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Citadel Group
Major Shareholding Notification • Jul 21, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 9166R
Citadel Group
21 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 |
18 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: | 1,661,028 | 1.39 | 150,794 | 0.12 |
| (2) Cash-settled derivatives: | 651,519 | 0.54 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 190,600 | 0.16 | 619,300 | 0.52 |
| TOTAL: | 2,503,147 | 2.10 | 770,094 | 0.64 |
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 | 4.5100 USD |
| Common | Buy Transaction | 838 | 4.5165 USD |
| Common | Buy Transaction | 139 | 4.5200 USD |
| Common | Buy Transaction | 2,400 | 4.5201 USD |
| Common | Buy Transaction | 1,846 | 4.5209 USD |
| Common | Buy Transaction | 9,197 | 4.5300 USD |
| Common | Buy Transaction | 2,438 | 4.5303 USD |
| Common | Buy Transaction | 45 | 4.5318 USD |
| Common | Buy Transaction | 1 | 4.5339 USD |
| Common | Buy Transaction | 400 | 4.5350 USD |
| Common | Buy Transaction | 346 | 4.5400 USD |
| Common | Buy Transaction | 69 | 4.5425 USD |
| Common | Buy Transaction | 133 | 4.5432 USD |
| Common | Buy Transaction | 63 | 4.5435 USD |
| Common | Buy Transaction | 3,122 | 4.5449 USD |
| Common | Buy Transaction | 1,960 | 4.5460 USD |
| Common | Buy Transaction | 943 | 4.5496 USD |
| Common | Buy Transaction | 102,935 | 4.5500 USD |
| Common | Buy Transaction | 67 | 4.5506 USD |
| Common | Buy Transaction | 234 | 4.5511 USD |
| Common | Buy Transaction | 6,000 | 4.5513 USD |
| Common | Buy Transaction | 5,107 | 4.5535 USD |
| Common | Buy Transaction | 49 | 4.5539 USD |
| Common | Buy Transaction | 3 | 4.5550 USD |
| Common | Buy Transaction | 274 | 4.5552 USD |
| Common | Buy Transaction | 49 | 4.5576 USD |
| Common | Buy Transaction | 823 | 4.5600 USD |
| Common | Buy Transaction | 6,609 | 4.5613 USD |
| Common | Buy Transaction | 2 | 4.5650 USD |
| Common | Buy Transaction | 12,751 | 4.5654 USD |
| Common | Buy Transaction | 731 | 4.5656 USD |
| Common | Buy Transaction | 1,841 | 4.5666 USD |
| Common | Buy Transaction | 872 | 4.5683 USD |
| Common | Buy Transaction | 1,236 | 4.5700 USD |
| Common | Buy Transaction | 900 | 4.5700 USD |
| Common | Buy Transaction | 2,700 | 4.5707 USD |
| Common | Buy Transaction | 6,249 | 4.5745 USD |
| Common | Buy Transaction | 2,364 | 4.5747 USD |
| Common | Buy Transaction | 4,830 | 4.5813 USD |
| Common | Buy Transaction | 6,191 | 4.5829 USD |
| Common | Buy Transaction | 800 | 4.5838 USD |
| Common | Buy Transaction | 100 | 4.5850 USD |
| Common | Buy Transaction | 3,900 | 4.5856 USD |
| Common | Buy Transaction | 500 | 4.5860 USD |
| Common | Buy Transaction | 1,234 | 4.5897 USD |
| Common | Buy Transaction | 21 | 4.5910 USD |
| Common | Buy Transaction | 1,900 | 4.5926 USD |
| Common | Buy Transaction | 200 | 4.5940 USD |
| Common | Buy Transaction | 500 | 4.5960 USD |
| Common | Buy Transaction | 329 | 4.6000 USD |
| Common | Buy Transaction | 135 | 4.6066 USD |
| Common | Buy Transaction | 11 | 4.6091 USD |
| Common | Buy Transaction | 1,343 | 4.6115 USD |
| Common | Buy Transaction | 4,035 | 4.6129 USD |
| Common | Buy Transaction | 3,029 | 4.6154 USD |
| Common | Buy Transaction | 1,500 | 4.6167 USD |
| Common | Buy Transaction | 14,326 | 4.6179 USD |
| Common | Buy Transaction | 2,102 | 4.6207 USD |
| Common | Buy Transaction | 505 | 4.6222 USD |
| Common | Buy Transaction | 176 | 4.6236 USD |
| Common | Buy Transaction | 43 | 4.6251 USD |
| Common | Buy Transaction | 1,000 | 4.6280 USD |
| Common | Buy Transaction | 29,939 | 4.6317 USD |
| Common | Buy Transaction | 870 | 4.6341 USD |
| Common | Buy Transaction | 2,600 | 4.6350 USD |
| Common | Buy Transaction | 104 | 4.6377 USD |
| Common | Buy Transaction | 1 | 4.6380 USD |
| Common | Buy Transaction | 1,329 | 4.6449 USD |
| Common | Buy Transaction | 976 | 4.6528 USD |
| Common | Buy Transaction | 2 | 4.6539 USD |
| Common | Buy Transaction | 308 | 4.6577 USD |
| Common | Buy Transaction | 10 | 4.6600 USD |
| Common | Buy Transaction | 99 | 4.6700 USD |
| Common | Buy Transaction | 796 | 4.6800 USD |
| Common | Buy Transaction | 31 | 4.6952 USD |
| Common | Buy Transaction | 100 | 4.7000 USD |
| Common | Buy Transaction | 5 | 4.7100 USD |
| Common | Buy Transaction | 200 | 4.7300 USD |
| Common | Buy Transaction | 651 | 4.7339 USD |
| Common | Buy Transaction | 2 | 4.7500 USD |
| Common | Buy Transaction | 1,409 | 4.7800 USD |
| Common | Buy Transaction | 310 | 4.7810 USD |
| Common | Buy Transaction | 1,500 | 4.7869 USD |
| Common | Buy Transaction | 726 | 4.7900 USD |
| Common | Buy Transaction | 10 | 4.7950 USD |
| Common | Buy Transaction | 33 | 4.8100 USD |
| Common | Sell Transaction | 3,227 | 4.5100 USD |
| Common | Sell Transaction | 130 | 4.5192 USD |
| Common | Sell Transaction | 12,341 | 4.5200 USD |
| Common | Sell Transaction | 1,200 | 4.5250 USD |
| Common | Sell Transaction | 300 | 4.5267 USD |
| Common | Sell Transaction | 720 | 4.5300 USD |
| Common | Sell Transaction | 212 | 4.5395 USD |
| Common | Sell Transaction | 236 | 4.5400 USD |
| Common | Sell Transaction | 6,711 | 4.5404 USD |
| Common | Sell Transaction | 115 | 4.5443 USD |
| Common | Sell Transaction | 1,209 | 4.5485 USD |
| Common | Sell Transaction | 2,564 | 4.5487 USD |
| Common | Sell Transaction | 100 | 4.5490 USD |
| Common | Sell Transaction | 113,848 | 4.5500 USD |
| Common | Sell Transaction | 44,641 | 4.5551 USD |
| Common | Sell Transaction | 9,690 | 4.5576 USD |
| Common | Sell Transaction | 2,267 | 4.5600 USD |
| Common | Sell Transaction | 45 | 4.5611 USD |
| Common | Sell Transaction | 2 | 4.5650 USD |
| Common | Sell Transaction | 2,827 | 4.5651 USD |
| Common | Sell Transaction | 12,751 | 4.5654 USD |
| Common | Sell Transaction | 206 | 4.5658 USD |
| Common | Sell Transaction | 25 | 4.5680 USD |
| Common | Sell Transaction | 2,343 | 4.5681 USD |
| Common | Sell Transaction | 1,013 | 4.5686 USD |
| Common | Sell Transaction | 20 | 4.5690 USD |
| Common | Sell Transaction | 4,800 | 4.5700 USD |
| Common | Sell Transaction | 104 | 4.5700 USD |
| Common | Sell Transaction | 954 | 4.5723 USD |
| Common | Sell Transaction | 2,623 | 4.5750 USD |
| Common | Sell Transaction | 2,000 | 4.5760 USD |
| Common | Sell Transaction | 22 | 4.5773 USD |
| Common | Sell Transaction | 11 | 4.5791 USD |
| Common | Sell Transaction | 1,904 | 4.5800 USD |
| Common | Sell Transaction | 82 | 4.5805 USD |
| Common | Sell Transaction | 1,770 | 4.5813 USD |
| Common | Sell Transaction | 2,457 | 4.5822 USD |
| Common | Sell Transaction | 13,465 | 4.5828 USD |
| Common | Sell Transaction | 2,294 | 4.5846 USD |
| Common | Sell Transaction | 5,004 | 4.5866 USD |
| Common | Sell Transaction | 4,534 | 4.5893 USD |
| Common | Sell Transaction | 17 | 4.5900 USD |
| Common | Sell Transaction | 2,000 | 4.5910 USD |
| Common | Sell Transaction | 2 | 4.5923 USD |
| Common | Sell Transaction | 4,317 | 4.5925 USD |
| Common | Sell Transaction | 1,984 | 4.5933 USD |
| Common | Sell Transaction | 1,400 | 4.5957 USD |
| Common | Sell Transaction | 1,015 | 4.5960 USD |
| Common | Sell Transaction | 125 | 4.6000 USD |
| Common | Sell Transaction | 3,176 | 4.6055 USD |
| Common | Sell Transaction | 60 | 4.6088 USD |
| Common | Sell Transaction | 49 | 4.6100 USD |
| Common | Sell Transaction | 8,530 | 4.6103 USD |
| Common | Sell Transaction | 1,782 | 4.6110 USD |
| Common | Sell Transaction | 1,787 | 4.6119 USD |
| Common | Sell Transaction | 3,000 | 4.6135 USD |
| Common | Sell Transaction | 2,574 | 4.6162 USD |
| Common | Sell Transaction | 300 | 4.6167 USD |
| Common | Sell Transaction | 1,569 | 4.6172 USD |
| Common | Sell Transaction | 1,300 | 4.6231 USD |
| Common | Sell Transaction | 422 | 4.6249 USD |
| Common | Sell Transaction | 59 | 4.6251 USD |
| Common | Sell Transaction | 758 | 4.6296 USD |
| Common | Sell Transaction | 2,285 | 4.6300 USD |
| Common | Sell Transaction | 417 | 4.6306 USD |
| Common | Sell Transaction | 2,067 | 4.6381 USD |
| Common | Sell Transaction | 1,150 | 4.6386 USD |
| Common | Sell Transaction | 18,418 | 4.6392 USD |
| Common | Sell Transaction | 819 | 4.6400 USD |
| Common | Sell Transaction | 21,719 | 4.6434 USD |
| Common | Sell Transaction | 14 | 4.6450 USD |
| Common | Sell Transaction | 73 | 4.6500 USD |
| Common | Sell Transaction | 587 | 4.6545 USD |
| Common | Sell Transaction | 1,811 | 4.6548 USD |
| Common | Sell Transaction | 3,491 | 4.6550 USD |
| Common | Sell Transaction | 1,600 | 4.6562 USD |
| Common | Sell Transaction | 1,588 | 4.6610 USD |
| Common | Sell Transaction | 585 | 4.6680 USD |
| Common | Sell Transaction | 595 | 4.6699 USD |
| Common | Sell Transaction | 5,429 | 4.6699 USD |
| Common | Sell Transaction | 1,526 | 4.6732 USD |
| Common | Sell Transaction | 487 | 4.6761 USD |
| Common | Sell Transaction | 2,683 | 4.6897 USD |
| Common | Sell Transaction | 255 | 4.6909 USD |
| Common | Sell Transaction | 200 | 4.7000 USD |
| Common | Sell Transaction | 11,670 | 4.7236 USD |
| Common | Sell Transaction | 8 | 4.7325 USD |
| Common | Sell Transaction | 593 | 4.7513 USD |
| Common | Sell Transaction | 347 | 4.7573 USD |
| Common | Sell Transaction | 193 | 4.7656 USD |
| Common | Sell Transaction | 906 | 4.7722 USD |
| Common | Sell Transaction | 800 | 4.7799 USD |
| Common | Sell Transaction | 1,912 | 4.7800 USD |
| Common | Sell Transaction | 700 | 4.7821 USD |
| Common | Sell Transaction | 100 | 4.7850 USD |
| Common | Sell Transaction | 4,341 | 4.8000 USD |
| Common | Sell Transaction | 300 | 4.8083 USD |
| Common | Sell Transaction | 1 | 4.8100 USD |
| Common | Sell Transaction | 61 | 4.8200 USD |
| Common | Sell Transaction | 10 | 4.8250 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 | 33,252 | 4.5507 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 | 1,000 | 5.0000 USD | American | 2025-Aug-15 | 0.3000 USD |
| Common | Call Option | Buy Transaction | 1,000 | 6.0000 USD | American | 2026-Jan-16 | 0.4000 USD |
| Common | Call Option | Buy Transaction | 200 | 6.0000 USD | American | 2026-Jan-16 | 0.4200 USD |
| Common | Call Option | Buy Transaction | 100 | 6.0000 USD | American | 2026-Jan-16 | 0.4300 USD |
| Common | Call Option | Sell Transaction | 200 | 4.0000 USD | American | 2025-Aug-15 | 0.8600 USD |
(ii) Exercise
| Class of relevant security | Product description e.g. call option |
Exercising/ exercised against | Number of securities | Exercise price per unit |
| Common | Put Option | AXL 5 STRIKE AMER PUT 07/18/2025 | 300 | |
| Common | Call Option | AXL 4 STRIKE AMER CALL 07/18/2025 | 8,300 | |
| Common | Put Option | AXL 6 STRIKE AMER PUT 07/18/2025 | 700 | |
| Common | Put Option | AXL 7 STRIKE AMER PUT 07/18/2025 | 700 | |
| Common | Call Option | AXL 3 STRIKE AMER CALL 07/18/2025 | 2,000 |
(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: | 21 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 | Call Option | Purchased | 1,000 | 3.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -200 | 7.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 4,500 | 5.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -2,400 | 4.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 69,800 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 15.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -12,000 | 3.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 18,300 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 3,000 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -13,100 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -201,700 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 100 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -200 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 2,600 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -700 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 90,700 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,100 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -2,000 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -200 | 4.0 USD | American | 15/08/2025 |
| Common | Call Option | Sold | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -117,200 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -48,500 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -300 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -2,400 | 10.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -100 | 2.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -31,900 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -141,100 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -36,900 | 5.0 USD | American | 17/07/2026 |
| 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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