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Citadel Group
Major Shareholding Notification • Jun 27, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 8102O
Citadel Group
27 June 2025
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
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 |
AMERICAN AXLE MANUFACTURING HOLDINGS INC |
| (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: | N/A |
| (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure |
26 June 2025 |
| (f) In addition to the company in 1(c) above, is the discloser 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 DOWLAIS GROUP PLC |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
| Class of relevant security: Common Stock |
ISIN US0240611030 USD 0.01 common |
|||
| Interests | Short positions | |||
| Number | % | Number | % | |
| (1) Relevant securities owned and/or controlled: | 2,002,460 | 1.68 | 105,907 | 0.08 |
| (2) Cash-settled derivatives: | 422,702 | 0.35 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 978,900 | 0.82 | 1,189,800 | 1.00 |
| TOTAL: | 3,404,062 | 2.86 | 1,295,707 | 1.09 |
All interests and all short positions should be disclosed.
Details of 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 (Open Positions).
(b) Rights to subscribe for new securities (including directors' and other employee options)
| Class of relevant security in relation to which subscription right exists: | N/A |
| Details, including nature of the rights concerned and relevant percentages: | N/A |
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
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 |
| Common | Buy Transaction | 373 | 4.1100 USD |
| Common | Buy Transaction | 380 | 4.1106 USD |
| Common | Buy Transaction | 15 | 4.1160 USD |
| Common | Buy Transaction | 400 | 4.1200 USD |
| Common | Buy Transaction | 307 | 4.1400 USD |
| Common | Buy Transaction | 1,399 | 4.1401 USD |
| Common | Buy Transaction | 1 | 4.1452 USD |
| Common | Buy Transaction | 500 | 4.1480 USD |
| Common | Buy Transaction | 400 | 4.1550 USD |
| Common | Buy Transaction | 298 | 4.1566 USD |
| Common | Buy Transaction | 1,932 | 4.1581 USD |
| Common | Buy Transaction | 266 | 4.1599 USD |
| Common | Buy Transaction | 300 | 4.1600 USD |
| Common | Buy Transaction | 1,592 | 4.1601 USD |
| Common | Buy Transaction | 3,600 | 4.1610 USD |
| Common | Buy Transaction | 698 | 4.1614 USD |
| Common | Buy Transaction | 400 | 4.1650 USD |
| Common | Buy Transaction | 2,176 | 4.1653 USD |
| Common | Buy Transaction | 2,178 | 4.1654 USD |
| Common | Buy Transaction | 500 | 4.1680 USD |
| Common | Buy Transaction | 919 | 4.1697 USD |
| Common | Buy Transaction | 1,412 | 4.1702 USD |
| Common | Buy Transaction | 860 | 4.1725 USD |
| Common | Buy Transaction | 6,568 | 4.1728 USD |
| Common | Buy Transaction | 600 | 4.1733 USD |
| Common | Buy Transaction | 1,600 | 4.1744 USD |
| Common | Buy Transaction | 400 | 4.1775 USD |
| Common | Buy Transaction | 330 | 4.1778 USD |
| Common | Buy Transaction | 1,300 | 4.1792 USD |
| Common | Buy Transaction | 12,700 | 4.1800 USD |
| Common | Buy Transaction | 1 | 4.1801 USD |
| Common | Buy Transaction | 1,503 | 4.1805 USD |
| Common | Buy Transaction | 627 | 4.1819 USD |
| Common | Buy Transaction | 5,609 | 4.1830 USD |
| Common | Buy Transaction | 600 | 4.1833 USD |
| Common | Buy Transaction | 1,100 | 4.1836 USD |
| Common | Buy Transaction | 74,738 | 4.1857 USD |
| Common | Buy Transaction | 2,324 | 4.1857 USD |
| Common | Buy Transaction | 15,600 | 4.1868 USD |
| Common | Buy Transaction | 55,136 | 4.1868 USD |
| Common | Buy Transaction | 362 | 4.1870 USD |
| Common | Buy Transaction | 2,300 | 4.1874 USD |
| Common | Buy Transaction | 1,983 | 4.1875 USD |
| Common | Buy Transaction | 948 | 4.1882 USD |
| Common | Buy Transaction | 880 | 4.1884 USD |
| Common | Buy Transaction | 1,380 | 4.1885 USD |
| Common | Buy Transaction | 300 | 4.1890 USD |
| Common | Buy Transaction | 1,460 | 4.1891 USD |
| Common | Buy Transaction | 4,730 | 4.1900 USD |
| Common | Buy Transaction | 3,100 | 4.1901 USD |
| Common | Buy Transaction | 1,944 | 4.1903 USD |
| Common | Buy Transaction | 8,619 | 4.1904 USD |
| Common | Buy Transaction | 10,445 | 4.1906 USD |
| Common | Buy Transaction | 1,989 | 4.1908 USD |
| Common | Buy Transaction | 410 | 4.1912 USD |
| Common | Buy Transaction | 700 | 4.1914 USD |
| Common | Buy Transaction | 794 | 4.1916 USD |
| Common | Buy Transaction | 109 | 4.1917 USD |
| Common | Buy Transaction | 1,092 | 4.1918 USD |
| Common | Buy Transaction | 122 | 4.1918 USD |
| Common | Buy Transaction | 3,733 | 4.1918 USD |
| Common | Buy Transaction | 3,163 | 4.1919 USD |
| Common | Buy Transaction | 1,300 | 4.1923 USD |
| Common | Buy Transaction | 14,051 | 4.1923 USD |
| Common | Buy Transaction | 12,174 | 4.1923 USD |
| Common | Buy Transaction | 956 | 4.1925 USD |
| Common | Buy Transaction | 14,094 | 4.1934 USD |
| Common | Buy Transaction | 996 | 4.1936 USD |
| Common | Buy Transaction | 306 | 4.1937 USD |
| Common | Buy Transaction | 336 | 4.1940 USD |
| Common | Buy Transaction | 25,040 | 4.1942 USD |
| Common | Buy Transaction | 1,626 | 4.1949 USD |
| Common | Buy Transaction | 180 | 4.1950 USD |
| Common | Buy Transaction | 536 | 4.1954 USD |
| Common | Buy Transaction | 11,600 | 4.1962 USD |
| Common | Buy Transaction | 701 | 4.1972 USD |
| Common | Buy Transaction | 9,646 | 4.1977 USD |
| Common | Buy Transaction | 2,120 | 4.1998 USD |
| Common | Buy Transaction | 1,866 | 4.2000 USD |
| Common | Buy Transaction | 98,553 | 4.2000 USD |
| Common | Buy Transaction | 1,263 | 4.2000 USD |
| Common | Buy Transaction | 1 | 4.2002 USD |
| Common | Buy Transaction | 640 | 4.2003 USD |
| Common | Buy Transaction | 49 | 4.2008 USD |
| Common | Buy Transaction | 174 | 4.2010 USD |
| Common | Buy Transaction | 297 | 4.2016 USD |
| Common | Buy Transaction | 1,717 | 4.2032 USD |
| Common | Buy Transaction | 3,974 | 4.2038 USD |
| Common | Buy Transaction | 386 | 4.2044 USD |
| Common | Buy Transaction | 17,214 | 4.2046 USD |
| Common | Buy Transaction | 500 | 4.2050 USD |
| Common | Buy Transaction | 2,766 | 4.2053 USD |
| Common | Buy Transaction | 7,483 | 4.2067 USD |
| Common | Buy Transaction | 799 | 4.2077 USD |
| Common | Buy Transaction | 143 | 4.2100 USD |
| Common | Buy Transaction | 1,397 | 4.2115 USD |
| Common | Buy Transaction | 300 | 4.2150 USD |
| Common | Buy Transaction | 1,014 | 4.2200 USD |
| Common | DVP Transaction | 2,460 | 4.1300 USD |
| Common | DVP Transaction | 2,500 | 4.1800 USD |
| Common | DVP Transaction | 5,913 | 4.1808 USD |
| Common | DVP Transaction | 1,900 | 4.1850 USD |
| Common | DVP Transaction | 5,800 | 4.1850 USD |
| Common | DVP Transaction | 7,344 | 4.1852 USD |
| Common | DVP Transaction | 1,717 | 4.1855 USD |
| Common | DVP Transaction | 11,046 | 4.1861 USD |
| Common | DVP Transaction | 9,943 | 4.1863 USD |
| Common | DVP Transaction | 8,195 | 4.1869 USD |
| Common | DVP Transaction | 1,858 | 4.1872 USD |
| Common | DVP Transaction | 200 | 4.1875 USD |
| Common | DVP Transaction | 2,722 | 4.1900 USD |
| Common | DVP Transaction | 66,234 | 4.2000 USD |
| Common | RVP Transaction | 2,460 | 4.1300 USD |
| Common | RVP Transaction | 59,138 | 4.1854 USD |
| Common | RVP Transaction | 66,234 | 4.2000 USD |
| Common | Sell Transaction | 900 | 4.1200 USD |
| Common | Sell Transaction | 64 | 4.1300 USD |
| Common | Sell Transaction | 2,289 | 4.1400 USD |
| Common | Sell Transaction | 737 | 4.1500 USD |
| Common | Sell Transaction | 762 | 4.1506 USD |
| Common | Sell Transaction | 200 | 4.1550 USD |
| Common | Sell Transaction | 4,974 | 4.1556 USD |
| Common | Sell Transaction | 200 | 4.1593 USD |
| Common | Sell Transaction | 1,014 | 4.1617 USD |
| Common | Sell Transaction | 1,092 | 4.1698 USD |
| Common | Sell Transaction | 462 | 4.1700 USD |
| Common | Sell Transaction | 24,900 | 4.1701 USD |
| Common | Sell Transaction | 1,000 | 4.1750 USD |
| Common | Sell Transaction | 348 | 4.1800 USD |
| Common | Sell Transaction | 55,604 | 4.1808 USD |
| Common | Sell Transaction | 5,642 | 4.1824 USD |
| Common | Sell Transaction | 1,278 | 4.1827 USD |
| Common | Sell Transaction | 145 | 4.1831 USD |
| Common | Sell Transaction | 8,002 | 4.1835 USD |
| Common | Sell Transaction | 773 | 4.1847 USD |
| Common | Sell Transaction | 74,738 | 4.1857 USD |
| Common | Sell Transaction | 3,005 | 4.1863 USD |
| Common | Sell Transaction | 432 | 4.1871 USD |
| Common | Sell Transaction | 300 | 4.1890 USD |
| Common | Sell Transaction | 264 | 4.1891 USD |
| Common | Sell Transaction | 38,251 | 4.1897 USD |
| Common | Sell Transaction | 374 | 4.1897 USD |
| Common | Sell Transaction | 1,950 | 4.1899 USD |
| Common | Sell Transaction | 22,759 | 4.1900 USD |
| Common | Sell Transaction | 3,752 | 4.1901 USD |
| Common | Sell Transaction | 600 | 4.1917 USD |
| Common | Sell Transaction | 326 | 4.1937 USD |
| Common | Sell Transaction | 1,900 | 4.1942 USD |
| Common | Sell Transaction | 68 | 4.1943 USD |
| Common | Sell Transaction | 546 | 4.1949 USD |
| Common | Sell Transaction | 200 | 4.1950 USD |
| Common | Sell Transaction | 327 | 4.1950 USD |
| Common | Sell Transaction | 630 | 4.1952 USD |
| Common | Sell Transaction | 490 | 4.1955 USD |
| Common | Sell Transaction | 900 | 4.1978 USD |
| Common | Sell Transaction | 204 | 4.1984 USD |
| Common | Sell Transaction | 1,406 | 4.1988 USD |
| Common | Sell Transaction | 235 | 4.1991 USD |
| Common | Sell Transaction | 13 | 4.1992 USD |
| Common | Sell Transaction | 1 | 4.1995 USD |
| Common | Sell Transaction | 82,516 | 4.2000 USD |
| Common | Sell Transaction | 304 | 4.2003 USD |
| Common | Sell Transaction | 5,191 | 4.2014 USD |
| Common | Sell Transaction | 16,550 | 4.2031 USD |
| Common | Sell Transaction | 2,754 | 4.2032 USD |
| Common | Sell Transaction | 800 | 4.2062 USD |
| Common | Sell Transaction | 8,000 | 4.2100 USD |
| Common | Sell Transaction | 400 | 4.2125 USD |
| Common | Sell Transaction | 201 | 4.2182 USD |
| Common | Sell Transaction | 1,002 | 4.2200 USD |
(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 | Price per unit |
| Common | CFD | Reducing long position | 1,902 | 4.1924 USD |
| Common | CFD | Reducing long position | 4,200 | 4.1965 USD |
| Common | CFD | Reducing long position | 400 | 4.1975 USD |
| Common | CFD | Reducing long position | 1,000 | 4.2200 USD |
(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 | Exercise price per unit | Type e.g. American, European etc. |
Expiry date | Option money paid/ received per unit |
| Common | Call Option | DVP Transaction | 1 | 7.0000 USD | American | 2026-Jan-16 | 0.1500 USD |
| Common | Call Option | RVP Transaction | 1 | 7.0000 USD | American | 2026-Jan-16 | 0.1500 USD |
(ii) Exercise
| Class of relevant security | Product description e.g. call option |
Exercising/ exercised against | Number of securities | Exercise price per unit |
(d) Other dealings (including subscribing for new securities)
| Class of relevant security | Nature of dealing e.g. subscription, conversion |
Details | Price per unit (if applicable) |
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
| Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
| None |
(c) Attachments
| Is a Supplemental Form 8 (Open Positions) attached? | YES |
| Date of disclosure: | 27 June 2025 |
| Contact name: | Paula Santos |
| Telephone number*: | 020 7645 9700 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .
SUPPLEMENTAL FORM 8 (OPEN POSITIONS)
DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.
Note 5(i) on Rule 8 of the Takeover Code (the "Code")
1. KEY INFORMATION
| Full name of person making disclosure: | Citadel Group |
| Name of offeror/offeree in relation to whose relevant securities the disclosure relates: | AMERICAN AXLE MANUFACTURING HOLDINGS 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 | Call Option | Purchased | 9,100 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 255,900 | 6.0 USD | American | 18/07/2025 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -300 | 4.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -7,200 | 3.0 USD | American | 18/07/2025 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 1,000 | 3.0 USD | American | 18/07/2025 |
| Common | Put Option | Purchased | -200 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 600,000 | 6.0 USD | American | 18/07/2025 |
| Common | Put Option | Purchased | -700 | 6.0 USD | American | 18/07/2025 |
| Common | Put Option | Purchased | -700 | 7.0 USD | American | 18/07/2025 |
| Common | Call Option | Purchased | 2,600 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -201,600 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 200 | 6.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -13,100 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -12,000 | 3.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 14,100 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 15.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -300 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -6,500 | 4.0 USD | American | 18/07/2025 |
| Common | Call Option | Purchased | 700 | 10.0 USD | American | 18/07/2025 |
| Common | Call Option | Sold | -2,500 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -36,000 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 7.0 USD | American | 18/07/2025 |
| Common | Call Option | Sold | -643,200 | 5.0 USD | American | 18/07/2025 |
| Common | Put Option | Sold | 3,100 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -800 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,100 | 7.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 91,500 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 2.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -29,400 | 8.0 USD | American | 18/07/2025 |
| Common | Call Option | Sold | -117,900 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -300 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,000 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -9,700 | 4.0 USD | American | 18/07/2025 |
| Common | Call Option | Sold | -500 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,400 | 10.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -300 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -98,400 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Sold | 100 | 5.0 USD | American | 18/07/2025 |
3. AGREEMENTS TO PURCHASE OR SELL ETC.
| Full details should be given so that the nature of the interest or position can be fully understood: |
It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.
The currency of all prices and other monetary amounts should be stated.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .
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