |
400 |
4.1969 USD |
|
Common |
Buy Transaction |
3,158 |
4.1973 USD |
|
Common |
Buy Transaction |
287 |
4.2000 USD |
|
Common |
Buy Transaction |
1,101 |
4.2100 USD |
|
Common |
Buy Transaction |
1,024 |
4.2115 USD |
|
Common |
Buy Transaction |
7 |
4.2143 USD |
|
Common |
Buy Transaction |
1,392 |
4.2150 USD |
|
Common |
Buy Transaction |
201 |
4.2196 USD |
|
Common |
Buy Transaction |
1,540 |
4.2200 USD |
|
Common |
Buy Transaction |
4 |
4.2250 USD |
|
Common |
Buy Transaction |
276 |
4.2255 USD |
|
Common |
Buy Transaction |
584 |
4.2332 USD |
|
Common |
Buy Transaction |
164 |
4.2350 USD |
|
Common |
Buy Transaction |
1,419 |
4.2400 USD |
|
Common |
Buy Transaction |
1 |
4.2500 USD |
|
Common |
Buy Transaction |
1,427 |
4.2675 USD |
|
Common |
Buy Transaction |
21 |
4.2800 USD |
|
Common |
Buy Transaction |
7868 |
4.2400 USD |
|
Common |
Sell Transaction |
23 |
4.2400 USD |
|
Common |
Sell Transaction |
1 |
4.1400 USD |
|
Common |
Sell Transaction |
757 |
4.1550 USD |
|
Common |
Sell Transaction |
14 |
4.1586 USD |
|
Common |
Sell Transaction |
1,571 |
4.1600 USD |
|
Common |
Sell Transaction |
27 |
4.1619 USD |
|
Common |
Sell Transaction |
800 |
4.1638 USD |
|
Common |
Sell Transaction |
2,443 |
4.1656 USD |
|
Common |
Sell Transaction |
1,339 |
4.1668 USD |
|
Common |
Sell Transaction |
599 |
4.1694 USD |
|
Common |
Sell Transaction |
500 |
4.1699 USD |
|
Common |
Sell Transaction |
10,508 |
4.1700 USD |
|
Common |
Sell Transaction |
76 |
4.1703 USD |
|
Common |
Sell Transaction |
37 |
4.1714 USD |
|
Common |
Sell Transaction |
169 |
4.1728 USD |
|
Common |
Sell Transaction |
7,048 |
4.1742 USD |
|
Common |
Sell Transaction |
260 |
4.1785 USD |
|
Common |
Sell Transaction |
103 |
4.1788 USD |
|
Common |
Sell Transaction |
11 |
4.1791 USD |
|
Common |
Sell Transaction |
80 |
4.1800 USD |
|
Common |
Sell Transaction |
400 |
4.1825 USD |
|
Common |
Sell Transaction |
1,363 |
4.1833 USD |
|
Common |
Sell Transaction |
569 |
4.1846 USD |
|
Common |
Sell Transaction |
94 |
4.1847 USD |
|
Common |
Sell Transaction |
60 |
4.1850 USD |
|
Common |
Sell Transaction |
1,907 |
4.1862 USD |
|
Common |
Sell Transaction |
86 |
4.1871 USD |
|
Common |
Sell Transaction |
6 |
4.1883 USD |
|
Common |
Sell Transaction |
531 |
4.1885 USD |
|
Common |
Sell Transaction |
259 |
4.1887 USD |
|
Common |
Sell Transaction |
1,632 |
4.1900 USD |
|
Common |
Sell Transaction |
600 |
4.1950 USD |
|
Common |
Sell Transaction |
56 |
4.1954 USD |
|
Common |
Sell Transaction |
801 |
4.1963 USD |
|
Common |
Sell Transaction |
242 |
4.1972 USD |
|
Common |
Sell Transaction |
4,480 |
4.1980 USD |
|
Common |
Sell Transaction |
7 |
4.2000 USD |
|
Common |
Sell Transaction |
4 |
4.2025 USD |
|
Common |
Sell Transaction |
14 |
4.2029 USD |
|
Common |
Sell Transaction |
7,767 |
4.2042 USD |
|
Common |
Sell Transaction |
10 |
4.2090 USD |
|
Common |
Sell Transaction |
667 |
4.2100 USD |
|
Common |
Sell Transaction |
5 |
4.2140 USD |
|
Common |
Sell Transaction |
8 |
4.2175 USD |
|
Common |
Sell Transaction |
115 |
4.2200 USD |
|
Common |
Sell Transaction |
10 |
4.2240 USD |
|
Common |
Sell Transaction |
484 |
4.2277 USD |
|
Common |
Sell Transaction |
2,256 |
4.2299 USD |
|
Common |
Sell Transaction |
2,545 |
4.2299 USD |
|
Common |
Sell Transaction |
1 |
4.2300 USD |
|
Common |
Sell Transaction |
300 |
4.2350 USD |
|
Common |
Sell Transaction |
124 |
4.2352 USD |
|
Common |
Sell Transaction |
10 |
4.2380 USD |
|
Common |
Sell Transaction |
424 |
4.2400 USD |
|
Common |
Sell Transaction |
100 |
4.2438 USD |
|
Common |
Sell Transaction |
20 |
4.2490 USD |
|
Common |
Sell Transaction |
1 |
4.2500 USD |
|
Common |
Sell Transaction |
1,527 |
4.2628 USD |
|
Common |
Sell Transaction |
21 |
4.2800 USD |
|
Common |
Sell Transaction |
7,730 |
4.8000 USD |
Ap29
(b) Cash-settled derivative transactions
|
Class of |
Product |
Nature of dealing |
Number of |
Price |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
|
Class of |
Product |
Writing, purchasing, selling, varying |
Number |
Exercise |
Type |
Expiry |
Option |
|
Common |
Call Option |
Sell Transaction |
300 |
2.5000 USD |
American |
2026-12-18 |
2.0500 USD |
(ii) Exercise
|
Class of |
Product |
Exercising/ |
Number of |
Exercise |
(d) Other dealings (including transactions in respect of new securities) (Note 3)
|
Class of |
Nature of dealing |
Details |
Price per unit (if |
|
|
|
|
|
Ap30
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 |
17 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.
Ap32
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 |
Citadel Group |
|
Name of offeror/offeree in relation |
FORWARD INDUSTRIES INC |
2. STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)
|
Class of |
Product |
Written or |
Number of |
Exercise |
Type |
Expiry |
|
Common |
Put Option |
Purchased |
-300 |
10.0 USD
|
American
|
18/12/2026
|
|
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 |
-2,500 |
7.5 USD
|
American
|
18/12/2026
|
|
Common |
Call Option |
Purchased |
100 |
7.5 USD
|
American
|
19/02/2027
|
|
Common |
Call Option |
Purchased |
21,800 |
10.0 USD
|
American
|
20/11/2026
|
|
Common |
Call Option |
Purchased |
800 |
5.0 USD
|
American
|
17/07/2026
|
|
Common |
Put Option |
Purchased |
-800 |
7.5 USD
|
American
|
21/08/2026
|
|
Common |
Put Option |
Purchased |
-7,600 |
5.0 USD
|
American
|
17/07/2026
|
|
Common |
Put Option |
Purchased |
-100 |
10.0 USD
|
American
|
21/08/2026
|
|
Common |
Put Option |
Purchased |
-300 |
7.5 USD
|
American
|
19/02/2027
|
|
Common |
Call Option |
Purchased |
9,400 |
5.0 USD
|
American
|
19/02/2027
|
|
Common |
Call Option |
Purchased |
50,500 |
20.0 USD
|
American
|
21/08/2026
|
|
Common |
Call Option |
Purchased |
200 |
17.5 USD
|
American
|
18/12/2026
|
|
Common |
Put Option |
Purchased |
-2,800 |
5.0 USD
|
American
|
21/08/2026
|
|
Common |
Put Option |
Purchased |
-2,300 |
5.0 USD
|
American
|
20/11/2026
|
|
Common |
Call Option |
Purchased |
0 |
2.5 USD
|
American
|
17/07/2026
|
|
Common |
Call Option |
Purchased |
44,000 |
10.0 USD
|
American
|
18/12/2026
|
|
Common |
Call Option |
Purchased |
1,700 |
10.0 USD
|
American
|
21/08/2026
|
|
Common |
Call Option |
Sold |
-300 |
7.5 USD
|
American
|
21/08/2026
|
|
Common |
Put Option |
Sold |
2,900 |
5.0 USD
|
American
|
18/12/2026
|
|
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 |
-3,100 |
7.5 USD
|
American
|
20/11/2026
|
|
Common |
Call Option |
Sold |
-200 |
15.0 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 |
-9,000 |
20.0 USD
|
American
|
18/12/2026
|
|
Common |
Call Option |
Sold |
-400 |
5.0 USD
|
American
|
20/11/2026
|
|
Common |
Call Option |
Sold |
-5,100 |
5.0 USD
|
American
|
18/12/2026
|
|
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 |
-800 |
2.5 USD
|
American
|
19/02/2027
|
3. AGREEMENTS TO PURCHASE OR SELL
|
Full details should be given so that the nature of the interest or position can be fully understood: |
|
|
Ap33
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.