Citadel Group

Major Shareholding Notification • Mar 25, 2025

National Storage Mechanism | Additional information

RNS Number : 1059C

Citadel Group

25 March 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	24 March 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:	1,026,605	0.86	836,808	0.70
(2) Cash-settled derivatives:	171,547	0.14	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	2,048,900	1.73	580,800	0.49
TOTAL:	3,247,052	2.74	1,417,608	1.19

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	4,900	4.5199 USD
Common	Buy Transaction	100	4.5250 USD
Common	Buy Transaction	159	4.5300 USD
Common	Buy Transaction	159	4.5303 USD
Common	Buy Transaction	172	4.5350 USD
Common	Buy Transaction	144	4.5370 USD
Common	Buy Transaction	279	4.5372 USD
Common	Buy Transaction	468	4.5400 USD
Common	Buy Transaction	205	4.5400 USD
Common	Buy Transaction	0	4.5401 USD
Common	Buy Transaction	734	4.5401 USD
Common	Buy Transaction	95	4.5412 USD
Common	Buy Transaction	600	4.5433 USD
Common	Buy Transaction	969	4.5452 USD
Common	Buy Transaction	376	4.5459 USD
Common	Buy Transaction	671	4.5500 USD
Common	Buy Transaction	1,264	4.5500 USD
Common	Buy Transaction	122	4.5509 USD
Common	Buy Transaction	350	4.5510 USD
Common	Buy Transaction	758	4.5510 USD
Common	Buy Transaction	9	4.5517 USD
Common	Buy Transaction	1,030	4.5529 USD
Common	Buy Transaction	500	4.5550 USD
Common	Buy Transaction	113	4.5552 USD
Common	Buy Transaction	209	4.5552 USD
Common	Buy Transaction	9,300	4.5553 USD
Common	Buy Transaction	768	4.5563 USD
Common	Buy Transaction	345	4.5576 USD
Common	Buy Transaction	1,442	4.5579 USD
Common	Buy Transaction	57	4.5586 USD
Common	Buy Transaction	622	4.5589 USD
Common	Buy Transaction	51,046	4.5600 USD
Common	Buy Transaction	2,547	4.5620 USD
Common	Buy Transaction	538	4.5621 USD
Common	Buy Transaction	1,642	4.5624 USD
Common	Buy Transaction	4,920	4.5636 USD
Common	Buy Transaction	900	4.5650 USD
Common	Buy Transaction	2,800	4.5654 USD
Common	Buy Transaction	1,032	4.5668 USD
Common	Buy Transaction	346	4.5671 USD
Common	Buy Transaction	974	4.5678 USD
Common	Buy Transaction	501	4.5679 USD
Common	Buy Transaction	126	4.5679 USD
Common	Buy Transaction	4,987	4.5694 USD
Common	Buy Transaction	3,252	4.5700 USD
Common	Buy Transaction	414	4.5700 USD
Common	Buy Transaction	3,328	4.5704 USD
Common	Buy Transaction	141	4.5705 USD
Common	Buy Transaction	260	4.5706 USD
Common	Buy Transaction	10	4.5710 USD
Common	Buy Transaction	1,000	4.5720 USD
Common	Buy Transaction	1,195	4.5726 USD
Common	Buy Transaction	833	4.5729 USD
Common	Buy Transaction	1,239	4.5745 USD
Common	Buy Transaction	623	4.5779 USD
Common	Buy Transaction	2,648	4.5793 USD
Common	Buy Transaction	247	4.5795 USD
Common	Buy Transaction	22	4.5795 USD
Common	Buy Transaction	459	4.5796 USD
Common	Buy Transaction	1,106	4.5800 USD
Common	Buy Transaction	148	4.5801 USD
Common	Buy Transaction	941	4.5804 USD
Common	Buy Transaction	1,292	4.5808 USD
Common	Buy Transaction	562	4.5811 USD
Common	Buy Transaction	1,370	4.5820 USD
Common	Buy Transaction	100	4.5850 USD
Common	Buy Transaction	1,383	4.5850 USD
Common	Buy Transaction	1,738	4.5856 USD
Common	Buy Transaction	8,069	4.5858 USD
Common	Buy Transaction	1,142	4.5865 USD
Common	Buy Transaction	9	4.5867 USD
Common	Buy Transaction	970	4.5870 USD
Common	Buy Transaction	23	4.5874 USD
Common	Buy Transaction	1,932	4.5879 USD
Common	Buy Transaction	18,900	4.5880 USD
Common	Buy Transaction	10,455	4.5891 USD
Common	Buy Transaction	1,741	4.5899 USD
Common	Buy Transaction	4,422	4.5900 USD
Common	Buy Transaction	11	4.5909 USD
Common	Buy Transaction	2	4.5950 USD
Common	Buy Transaction	5	4.6000 USD
Common	Buy Transaction	301	4.6002 USD
Common	Buy Transaction	673	4.6043 USD
Common	Buy Transaction	249	4.6100 USD
Common	DVP Transaction	100	4.4900 USD
Common	DVP Transaction	1	4.5200 USD
Common	DVP Transaction	237	4.5300 USD
Common	DVP Transaction	83	4.5348 USD
Common	DVP Transaction	7	4.5400 USD
Common	DVP Transaction	121	4.5500 USD
Common	DVP Transaction	1,400	4.5543 USD
Common	DVP Transaction	2,202	4.5550 USD
Common	DVP Transaction	12,928	4.5570 USD
Common	DVP Transaction	202	4.5600 USD
Common	DVP Transaction	37,361	4.5600 USD
Common	DVP Transaction	23,878	4.5613 USD
Common	DVP Transaction	2,468	4.5622 USD
Common	DVP Transaction	4,478	4.5628 USD
Common	DVP Transaction	469	4.5635 USD
Common	DVP Transaction	2,200	4.5639 USD
Common	DVP Transaction	2	4.5650 USD
Common	DVP Transaction	611	4.5672 USD
Common	DVP Transaction	2,032	4.5692 USD
Common	DVP Transaction	361	4.5700 USD
Common	DVP Transaction	146	4.5746 USD
Common	DVP Transaction	1,100	4.5750 USD
Common	DVP Transaction	2,600	4.5785 USD
Common	DVP Transaction	500	4.5810 USD
Common	DVP Transaction	1	4.5900 USD
Common	DVP Transaction	685	4.5910 USD
Common	RVP Transaction	100	4.4900 USD
Common	RVP Transaction	1	4.5200 USD
Common	RVP Transaction	240	4.5300 USD
Common	RVP Transaction	80	4.5350 USD
Common	RVP Transaction	7	4.5400 USD
Common	RVP Transaction	8	4.5500 USD
Common	RVP Transaction	2	4.5550 USD
Common	RVP Transaction	7	4.5557 USD
Common	RVP Transaction	36,592	4.5600 USD
Common	RVP Transaction	59,002	4.5621 USD
Common	RVP Transaction	2	4.5650 USD
Common	RVP Transaction	36	4.5744 USD
Common	RVP Transaction	58	4.5762 USD
Common	RVP Transaction	19	4.5774 USD
Common	RVP Transaction	14	4.5800 USD
Common	RVP Transaction	1	4.5900 USD
Common	RVP Transaction	4	4.6000 USD
Common	Sell Transaction	1	4.5000 USD
Common	Sell Transaction	400	4.5137 USD
Common	Sell Transaction	803	4.5200 USD
Common	Sell Transaction	200	4.5250 USD
Common	Sell Transaction	100	4.5300 USD
Common	Sell Transaction	104	4.5331 USD
Common	Sell Transaction	176	4.5373 USD
Common	Sell Transaction	1,511	4.5409 USD
Common	Sell Transaction	120	4.5433 USD
Common	Sell Transaction	350	4.5450 USD
Common	Sell Transaction	2,522	4.5500 USD
Common	Sell Transaction	360	4.5521 USD
Common	Sell Transaction	3	4.5528 USD
Common	Sell Transaction	6,489	4.5535 USD
Common	Sell Transaction	1,020	4.5541 USD
Common	Sell Transaction	256	4.5544 USD
Common	Sell Transaction	100	4.5550 USD
Common	Sell Transaction	6,912	4.5556 USD
Common	Sell Transaction	1,270	4.5561 USD
Common	Sell Transaction	500	4.5570 USD
Common	Sell Transaction	400	4.5575 USD
Common	Sell Transaction	100	4.5580 USD
Common	Sell Transaction	960	4.5590 USD
Common	Sell Transaction	22	4.5591 USD
Common	Sell Transaction	39,732	4.5600 USD
Common	Sell Transaction	1,381	4.5613 USD
Common	Sell Transaction	4,647	4.5616 USD
Common	Sell Transaction	2,000	4.5622 USD
Common	Sell Transaction	500	4.5630 USD
Common	Sell Transaction	3,291	4.5630 USD
Common	Sell Transaction	63	4.5649 USD
Common	Sell Transaction	520	4.5650 USD
Common	Sell Transaction	6,129	4.5651 USD
Common	Sell Transaction	1,834	4.5652 USD
Common	Sell Transaction	38,913	4.5653 USD
Common	Sell Transaction	650	4.5655 USD
Common	Sell Transaction	1,548	4.5656 USD
Common	Sell Transaction	46	4.5658 USD
Common	Sell Transaction	8,680	4.5670 USD
Common	Sell Transaction	4,723	4.5683 USD
Common	Sell Transaction	1,005	4.5687 USD
Common	Sell Transaction	643	4.5696 USD
Common	Sell Transaction	190	4.5700 USD
Common	Sell Transaction	3,715	4.5707 USD
Common	Sell Transaction	564	4.5709 USD
Common	Sell Transaction	22,816	4.5712 USD
Common	Sell Transaction	25	4.5714 USD
Common	Sell Transaction	10,540	4.5715 USD
Common	Sell Transaction	531	4.5716 USD
Common	Sell Transaction	2,443	4.5719 USD
Common	Sell Transaction	106	4.5739 USD
Common	Sell Transaction	6,390	4.5742 USD
Common	Sell Transaction	2,403	4.5744 USD
Common	Sell Transaction	1,622	4.5746 USD
Common	Sell Transaction	409	4.5749 USD
Common	Sell Transaction	10,922	4.5750 USD
Common	Sell Transaction	434	4.5750 USD
Common	Sell Transaction	59	4.5753 USD
Common	Sell Transaction	7,044	4.5754 USD
Common	Sell Transaction	1,600	4.5756 USD
Common	Sell Transaction	2,467	4.5769 USD
Common	Sell Transaction	1,989	4.5778 USD
Common	Sell Transaction	14,844	4.5778 USD
Common	Sell Transaction	181	4.5782 USD
Common	Sell Transaction	31	4.5784 USD
Common	Sell Transaction	291	4.5785 USD
Common	Sell Transaction	255	4.5786 USD
Common	Sell Transaction	662	4.5789 USD
Common	Sell Transaction	3,562	4.5800 USD
Common	Sell Transaction	9,540	4.5802 USD
Common	Sell Transaction	181	4.5804 USD
Common	Sell Transaction	16,482	4.5806 USD
Common	Sell Transaction	2,978	4.5808 USD
Common	Sell Transaction	4,645	4.5813 USD
Common	Sell Transaction	681	4.5815 USD
Common	Sell Transaction	4,169	4.5819 USD
Common	Sell Transaction	223	4.5819 USD
Common	Sell Transaction	150	4.5823 USD
Common	Sell Transaction	504	4.5823 USD
Common	Sell Transaction	400	4.5825 USD
Common	Sell Transaction	4,700	4.5840 USD
Common	Sell Transaction	149	4.5850 USD
Common	Sell Transaction	234	4.5850 USD
Common	Sell Transaction	115	4.5850 USD
Common	Sell Transaction	1,238	4.5854 USD
Common	Sell Transaction	14	4.5857 USD
Common	Sell Transaction	4,901	4.5857 USD
Common	Sell Transaction	3,608	4.5869 USD
Common	Sell Transaction	8	4.5875 USD
Common	Sell Transaction	577	4.5879 USD
Common	Sell Transaction	288	4.5890 USD
Common	Sell Transaction	1,209	4.5891 USD
Common	Sell Transaction	336	4.5896 USD
Common	Sell Transaction	441	4.5899 USD
Common	Sell Transaction	1,496	4.5900 USD
Common	Sell Transaction	995	4.5901 USD
Common	Sell Transaction	371	4.5906 USD
Common	Sell Transaction	405	4.5914 USD
Common	Sell Transaction	145	4.5917 USD
Common	Sell Transaction	2,314	4.5937 USD
Common	Sell Transaction	751	4.5947 USD
Common	Sell Transaction	100	4.5950 USD
Common	Sell Transaction	102	4.5957 USD
Common	Sell Transaction	7	4.5957 USD
Common	Sell Transaction	1,583	4.6000 USD
Common	Sell Transaction	736	4.6046 USD
Common	Sell Transaction	1,397	4.6048 USD
Common	Sell Transaction	3,676	4.6100 USD
Common	Sell Transaction	100	4.6150 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	Increasing long position	100	4.5150 USD
Common	CFD	Increasing long position	600	4.5333 USD
Common	CFD	Increasing long position	103,771	4.5734 USD
Common	CFD	Increasing long position	40	4.5800 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	Buy Transaction	2	5.0000 USD	American	2025-Jun-20	0.2000 USD
Common	Call Option	Buy Transaction	13	5.0000 USD	American	2025-May-16	0.2000 USD
Common	Call Option	Buy Transaction	4	6.0000 USD	American	2025-Oct-17	0.2800 USD
Common	Put Option	Buy Transaction	4	6.0000 USD	American	2025-Jul-18	1.4500 USD
Common	Call Option	Buy Transaction	1	2.0000 USD	American	2025-Apr-17	2.6000 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:	25 March 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	Put Option	Purchased	-4,000	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-800	5.0 USD	American	17/04/2025
Common	Call Option	Purchased	10,000	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-5,400	4.0 USD	American	18/07/2025
Common	Put Option	Purchased	-700	7.0 USD	American	18/07/2025
Common	Call Option	Purchased	2,300	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	600,000	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	600	10.0 USD	American	17/04/2025
Common	Call Option	Purchased	900	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	8.0 USD	American	20/06/2025
Common	Call Option	Purchased	300	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-99,800	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	246,200	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Put Option	Purchased	-3,800	4.0 USD	American	17/04/2025
Common	Put Option	Purchased	-1,400	5.0 USD	American	20/06/2025
Common	Call Option	Purchased	2,500	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,300	4.0 USD	American	20/06/2025
Common	Put Option	Purchased	-300	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,000	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,300	5.0 USD	American	16/05/2025
Common	Call Option	Purchased	1,000,000	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-104,200	6.0 USD	American	20/06/2025
Common	Put Option	Purchased	-8,400	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-500	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-3,600	4.0 USD	American	18/07/2025
Common	Call Option	Sold	-100,900	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-13,900	5.0 USD	American	17/04/2025
Common	Call Option	Sold	-1,000	3.0 USD	American	16/01/2026
Common	Put Option	Sold	74,900	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,900	9.0 USD	American	17/04/2025
Common	Call Option	Sold	-3,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-31,700	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-8,800	4.0 USD	American	20/06/2025
Common	Call Option	Sold	-800	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-4,200	4.0 USD	American	17/04/2025
Common	Put Option	Sold	7,600	6.0 USD	American	17/04/2025
Common	Call Option	Sold	-200	15.0 USD	American	16/01/2026
Common	Put Option	Sold	600	6.0 USD	American	18/07/2025
Common	Call Option	Sold	-12,700	7.0 USD	American	17/04/2025
Common	Call Option	Sold	-29,400	8.0 USD	American	18/07/2025
Common	Call Option	Sold	-1,700	6.0 USD	American	17/04/2025
Common	Put Option	Sold	99,900	8.0 USD	American	20/06/2025
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025
Common	Call Option	Sold	-8,600	8.0 USD	American	17/04/2025
Common	Call Option	Sold	-500	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-118,200	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,000	6.0 USD	American	20/06/2025
Common	Put Option	Sold	800	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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