Citadel Group

Major Shareholding Notification • Mar 27, 2025

National Storage Mechanism | Additional information

RNS Number : 5349C

Citadel Group

27 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	26 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:	946,991	0.80	905,188	0.76
(2) Cash-settled derivatives:	255,116	0.21	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	2,050,700	1.73	576,800	0.48
TOTAL:	3,252,807	2.74	1,481,988	1.25

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	100	4.2775 USD
Common	Buy Transaction	568	4.3000 USD
Common	Buy Transaction	100	4.3100 USD
Common	Buy Transaction	45	4.3200 USD
Common	Buy Transaction	78	4.3223 USD
Common	Buy Transaction	800	4.3238 USD
Common	Buy Transaction	100	4.3300 USD
Common	Buy Transaction	1,199	4.3326 USD
Common	Buy Transaction	500	4.3363 USD
Common	Buy Transaction	1,400	4.3371 USD
Common	Buy Transaction	252	4.3386 USD
Common	Buy Transaction	100	4.3400 USD
Common	Buy Transaction	350	4.3411 USD
Common	Buy Transaction	278	4.3428 USD
Common	Buy Transaction	450	4.3450 USD
Common	Buy Transaction	393	4.3456 USD
Common	Buy Transaction	73	4.3497 USD
Common	Buy Transaction	341	4.3499 USD
Common	Buy Transaction	788	4.3500 USD
Common	Buy Transaction	334	4.3500 USD
Common	Buy Transaction	3,835	4.3518 USD
Common	Buy Transaction	1,300	4.3531 USD
Common	Buy Transaction	931	4.3614 USD
Common	Buy Transaction	1,168	4.3671 USD
Common	Buy Transaction	1,054	4.3681 USD
Common	Buy Transaction	200	4.3700 USD
Common	Buy Transaction	2,156	4.3723 USD
Common	Buy Transaction	6,553	4.3738 USD
Common	Buy Transaction	1,300	4.3738 USD
Common	Buy Transaction	375	4.3744 USD
Common	Buy Transaction	2,189	4.3749 USD
Common	Buy Transaction	400	4.3750 USD
Common	Buy Transaction	463	4.3761 USD
Common	Buy Transaction	706	4.3766 USD
Common	Buy Transaction	722	4.3770 USD
Common	Buy Transaction	3,281	4.3778 USD
Common	Buy Transaction	400	4.3800 USD
Common	Buy Transaction	625	4.3804 USD
Common	Buy Transaction	3,117	4.3816 USD
Common	Buy Transaction	180	4.3830 USD
Common	Buy Transaction	300	4.3833 USD
Common	Buy Transaction	130	4.3850 USD
Common	Buy Transaction	2,052	4.3851 USD
Common	Buy Transaction	2,000	4.3855 USD
Common	Buy Transaction	883	4.3858 USD
Common	Buy Transaction	1,408	4.3860 USD
Common	Buy Transaction	2,215	4.3864 USD
Common	Buy Transaction	827	4.3864 USD
Common	Buy Transaction	1,353	4.3872 USD
Common	Buy Transaction	1,649	4.3885 USD
Common	Buy Transaction	2,800	4.3895 USD
Common	Buy Transaction	474	4.3896 USD
Common	Buy Transaction	2,044	4.3900 USD
Common	Buy Transaction	2,494	4.3915 USD
Common	Buy Transaction	1,036	4.3920 USD
Common	Buy Transaction	34,944	4.3923 USD
Common	Buy Transaction	1,306	4.3929 USD
Common	Buy Transaction	582	4.3939 USD
Common	Buy Transaction	849	4.3943 USD
Common	Buy Transaction	1,517	4.3947 USD
Common	Buy Transaction	300	4.3950 USD
Common	Buy Transaction	3,688	4.3950 USD
Common	Buy Transaction	778	4.3950 USD
Common	Buy Transaction	1,842	4.3951 USD
Common	Buy Transaction	2,548	4.3957 USD
Common	Buy Transaction	25	4.3960 USD
Common	Buy Transaction	1,087	4.3979 USD
Common	Buy Transaction	1,423	4.3987 USD
Common	Buy Transaction	1,733	4.3988 USD
Common	Buy Transaction	614	4.3993 USD
Common	Buy Transaction	235	4.3994 USD
Common	Buy Transaction	1,135	4.4000 USD
Common	Buy Transaction	744	4.4002 USD
Common	Buy Transaction	529	4.4038 USD
Common	Buy Transaction	400	4.4050 USD
Common	Buy Transaction	441	4.4100 USD
Common	Buy Transaction	1,426	4.4117 USD
Common	Buy Transaction	63,713	4.4134 USD
Common	Buy Transaction	6,200	4.4140 USD
Common	Buy Transaction	300	4.4150 USD
Common	Buy Transaction	700	4.4171 USD
Common	Buy Transaction	178	4.4197 USD
Common	Buy Transaction	200	4.4200 USD
Common	Buy Transaction	4,380	4.4221 USD
Common	Buy Transaction	15,883	4.4248 USD
Common	Buy Transaction	1,000	4.4260 USD
Common	Buy Transaction	3,072	4.4300 USD
Common	Buy Transaction	26,146	4.4303 USD
Common	Buy Transaction	10	4.4310 USD
Common	Buy Transaction	322	4.4323 USD
Common	Buy Transaction	464	4.4392 USD
Common	Buy Transaction	30,725	4.4400 USD
Common	Buy Transaction	2,217	4.4409 USD
Common	Buy Transaction	1,000	4.4410 USD
Common	Buy Transaction	842	4.4422 USD
Common	Buy Transaction	216	4.4435 USD
Common	Buy Transaction	1,947	4.4500 USD
Common	Buy Transaction	2,040	4.4506 USD
Common	Buy Transaction	600	4.4517 USD
Common	Buy Transaction	428	4.4520 USD
Common	Buy Transaction	237	4.4550 USD
Common	Buy Transaction	1,306	4.4600 USD
Common	Buy Transaction	522	4.4601 USD
Common	Buy Transaction	428	4.4614 USD
Common	Buy Transaction	140	4.4640 USD
Common	Buy Transaction	130	4.4650 USD
Common	Buy Transaction	5,481	4.4654 USD
Common	Buy Transaction	40	4.4800 USD
Common	Buy Transaction	50,630	4.4900 USD
Common	Buy Transaction	176	4.5100 USD
Common	DVP Transaction	620	4.3478 USD
Common	DVP Transaction	1	4.3900 USD
Common	DVP Transaction	30,600	4.4400 USD
Common	DVP Transaction	6	4.4600 USD
Common	DVP Transaction	3	4.4633 USD
Common	DVP Transaction	30	4.4650 USD
Common	DVP Transaction	1	4.4700 USD
Common	DVP Transaction	40,614	4.4900 USD
Common	DVP Transaction	700	4.5100 USD
Common	RVP Transaction	592	4.3474 USD
Common	RVP Transaction	3	4.4000 USD
Common	RVP Transaction	30,600	4.4400 USD
Common	RVP Transaction	7	4.4600 USD
Common	RVP Transaction	88	4.4627 USD
Common	RVP Transaction	32	4.4650 USD
Common	RVP Transaction	1	4.4700 USD
Common	RVP Transaction	40,612	4.4900 USD
Common	RVP Transaction	640	4.5100 USD
Common	Sell Transaction	100	4.3000 USD
Common	Sell Transaction	100	4.3050 USD
Common	Sell Transaction	16	4.3100 USD
Common	Sell Transaction	1,001	4.3191 USD
Common	Sell Transaction	50	4.3200 USD
Common	Sell Transaction	10	4.3220 USD
Common	Sell Transaction	200	4.3250 USD
Common	Sell Transaction	328	4.3300 USD
Common	Sell Transaction	400	4.3325 USD
Common	Sell Transaction	11,610	4.3344 USD
Common	Sell Transaction	20	4.3350 USD
Common	Sell Transaction	5,100	4.3359 USD
Common	Sell Transaction	500	4.3380 USD
Common	Sell Transaction	600	4.3400 USD
Common	Sell Transaction	500	4.3460 USD
Common	Sell Transaction	210	4.3500 USD
Common	Sell Transaction	7,983	4.3534 USD
Common	Sell Transaction	100	4.3550 USD
Common	Sell Transaction	4,917	4.3600 USD
Common	Sell Transaction	1,300	4.3615 USD
Common	Sell Transaction	125,893	4.3635 USD
Common	Sell Transaction	600	4.3650 USD
Common	Sell Transaction	300	4.3667 USD
Common	Sell Transaction	1,155	4.3700 USD
Common	Sell Transaction	1,096	4.3722 USD
Common	Sell Transaction	2	4.3728 USD
Common	Sell Transaction	800	4.3738 USD
Common	Sell Transaction	1,269	4.3744 USD
Common	Sell Transaction	1,641	4.3745 USD
Common	Sell Transaction	600	4.3750 USD
Common	Sell Transaction	1,200	4.3800 USD
Common	Sell Transaction	3,756	4.3833 USD
Common	Sell Transaction	280	4.3850 USD
Common	Sell Transaction	500	4.3860 USD
Common	Sell Transaction	780	4.3861 USD
Common	Sell Transaction	800	4.3863 USD
Common	Sell Transaction	8,443	4.3892 USD
Common	Sell Transaction	500	4.3900 USD
Common	Sell Transaction	17,727	4.3909 USD
Common	Sell Transaction	712	4.3937 USD
Common	Sell Transaction	3,529	4.3946 USD
Common	Sell Transaction	700	4.3971 USD
Common	Sell Transaction	8,358	4.3991 USD
Common	Sell Transaction	2,796	4.3994 USD
Common	Sell Transaction	392	4.3997 USD
Common	Sell Transaction	715	4.4013 USD
Common	Sell Transaction	411	4.4019 USD
Common	Sell Transaction	608	4.4026 USD
Common	Sell Transaction	332	4.4042 USD
Common	Sell Transaction	50	4.4050 USD
Common	Sell Transaction	1,271	4.4064 USD
Common	Sell Transaction	3,391	4.4065 USD
Common	Sell Transaction	1,080	4.4066 USD
Common	Sell Transaction	10,930	4.4073 USD
Common	Sell Transaction	102	4.4092 USD
Common	Sell Transaction	1,201	4.4100 USD
Common	Sell Transaction	409	4.4101 USD
Common	Sell Transaction	3,111	4.4108 USD
Common	Sell Transaction	7,700	4.4117 USD
Common	Sell Transaction	104	4.4123 USD
Common	Sell Transaction	2,904	4.4130 USD
Common	Sell Transaction	32,660	4.4141 USD
Common	Sell Transaction	3	4.4167 USD
Common	Sell Transaction	482	4.4167 USD
Common	Sell Transaction	918	4.4200 USD
Common	Sell Transaction	1,272	4.4218 USD
Common	Sell Transaction	306	4.4250 USD
Common	Sell Transaction	34	4.4253 USD
Common	Sell Transaction	6,521	4.4256 USD
Common	Sell Transaction	517	4.4261 USD
Common	Sell Transaction	319	4.4262 USD
Common	Sell Transaction	750	4.4270 USD
Common	Sell Transaction	551	4.4272 USD
Common	Sell Transaction	619	4.4286 USD
Common	Sell Transaction	22	4.4291 USD
Common	Sell Transaction	2,216	4.4300 USD
Common	Sell Transaction	2,399	4.4302 USD
Common	Sell Transaction	600	4.4308 USD
Common	Sell Transaction	34	4.4332 USD
Common	Sell Transaction	400	4.4375 USD
Common	Sell Transaction	3,658	4.4400 USD
Common	Sell Transaction	50	4.4450 USD
Common	Sell Transaction	710	4.4470 USD
Common	Sell Transaction	118	4.4497 USD
Common	Sell Transaction	3,203	4.4500 USD
Common	Sell Transaction	7,090	4.4509 USD
Common	Sell Transaction	301	4.4524 USD
Common	Sell Transaction	3,645	4.4531 USD
Common	Sell Transaction	3,793	4.4540 USD
Common	Sell Transaction	801	4.4550 USD
Common	Sell Transaction	1,834	4.4552 USD
Common	Sell Transaction	157	4.4559 USD
Common	Sell Transaction	1,211	4.4562 USD
Common	Sell Transaction	1,063	4.4578 USD
Common	Sell Transaction	28	4.4586 USD
Common	Sell Transaction	10	4.4590 USD
Common	Sell Transaction	600	4.4591 USD
Common	Sell Transaction	515	4.4591 USD
Common	Sell Transaction	23	4.4591 USD
Common	Sell Transaction	198	4.4599 USD
Common	Sell Transaction	8,916	4.4600 USD
Common	Sell Transaction	400	4.4625 USD
Common	Sell Transaction	400	4.4650 USD
Common	Sell Transaction	54	4.4669 USD
Common	Sell Transaction	698	4.4689 USD
Common	Sell Transaction	65	4.4691 USD
Common	Sell Transaction	101	4.4700 USD
Common	Sell Transaction	1,554	4.4715 USD
Common	Sell Transaction	423	4.4718 USD
Common	Sell Transaction	530	4.4721 USD
Common	Sell Transaction	2,200	4.4768 USD
Common	Sell Transaction	150	4.4783 USD
Common	Sell Transaction	173	4.4790 USD
Common	Sell Transaction	12,415	4.4800 USD
Common	Sell Transaction	1,800	4.4850 USD
Common	Sell Transaction	220	4.4859 USD
Common	Sell Transaction	47,845	4.4900 USD
Common	Sell Transaction	1	4.4913 USD
Common	Sell Transaction	205	4.5098 USD
Common	Sell Transaction	399	4.5100 USD
Common	Sell Transaction	25	4.5200 USD
Common	Sell Transaction	4	4.5350 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	10,900	4.3959 USD
Common	CFD	Increasing long position	21,738	4.4021 USD
Common	CFD	Increasing long position	5,935	4.4224 USD
Common	CFD	Increasing long position	700	4.4479 USD
Common	CFD	Increasing long position	32,232	4.4568 USD
Common	CFD	Increasing long position	200	4.4600 USD
Common	CFD	Increasing long position	6,454	4.4900 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	60	4.0000 USD	American	2025-Apr-17	0.5200 USD
Common	Put Option	Buy Transaction	2	5.0000 USD	American	2025-Apr-17	0.7000 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 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	Call Option	Purchased	2,500	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,400	5.0 USD	American	20/06/2025
Common	Call Option	Purchased	10,000	5.0 USD	American	20/06/2025
Common	Call Option	Purchased	600,000	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	900	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,000	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-104,200	6.0 USD	American	20/06/2025
Common	Call Option	Purchased	246,200	6.0 USD	American	18/07/2025
Common	Put Option	Purchased	-3,800	4.0 USD	American	17/04/2025
Common	Call Option	Purchased	1,800	4.0 USD	American	17/04/2025
Common	Put Option	Purchased	-1,000	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-5,400	4.0 USD	American	18/07/2025
Common	Call Option	Purchased	600	10.0 USD	American	17/04/2025
Common	Put Option	Purchased	-99,800	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Put Option	Purchased	-700	7.0 USD	American	18/07/2025
Common	Put Option	Purchased	-4,300	4.0 USD	American	20/06/2025
Common	Call Option	Purchased	2,300	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	1,000,000	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-8,400	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	8.0 USD	American	20/06/2025
Common	Put Option	Purchased	-300	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,000	5.0 USD	American	17/04/2025
Common	Call Option	Purchased	1,300	5.0 USD	American	16/05/2025
Common	Put Option	Sold	99,900	8.0 USD	American	20/06/2025
Common	Put Option	Sold	7,600	6.0 USD	American	17/04/2025
Common	Call Option	Sold	-1,000	3.0 USD	American	16/01/2026
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	-118,200	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	6.0 USD	American	17/04/2025
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	-8,800	4.0 USD	American	20/06/2025
Common	Call Option	Sold	-3,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-29,400	8.0 USD	American	18/07/2025
Common	Call Option	Sold	-500	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-500	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	6.0 USD	American	20/06/2025
Common	Call Option	Sold	-8,600	8.0 USD	American	17/04/2025
Common	Put Option	Sold	800	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-800	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,900	5.0 USD	American	17/04/2025
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025
Common	Call Option	Sold	-1,900	9.0 USD	American	17/04/2025
Common	Put Option	Sold	74,900	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-31,700	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-12,700	7.0 USD	American	17/04/2025

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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