Citadel Group

Major Shareholding Notification • Jul 17, 2025

National Storage Mechanism | Additional information

RNS Number : 5249R

Citadel Group

17 July 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	16 July 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:	1,861,531	1.56	12,604	0.01
(2) Cash-settled derivatives:	597,078	0.50	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	1,003,900	0.84	1,360,900	1.14
TOTAL:	3,462,509	2.91	1,373,504	1.15

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	4.6450 USD
Common	Buy Transaction	100	4.6500 USD
Common	Buy Transaction	100	4.7100 USD
Common	Buy Transaction	105	4.7199 USD
Common	Buy Transaction	110	4.7200 USD
Common	Buy Transaction	1,153	4.7201 USD
Common	Buy Transaction	299	4.7205 USD
Common	Buy Transaction	121	4.7338 USD
Common	Buy Transaction	13,626	4.7380 USD
Common	Buy Transaction	160	4.7387 USD
Common	Buy Transaction	208	4.7393 USD
Common	Buy Transaction	1,000	4.7401 USD
Common	Buy Transaction	400	4.7475 USD
Common	Buy Transaction	700	4.7479 USD
Common	Buy Transaction	400	4.7488 USD
Common	Buy Transaction	1,800	4.7489 USD
Common	Buy Transaction	320	4.7490 USD
Common	Buy Transaction	11,486	4.7500 USD
Common	Buy Transaction	200	4.7503 USD
Common	Buy Transaction	381	4.7509 USD
Common	Buy Transaction	2,107	4.7517 USD
Common	Buy Transaction	600	4.7533 USD
Common	Buy Transaction	1,571	4.7540 USD
Common	Buy Transaction	1,140	4.7592 USD
Common	Buy Transaction	1,340	4.7600 USD
Common	Buy Transaction	350	4.7600 USD
Common	Buy Transaction	7	4.7614 USD
Common	Buy Transaction	164	4.7622 USD
Common	Buy Transaction	2	4.7650 USD
Common	Buy Transaction	175	4.7651 USD
Common	Buy Transaction	2,035	4.7674 USD
Common	Buy Transaction	200	4.7675 USD
Common	Buy Transaction	646	4.7700 USD
Common	Buy Transaction	1,353	4.7705 USD
Common	Buy Transaction	857	4.7709 USD
Common	Buy Transaction	500	4.7720 USD
Common	Buy Transaction	280	4.7721 USD
Common	Buy Transaction	15	4.7733 USD
Common	Buy Transaction	950	4.7743 USD
Common	Buy Transaction	15,103	4.7746 USD
Common	Buy Transaction	1,000	4.7750 USD
Common	Buy Transaction	602	4.7754 USD
Common	Buy Transaction	800	4.7763 USD
Common	Buy Transaction	2,033	4.7763 USD
Common	Buy Transaction	5,551	4.7772 USD
Common	Buy Transaction	221	4.7775 USD
Common	Buy Transaction	226	4.7777 USD
Common	Buy Transaction	700	4.7786 USD
Common	Buy Transaction	10,900	4.7800 USD
Common	Buy Transaction	4,094	4.7822 USD
Common	Buy Transaction	1,100	4.7827 USD
Common	Buy Transaction	145	4.7850 USD
Common	Buy Transaction	417	4.7853 USD
Common	Buy Transaction	663	4.7859 USD
Common	Buy Transaction	2,205	4.7875 USD
Common	Buy Transaction	61,397	4.7881 USD
Common	Buy Transaction	1,024	4.7891 USD
Common	Buy Transaction	577	4.7899 USD
Common	Buy Transaction	3,100	4.7900 USD
Common	Buy Transaction	2,058	4.7901 USD
Common	Buy Transaction	1,100	4.7909 USD
Common	Buy Transaction	416	4.7912 USD
Common	Buy Transaction	700	4.7943 USD
Common	Buy Transaction	25	4.7952 USD
Common	Buy Transaction	107	4.7957 USD
Common	Buy Transaction	1	4.7966 USD
Common	Buy Transaction	220	4.7973 USD
Common	Buy Transaction	1,000	4.7980 USD
Common	Buy Transaction	86	4.7981 USD
Common	Buy Transaction	255	4.7996 USD
Common	Buy Transaction	4,193	4.8000 USD
Common	Buy Transaction	500	4.8040 USD
Common	Buy Transaction	217	4.8040 USD
Common	Buy Transaction	21,950	4.8060 USD
Common	Buy Transaction	1,590	4.8065 USD
Common	Buy Transaction	837	4.8070 USD
Common	Buy Transaction	807	4.8100 USD
Common	Buy Transaction	2,637	4.8101 USD
Common	Buy Transaction	92	4.8111 USD
Common	Buy Transaction	400	4.8125 USD
Common	Buy Transaction	392	4.8194 USD
Common	Buy Transaction	1,390	4.8198 USD
Common	Buy Transaction	2,221	4.8236 USD
Common	Buy Transaction	1	4.8243 USD
Common	Buy Transaction	1,600	4.8300 USD
Common	Buy Transaction	238	4.8310 USD
Common	Buy Transaction	2,400	4.8342 USD
Common	Buy Transaction	1,800	4.8344 USD
Common	Buy Transaction	1	4.8397 USD
Common	Buy Transaction	49	4.8400 USD
Common	Buy Transaction	18	4.8456 USD
Common	Buy Transaction	85,967	4.8500 USD
Common	Buy Transaction	1	4.9000 USD
Common	Buy Transaction	6,072	4.8500 USD
Common	Buy Transaction	1,152	4.8500 USD
Common	Buy Transaction	3,780	4.8500 USD
Common	Buy Transaction	2,214	4.8500 USD
Common	Sell Transaction	841	4.8500 USD
Common	Sell Transaction	6,802	4.8500 USD
Common	DVP Transaction	700	4.6500 USD
Common	DVP Transaction	918	4.6581 USD
Common	DVP Transaction	200	4.6700 USD
Common	DVP Transaction	200	4.7200 USD
Common	DVP Transaction	1	4.7600 USD
Common	DVP Transaction	1	4.7700 USD
Common	DVP Transaction	2	4.7800 USD
Common	DVP Transaction	808	4.8200 USD
Common	DVP Transaction	2,018	4.8360 USD
Common	DVP Transaction	64,804	4.8500 USD
Common	DVP Transaction	5,804	4.8550 USD
Common	DVP Transaction	395	4.8550 USD
Common	DVP Transaction	1,650	4.8550 USD
Common	DVP Transaction	231	4.8550 USD
Common	DVP Transaction	125	4.8550 USD
Common	DVP Transaction	113	4.8550 USD
Common	RVP Transaction	2,018	4.6626 USD
Common	RVP Transaction	3	4.7700 USD
Common	RVP Transaction	1	4.7800 USD
Common	RVP Transaction	2,018	4.8360 USD
Common	RVP Transaction	2,903	4.8417 USD
Common	RVP Transaction	62,709	4.8500 USD
Common	RVP Transaction	464	4.8550 USD
Common	RVP Transaction	5,034	4.8550 USD
Common	RVP Transaction	395	4.8550 USD
Common	RVP Transaction	2,425	4.8550 USD
Common	Sell Transaction	1,200	4.7195 USD
Common	Sell Transaction	1,470	4.7283 USD
Common	Sell Transaction	496	4.7300 USD
Common	Sell Transaction	680	4.7335 USD
Common	Sell Transaction	100	4.7350 USD
Common	Sell Transaction	416	4.7393 USD
Common	Sell Transaction	929	4.7400 USD
Common	Sell Transaction	32,478	4.7495 USD
Common	Sell Transaction	9,090	4.7497 USD
Common	Sell Transaction	403	4.7499 USD
Common	Sell Transaction	2,251	4.7499 USD
Common	Sell Transaction	100	4.7500 USD
Common	Sell Transaction	70	4.7591 USD
Common	Sell Transaction	17	4.7600 USD
Common	Sell Transaction	200	4.7602 USD
Common	Sell Transaction	4,600	4.7642 USD
Common	Sell Transaction	12,326	4.7643 USD
Common	Sell Transaction	5,379	4.7653 USD
Common	Sell Transaction	324	4.7654 USD
Common	Sell Transaction	360	4.7668 USD
Common	Sell Transaction	7	4.7671 USD
Common	Sell Transaction	781	4.7672 USD
Common	Sell Transaction	105	4.7691 USD
Common	Sell Transaction	194	4.7700 USD
Common	Sell Transaction	182	4.7715 USD
Common	Sell Transaction	168	4.7719 USD
Common	Sell Transaction	233	4.7729 USD
Common	Sell Transaction	15,103	4.7746 USD
Common	Sell Transaction	113	4.7759 USD
Common	Sell Transaction	59,810	4.7770 USD
Common	Sell Transaction	600	4.7783 USD
Common	Sell Transaction	11,667	4.7794 USD
Common	Sell Transaction	1,760	4.7800 USD
Common	Sell Transaction	2,000	4.7805 USD
Common	Sell Transaction	1,325	4.7812 USD
Common	Sell Transaction	346	4.7835 USD
Common	Sell Transaction	2,201	4.7850 USD
Common	Sell Transaction	560	4.7851 USD
Common	Sell Transaction	1,607	4.7860 USD
Common	Sell Transaction	500	4.7880 USD
Common	Sell Transaction	199	4.7881 USD
Common	Sell Transaction	331	4.7882 USD
Common	Sell Transaction	974	4.7900 USD
Common	Sell Transaction	208	4.7912 USD
Common	Sell Transaction	2,000	4.7925 USD
Common	Sell Transaction	947	4.7929 USD
Common	Sell Transaction	234	4.7936 USD
Common	Sell Transaction	4,104	4.7941 USD
Common	Sell Transaction	3,161	4.7943 USD
Common	Sell Transaction	371	4.7943 USD
Common	Sell Transaction	850	4.7946 USD
Common	Sell Transaction	1,618	4.7949 USD
Common	Sell Transaction	2	4.7950 USD
Common	Sell Transaction	251	4.7959 USD
Common	Sell Transaction	3,259	4.7964 USD
Common	Sell Transaction	1,501	4.7973 USD
Common	Sell Transaction	930	4.7977 USD
Common	Sell Transaction	81	4.7998 USD
Common	Sell Transaction	7,553	4.8000 USD
Common	Sell Transaction	3,797	4.8001 USD
Common	Sell Transaction	556	4.8004 USD
Common	Sell Transaction	1,000	4.8020 USD
Common	Sell Transaction	793	4.8045 USD
Common	Sell Transaction	128	4.8046 USD
Common	Sell Transaction	20,124	4.8047 USD
Common	Sell Transaction	226	4.8065 USD
Common	Sell Transaction	500	4.8070 USD
Common	Sell Transaction	991	4.8077 USD
Common	Sell Transaction	1,720	4.8086 USD
Common	Sell Transaction	4,799	4.8088 USD
Common	Sell Transaction	363	4.8090 USD
Common	Sell Transaction	120	4.8090 USD
Common	Sell Transaction	4,198	4.8100 USD
Common	Sell Transaction	1,098	4.8103 USD
Common	Sell Transaction	3,091	4.8116 USD
Common	Sell Transaction	1,200	4.8117 USD
Common	Sell Transaction	1,868	4.8124 USD
Common	Sell Transaction	5,713	4.8131 USD
Common	Sell Transaction	1,002	4.8133 USD
Common	Sell Transaction	9,574	4.8135 USD
Common	Sell Transaction	1,000	4.8140 USD
Common	Sell Transaction	3,415	4.8141 USD
Common	Sell Transaction	20	4.8145 USD
Common	Sell Transaction	17,200	4.8165 USD
Common	Sell Transaction	942	4.8171 USD
Common	Sell Transaction	1,700	4.8188 USD
Common	Sell Transaction	9,010	4.8199 USD
Common	Sell Transaction	2,875	4.8200 USD
Common	Sell Transaction	5,059	4.8210 USD
Common	Sell Transaction	1	4.8214 USD
Common	Sell Transaction	1,261	4.8214 USD
Common	Sell Transaction	700	4.8214 USD
Common	Sell Transaction	1,900	4.8232 USD
Common	Sell Transaction	1,278	4.8272 USD
Common	Sell Transaction	12,501	4.8275 USD
Common	Sell Transaction	2,463	4.8293 USD
Common	Sell Transaction	2,225	4.8300 USD
Common	Sell Transaction	211	4.8306 USD
Common	Sell Transaction	1,672	4.8340 USD
Common	Sell Transaction	1,023	4.8347 USD
Common	Sell Transaction	3,300	4.8350 USD
Common	Sell Transaction	800	4.8400 USD
Common	Sell Transaction	1,201	4.8417 USD
Common	Sell Transaction	442	4.8450 USD
Common	Sell Transaction	1,100	4.8482 USD
Common	Sell Transaction	600	4.8485 USD
Common	Sell Transaction	80,842	4.8500 USD
Common	Sell Transaction	13,608	4.8550 USD
Common	Sell Transaction	496	4.8582 USD
Common	Sell Transaction	403	4.8993 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	9,659	4.7646 USD
Common	CFD	Increasing long position	200	4.8175 USD
Common	CFD	Reducing long position	10,983	4.8215 USD
Common	CFD	Reducing long position	4,701	4.8216 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	1	5.0000 USD	American	2025-Jul-18	0.0500 USD
Common	Call Option	Buy Transaction	1	6.0000 USD	American	2026-Jan-16	0.5000 USD
Common	Call Option	DVP Transaction	1	5.0000 USD	American	2025-Jul-18	0.0500 USD
Common	Call Option	DVP Transaction	1	6.0000 USD	American	2026-Jan-16	0.5000 USD
Common	Call Option	RVP Transaction	1	5.0000 USD	American	2025-Jul-18	0.0500 USD
Common	Call Option	RVP Transaction	1	6.0000 USD	American	2026-Jan-16	0.5000 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:	17 July 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	-900	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	270,900	6.0 USD	American	18/07/2025
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	18,300	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	600,000	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,000	3.0 USD	American	18/07/2025
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-11,900	4.0 USD	American	18/07/2025
Common	Call Option	Purchased	2,900	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	10,400	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-700	6.0 USD	American	18/07/2025
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Put Option	Purchased	-13,100	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-7,200	3.0 USD	American	18/07/2025
Common	Put Option	Purchased	-201,700	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,500	5.0 USD	American	15/08/2025
Common	Put Option	Purchased	-700	7.0 USD	American	18/07/2025
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-105,500	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-152,400	6.0 USD	American	16/01/2026
Common	Put Option	Sold	300	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-1,400	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	90,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-36,900	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-8,300	4.0 USD	American	18/07/2025
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025
Common	Call Option	Sold	-300	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-117,200	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-645,700	5.0 USD	American	18/07/2025
Common	Put Option	Sold	2,600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,100	7.0 USD	American	17/07/2026
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

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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