Citadel Group

Major Shareholding Notification • Mar 28, 2025

National Storage Mechanism | Additional information

RNS Number : 7530C

Citadel Group

28 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	27 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:	879,627	0.74	1,024,356	0.86
(2) Cash-settled derivatives:	168,947	0.14	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	2,050,600	1.73	577,700	0.48
TOTAL:	3,099,174	2.61	1,602,056	1.35

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	461	4.2100 USD
Common	Buy Transaction	291	4.2130 USD
Common	Buy Transaction	243	4.2200 USD
Common	Buy Transaction	544	4.2300 USD
Common	Buy Transaction	160	4.2307 USD
Common	Buy Transaction	328	4.2337 USD
Common	Buy Transaction	86	4.2340 USD
Common	Buy Transaction	3,505	4.2390 USD
Common	Buy Transaction	44	4.2395 USD
Common	Buy Transaction	340	4.2397 USD
Common	Buy Transaction	179	4.2400 USD
Common	Buy Transaction	690	4.2400 USD
Common	Buy Transaction	204	4.2404 USD
Common	Buy Transaction	3,932	4.2406 USD
Common	Buy Transaction	46	4.2409 USD
Common	Buy Transaction	1,423	4.2411 USD
Common	Buy Transaction	300	4.2417 USD
Common	Buy Transaction	400	4.2425 USD
Common	Buy Transaction	5	4.2440 USD
Common	Buy Transaction	100	4.2450 USD
Common	Buy Transaction	203	4.2454 USD
Common	Buy Transaction	1,194	4.2455 USD
Common	Buy Transaction	2,616	4.2468 USD
Common	Buy Transaction	529	4.2477 USD
Common	Buy Transaction	3,849	4.2479 USD
Common	Buy Transaction	3,000	4.2480 USD
Common	Buy Transaction	1,160	4.2490 USD
Common	Buy Transaction	916	4.2496 USD
Common	Buy Transaction	274	4.2496 USD
Common	Buy Transaction	22	4.2500 USD
Common	Buy Transaction	10	4.2510 USD
Common	Buy Transaction	30	4.2517 USD
Common	Buy Transaction	2,029	4.2519 USD
Common	Buy Transaction	1,151	4.2520 USD
Common	Buy Transaction	400	4.2525 USD
Common	Buy Transaction	439	4.2527 USD
Common	Buy Transaction	547	4.2535 USD
Common	Buy Transaction	3,782	4.2538 USD
Common	Buy Transaction	2,557	4.2543 USD
Common	Buy Transaction	1,412	4.2544 USD
Common	Buy Transaction	416	4.2548 USD
Common	Buy Transaction	681	4.2550 USD
Common	Buy Transaction	800	4.2550 USD
Common	Buy Transaction	59	4.2551 USD
Common	Buy Transaction	3,402	4.2572 USD
Common	Buy Transaction	858	4.2579 USD
Common	Buy Transaction	3,850	4.2581 USD
Common	Buy Transaction	2,963	4.2584 USD
Common	Buy Transaction	942	4.2594 USD
Common	Buy Transaction	140	4.2594 USD
Common	Buy Transaction	80,086	4.2597 USD
Common	Buy Transaction	1,268	4.2597 USD
Common	Buy Transaction	2,847	4.2598 USD
Common	Buy Transaction	1,299	4.2600 USD
Common	Buy Transaction	3,307	4.2602 USD
Common	Buy Transaction	1,291	4.2605 USD
Common	Buy Transaction	1,935	4.2614 USD
Common	Buy Transaction	400	4.2625 USD
Common	Buy Transaction	3,048	4.2633 USD
Common	Buy Transaction	1,961	4.2637 USD
Common	Buy Transaction	1,400	4.2639 USD
Common	Buy Transaction	1,752	4.2642 USD
Common	Buy Transaction	1,549	4.2645 USD
Common	Buy Transaction	2,693	4.2648 USD
Common	Buy Transaction	2,542	4.2650 USD
Common	Buy Transaction	554	4.2656 USD
Common	Buy Transaction	2,187	4.2659 USD
Common	Buy Transaction	319	4.2663 USD
Common	Buy Transaction	3,572	4.2678 USD
Common	Buy Transaction	696	4.2683 USD
Common	Buy Transaction	1,788	4.2700 USD
Common	Buy Transaction	3,066	4.2703 USD
Common	Buy Transaction	600	4.2717 USD
Common	Buy Transaction	4,947	4.2723 USD
Common	Buy Transaction	289	4.2731 USD
Common	Buy Transaction	601	4.2734 USD
Common	Buy Transaction	4,424	4.2735 USD
Common	Buy Transaction	2,701	4.2748 USD
Common	Buy Transaction	648	4.2750 USD
Common	Buy Transaction	1,294	4.2756 USD
Common	Buy Transaction	316	4.2762 USD
Common	Buy Transaction	360	4.2763 USD
Common	Buy Transaction	1,820	4.2767 USD
Common	Buy Transaction	3,027	4.2768 USD
Common	Buy Transaction	1,511	4.2774 USD
Common	Buy Transaction	656	4.2787 USD
Common	Buy Transaction	101	4.2794 USD
Common	Buy Transaction	2,709	4.2800 USD
Common	Buy Transaction	900	4.2811 USD
Common	Buy Transaction	40	4.2900 USD
Common	Buy Transaction	402	4.2990 USD
Common	Buy Transaction	200	4.3000 USD
Common	Buy Transaction	440	4.3001 USD
Common	Buy Transaction	381	4.3008 USD
Common	Buy Transaction	20	4.3010 USD
Common	Buy Transaction	300	4.3050 USD
Common	Buy Transaction	92,551	4.3100 USD
Common	Buy Transaction	1	4.3102 USD
Common	DVP Transaction	4	4.2175 USD
Common	DVP Transaction	344	4.2250 USD
Common	DVP Transaction	703	4.2250 USD
Common	DVP Transaction	191	4.2450 USD
Common	DVP Transaction	633	4.2600 USD
Common	DVP Transaction	502	4.2650 USD
Common	DVP Transaction	90	4.2661 USD
Common	DVP Transaction	83,553	4.3100 USD
Common	DVP Transaction	377	4.4500 USD
Common	RVP Transaction	4	4.2175 USD
Common	RVP Transaction	1,047	4.2250 USD
Common	RVP Transaction	191	4.2450 USD
Common	RVP Transaction	9	4.2456 USD
Common	RVP Transaction	15	4.2553 USD
Common	RVP Transaction	5	4.2560 USD
Common	RVP Transaction	3	4.2567 USD
Common	RVP Transaction	10	4.2580 USD
Common	RVP Transaction	100	4.2600 USD
Common	RVP Transaction	510	4.2601 USD
Common	RVP Transaction	38	4.2626 USD
Common	RVP Transaction	502	4.2650 USD
Common	RVP Transaction	5	4.2760 USD
Common	RVP Transaction	16	4.2781 USD
Common	RVP Transaction	10	4.2800 USD
Common	RVP Transaction	83,555	4.3100 USD
Common	RVP Transaction	377	4.4500 USD
Common	Sell Transaction	100	4.2100 USD
Common	Sell Transaction	19	4.2200 USD
Common	Sell Transaction	23	4.2287 USD
Common	Sell Transaction	100	4.2294 USD
Common	Sell Transaction	1,104	4.2300 USD
Common	Sell Transaction	839	4.2300 USD
Common	Sell Transaction	35,914	4.2315 USD
Common	Sell Transaction	5,100	4.2339 USD
Common	Sell Transaction	2	4.2348 USD
Common	Sell Transaction	1,435	4.2365 USD
Common	Sell Transaction	463	4.2382 USD
Common	Sell Transaction	4,800	4.2390 USD
Common	Sell Transaction	668	4.2400 USD
Common	Sell Transaction	3,932	4.2405 USD
Common	Sell Transaction	150	4.2417 USD
Common	Sell Transaction	247	4.2421 USD
Common	Sell Transaction	13,422	4.2423 USD
Common	Sell Transaction	4,400	4.2428 USD
Common	Sell Transaction	388	4.2450 USD
Common	Sell Transaction	711	4.2464 USD
Common	Sell Transaction	7,596	4.2471 USD
Common	Sell Transaction	14,600	4.2477 USD
Common	Sell Transaction	200	4.2477 USD
Common	Sell Transaction	500	4.2480 USD
Common	Sell Transaction	68,456	4.2480 USD
Common	Sell Transaction	47	4.2491 USD
Common	Sell Transaction	434	4.2492 USD
Common	Sell Transaction	3,381	4.2493 USD
Common	Sell Transaction	2,490	4.2499 USD
Common	Sell Transaction	1,606	4.2500 USD
Common	Sell Transaction	6,152	4.2511 USD
Common	Sell Transaction	718	4.2511 USD
Common	Sell Transaction	208	4.2515 USD
Common	Sell Transaction	3,661	4.2519 USD
Common	Sell Transaction	673	4.2527 USD
Common	Sell Transaction	350	4.2536 USD
Common	Sell Transaction	2,348	4.2542 USD
Common	Sell Transaction	398	4.2542 USD
Common	Sell Transaction	989	4.2545 USD
Common	Sell Transaction	200	4.2550 USD
Common	Sell Transaction	59	4.2551 USD
Common	Sell Transaction	3,415	4.2557 USD
Common	Sell Transaction	300	4.2560 USD
Common	Sell Transaction	927	4.2562 USD
Common	Sell Transaction	304	4.2564 USD
Common	Sell Transaction	132	4.2567 USD
Common	Sell Transaction	3,016	4.2575 USD
Common	Sell Transaction	640	4.2583 USD
Common	Sell Transaction	24	4.2583 USD
Common	Sell Transaction	368	4.2593 USD
Common	Sell Transaction	280	4.2594 USD
Common	Sell Transaction	1,697	4.2599 USD
Common	Sell Transaction	15,739	4.2600 USD
Common	Sell Transaction	5,928	4.2602 USD
Common	Sell Transaction	6,491	4.2610 USD
Common	Sell Transaction	185	4.2611 USD
Common	Sell Transaction	803	4.2613 USD
Common	Sell Transaction	663	4.2615 USD
Common	Sell Transaction	8,888	4.2619 USD
Common	Sell Transaction	1,115	4.2624 USD
Common	Sell Transaction	7,287	4.2625 USD
Common	Sell Transaction	510	4.2626 USD
Common	Sell Transaction	2,427	4.2628 USD
Common	Sell Transaction	7,161	4.2632 USD
Common	Sell Transaction	956	4.2635 USD
Common	Sell Transaction	1,747	4.2636 USD
Common	Sell Transaction	80	4.2637 USD
Common	Sell Transaction	909	4.2639 USD
Common	Sell Transaction	804	4.2640 USD
Common	Sell Transaction	1,475	4.2647 USD
Common	Sell Transaction	583	4.2648 USD
Common	Sell Transaction	2,200	4.2650 USD
Common	Sell Transaction	16,293	4.2652 USD
Common	Sell Transaction	3,557	4.2652 USD
Common	Sell Transaction	765	4.2657 USD
Common	Sell Transaction	600	4.2683 USD
Common	Sell Transaction	700	4.2686 USD
Common	Sell Transaction	853	4.2686 USD
Common	Sell Transaction	464	4.2692 USD
Common	Sell Transaction	1,910	4.2700 USD
Common	Sell Transaction	4,994	4.2705 USD
Common	Sell Transaction	111	4.2708 USD
Common	Sell Transaction	1,400	4.2714 USD
Common	Sell Transaction	75	4.2716 USD
Common	Sell Transaction	92	4.2729 USD
Common	Sell Transaction	2,000	4.2730 USD
Common	Sell Transaction	1,693	4.2735 USD
Common	Sell Transaction	5	4.2740 USD
Common	Sell Transaction	8,737	4.2742 USD
Common	Sell Transaction	1,200	4.2750 USD
Common	Sell Transaction	12,500	4.2751 USD
Common	Sell Transaction	2,464	4.2773 USD
Common	Sell Transaction	6,238	4.2782 USD
Common	Sell Transaction	1,200	4.2792 USD
Common	Sell Transaction	2,214	4.2800 USD
Common	Sell Transaction	1,286	4.2808 USD
Common	Sell Transaction	1,012	4.2812 USD
Common	Sell Transaction	2,100	4.2848 USD
Common	Sell Transaction	300	4.2850 USD
Common	Sell Transaction	161	4.2881 USD
Common	Sell Transaction	40	4.2900 USD
Common	Sell Transaction	3,153	4.2964 USD
Common	Sell Transaction	790	4.2991 USD
Common	Sell Transaction	1,031	4.2999 USD
Common	Sell Transaction	1,473	4.3000 USD
Common	Sell Transaction	22,418	4.3001 USD
Common	Sell Transaction	1,021	4.3005 USD
Common	Sell Transaction	900	4.3022 USD
Common	Sell Transaction	5,035	4.3025 USD
Common	Sell Transaction	900	4.3028 USD
Common	Sell Transaction	700	4.3029 USD
Common	Sell Transaction	4	4.3050 USD
Common	Sell Transaction	98,574	4.3100 USD
Common	Sell Transaction	300	4.3500 USD
Common	Sell Transaction	700	4.4200 USD
Common	Sell Transaction	122	4.4500 USD
Common	Sell Transaction	25	4.4900 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	500	4.2300 USD
Common	CFD	Reducing long position	2,600	4.2404 USD
Common	CFD	Reducing long position	6,063	4.2413 USD
Common	CFD	Reducing long position	15,788	4.2529 USD
Common	CFD	Reducing long position	6,276	4.2577 USD
Common	CFD	Reducing long position	24,227	4.2631 USD
Common	CFD	Reducing long position	1,672	4.2755 USD
Common	CFD	Reducing long position	17,321	4.2794 USD
Common	CFD	Reducing long position	4,548	4.2884 USD
Common	CFD	Reducing long position	6,374	4.3100 USD
Common	CFD	Reducing long position	800	4.3456 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	Put Option	Buy Transaction	9	5.0000 USD	American	2026-Jul-17	1.2700 USD
Common	Call Option	Sell Transaction	1	4.0000 USD	American	2025-Apr-17	0.3800 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:	28 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	-1,400	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-700	7.0 USD	American	18/07/2025
Common	Call Option	Purchased	300	8.0 USD	American	20/06/2025
Common	Put Option	Purchased	-1,000	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-99,800	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	-300	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	246,200	6.0 USD	American	18/07/2025
Common	Put Option	Purchased	-104,200	6.0 USD	American	20/06/2025
Common	Put Option	Purchased	-3,800	4.0 USD	American	17/04/2025
Common	Put Option	Purchased	-4,000	3.0 USD	American	16/01/2026
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	Purchased	-900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	1,700	4.0 USD	American	17/04/2025
Common	Call Option	Purchased	900	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Put Option	Purchased	-8,400	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	600,000	6.0 USD	American	18/07/2025
Common	Put Option	Purchased	-5,400	4.0 USD	American	18/07/2025
Common	Put Option	Purchased	-4,300	4.0 USD	American	20/06/2025
Common	Call Option	Purchased	600	10.0 USD	American	17/04/2025
Common	Call Option	Purchased	300	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,300	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	2,500	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	10,000	5.0 USD	American	20/06/2025
Common	Call Option	Sold	-500	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-118,200	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-200	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100,900	5.0 USD	American	18/07/2025
Common	Put Option	Sold	7,600	6.0 USD	American	17/04/2025
Common	Put Option	Sold	600	6.0 USD	American	18/07/2025
Common	Call Option	Sold	-1,900	9.0 USD	American	17/04/2025
Common	Call Option	Sold	-8,800	4.0 USD	American	20/06/2025
Common	Put Option	Sold	800	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-29,400	8.0 USD	American	18/07/2025
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-31,700	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-3,600	4.0 USD	American	18/07/2025
Common	Call Option	Sold	-500	3.0 USD	American	17/07/2026
Common	Put Option	Sold	74,900	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-3,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025
Common	Put Option	Sold	99,900	8.0 USD	American	20/06/2025
Common	Call Option	Sold	-1,000	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,000	6.0 USD	American	20/06/2025
Common	Call Option	Sold	-800	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	6.0 USD	American	17/04/2025
Common	Call Option	Sold	-8,600	8.0 USD	American	17/04/2025
Common	Call Option	Sold	-12,700	7.0 USD	American	17/04/2025
Common	Call Option	Sold	-13,900	5.0 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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