Citadel Group

Major Shareholding Notification • Jul 23, 2025

National Storage Mechanism | Additional information

RNS Number : 2685S

Citadel Group

23 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	22 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:	1,671,021	1.40	219,235	0.18
(2) Cash-settled derivatives:	569,589	0.48	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	194,600	0.16	625,200	0.52
TOTAL:	2,435,210	2.05	844,435	0.71

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	200	4.5800 USD
Common	Buy Transaction	2,012	4.6000 USD
Common	Buy Transaction	16	4.6006 USD
Common	Buy Transaction	7,388	4.6010 USD
Common	Buy Transaction	1	4.6015 USD
Common	Buy Transaction	543	4.6040 USD
Common	Buy Transaction	418	4.6052 USD
Common	Buy Transaction	500	4.6080 USD
Common	Buy Transaction	80	4.6100 USD
Common	Buy Transaction	633	4.6173 USD
Common	Buy Transaction	846	4.6200 USD
Common	Buy Transaction	3,424	4.6238 USD
Common	Buy Transaction	3,100	4.6265 USD
Common	Buy Transaction	1,144	4.6300 USD
Common	Buy Transaction	21	4.6305 USD
Common	Buy Transaction	3,333	4.6306 USD
Common	Buy Transaction	15,000	4.6316 USD
Common	Buy Transaction	1,725	4.6329 USD
Common	Buy Transaction	547	4.6331 USD
Common	Buy Transaction	600	4.6333 USD
Common	Buy Transaction	600	4.6342 USD
Common	Buy Transaction	351	4.6344 USD
Common	Buy Transaction	173	4.6346 USD
Common	Buy Transaction	11,800	4.6390 USD
Common	Buy Transaction	3,612	4.6400 USD
Common	Buy Transaction	105	4.6405 USD
Common	Buy Transaction	600	4.6417 USD
Common	Buy Transaction	1,213	4.6430 USD
Common	Buy Transaction	550	4.6436 USD
Common	Buy Transaction	3,300	4.6445 USD
Common	Buy Transaction	3,588	4.6446 USD
Common	Buy Transaction	3,649	4.6446 USD
Common	Buy Transaction	4,455	4.6469 USD
Common	Buy Transaction	1,984	4.6470 USD
Common	Buy Transaction	1,841	4.6481 USD
Common	Buy Transaction	2,796	4.6482 USD
Common	Buy Transaction	4,832	4.6500 USD
Common	Buy Transaction	6,103	4.6506 USD
Common	Buy Transaction	10,232	4.6507 USD
Common	Buy Transaction	4,100	4.6529 USD
Common	Buy Transaction	7,569	4.6533 USD
Common	Buy Transaction	6,488	4.6560 USD
Common	Buy Transaction	2,201	4.6564 USD
Common	Buy Transaction	764	4.6568 USD
Common	Buy Transaction	1,700	4.6582 USD
Common	Buy Transaction	599	4.6583 USD
Common	Buy Transaction	4,237	4.6585 USD
Common	Buy Transaction	4,500	4.6589 USD
Common	Buy Transaction	120	4.6590 USD
Common	Buy Transaction	7,016	4.6599 USD
Common	Buy Transaction	5,000	4.6600 USD
Common	Buy Transaction	4,773	4.6622 USD
Common	Buy Transaction	5,443	4.6635 USD
Common	Buy Transaction	751	4.6644 USD
Common	Buy Transaction	1,668	4.6646 USD
Common	Buy Transaction	840	4.6657 USD
Common	Buy Transaction	629	4.6662 USD
Common	Buy Transaction	14,591	4.6663 USD
Common	Buy Transaction	885	4.6666 USD
Common	Buy Transaction	1,831	4.6670 USD
Common	Buy Transaction	1,835	4.6675 USD
Common	Buy Transaction	2,365	4.6689 USD
Common	Buy Transaction	805	4.6690 USD
Common	Buy Transaction	537	4.6698 USD
Common	Buy Transaction	1,100	4.6700 USD
Common	Buy Transaction	98	4.6705 USD
Common	Buy Transaction	954	4.6705 USD
Common	Buy Transaction	300	4.6717 USD
Common	Buy Transaction	9,052	4.6719 USD
Common	Buy Transaction	1,573	4.6728 USD
Common	Buy Transaction	3,784	4.6737 USD
Common	Buy Transaction	790	4.6750 USD
Common	Buy Transaction	2,126	4.6775 USD
Common	Buy Transaction	463	4.6779 USD
Common	Buy Transaction	4,555	4.6788 USD
Common	Buy Transaction	5,390	4.6790 USD
Common	Buy Transaction	105,389	4.6800 USD
Common	Buy Transaction	10,075	4.6807 USD
Common	Buy Transaction	8	4.6813 USD
Common	Buy Transaction	603	4.6835 USD
Common	Buy Transaction	64	4.6850 USD
Common	Buy Transaction	2	4.6856 USD
Common	Buy Transaction	5,641	4.6900 USD
Common	Buy Transaction	466	4.6915 USD
Common	Buy Transaction	753	4.6937 USD
Common	Buy Transaction	450	4.6952 USD
Common	Buy Transaction	4,115	4.7000 USD
Common	Buy Transaction	310	4.7006 USD
Common	Buy Transaction	255	4.7093 USD
Common	Buy Transaction	1,562	4.7095 USD
Common	Buy Transaction	15	4.7100 USD
Common	Buy Transaction	92	4.7111 USD
Common	Buy Transaction	101	4.7111 USD
Common	Buy Transaction	698	4.7111 USD
Common	Buy Transaction	154	4.7150 USD
Common	Buy Transaction	3,251	4.7200 USD
Common	Buy Transaction	557	4.7233 USD
Common	Buy Transaction	18,373	4.7248 USD
Common	Buy Transaction	10	4.7260 USD
Common	Sell Transaction	1,000	4.5600 USD
Common	Sell Transaction	4,000	4.5843 USD
Common	Sell Transaction	625	4.5900 USD
Common	Sell Transaction	272	4.5950 USD
Common	Sell Transaction	1,487	4.5966 USD
Common	Sell Transaction	15	4.6000 USD
Common	Sell Transaction	182	4.6016 USD
Common	Sell Transaction	4,000	4.6044 USD
Common	Sell Transaction	1,700	4.6047 USD
Common	Sell Transaction	584	4.6091 USD
Common	Sell Transaction	28,614	4.6093 USD
Common	Sell Transaction	509	4.6100 USD
Common	Sell Transaction	2,028	4.6174 USD
Common	Sell Transaction	324	4.6192 USD
Common	Sell Transaction	2,200	4.6223 USD
Common	Sell Transaction	28,805	4.6253 USD
Common	Sell Transaction	300	4.6267 USD
Common	Sell Transaction	1,705	4.6276 USD
Common	Sell Transaction	1,555	4.6293 USD
Common	Sell Transaction	2,900	4.6300 USD
Common	Sell Transaction	1,584	4.6360 USD
Common	Sell Transaction	393	4.6400 USD
Common	Sell Transaction	758	4.6402 USD
Common	Sell Transaction	23	4.6404 USD
Common	Sell Transaction	500	4.6440 USD
Common	Sell Transaction	895	4.6458 USD
Common	Sell Transaction	758	4.6462 USD
Common	Sell Transaction	3,319	4.6479 USD
Common	Sell Transaction	215	4.6489 USD
Common	Sell Transaction	3,815	4.6491 USD
Common	Sell Transaction	1,520	4.6500 USD
Common	Sell Transaction	1,100	4.6509 USD
Common	Sell Transaction	4,451	4.6511 USD
Common	Sell Transaction	1,325	4.6526 USD
Common	Sell Transaction	1,300	4.6531 USD
Common	Sell Transaction	1,700	4.6550 USD
Common	Sell Transaction	1,808	4.6550 USD
Common	Sell Transaction	5,000	4.6552 USD
Common	Sell Transaction	406	4.6555 USD
Common	Sell Transaction	1,100	4.6564 USD
Common	Sell Transaction	1,913	4.6571 USD
Common	Sell Transaction	4,140	4.6580 USD
Common	Sell Transaction	240	4.6590 USD
Common	Sell Transaction	3,700	4.6592 USD
Common	Sell Transaction	2,328	4.6600 USD
Common	Sell Transaction	1,981	4.6601 USD
Common	Sell Transaction	482	4.6617 USD
Common	Sell Transaction	1,855	4.6630 USD
Common	Sell Transaction	742	4.6647 USD
Common	Sell Transaction	1,111	4.6651 USD
Common	Sell Transaction	720	4.6667 USD
Common	Sell Transaction	1,477	4.6667 USD
Common	Sell Transaction	2,800	4.6686 USD
Common	Sell Transaction	1,571	4.6686 USD
Common	Sell Transaction	874	4.6700 USD
Common	Sell Transaction	600	4.6733 USD
Common	Sell Transaction	416	4.6748 USD
Common	Sell Transaction	806	4.6750 USD
Common	Sell Transaction	744	4.6752 USD
Common	Sell Transaction	32	4.6759 USD
Common	Sell Transaction	600	4.6767 USD
Common	Sell Transaction	1	4.6767 USD
Common	Sell Transaction	615	4.6784 USD
Common	Sell Transaction	5,850	4.6786 USD
Common	Sell Transaction	50	4.6792 USD
Common	Sell Transaction	2,084	4.6796 USD
Common	Sell Transaction	3,128	4.6797 USD
Common	Sell Transaction	107,842	4.6800 USD
Common	Sell Transaction	16,705	4.6802 USD
Common	Sell Transaction	1,491	4.6803 USD
Common	Sell Transaction	5,507	4.6804 USD
Common	Sell Transaction	2,322	4.6805 USD
Common	Sell Transaction	1,555	4.6807 USD
Common	Sell Transaction	1,400	4.6807 USD
Common	Sell Transaction	1,300	4.6808 USD
Common	Sell Transaction	7,016	4.6809 USD
Common	Sell Transaction	100	4.6810 USD
Common	Sell Transaction	600	4.6818 USD
Common	Sell Transaction	560	4.6827 USD
Common	Sell Transaction	445	4.6827 USD
Common	Sell Transaction	1,473	4.6832 USD
Common	Sell Transaction	1,277	4.6838 USD
Common	Sell Transaction	13	4.6838 USD
Common	Sell Transaction	2,241	4.6844 USD
Common	Sell Transaction	924	4.6845 USD
Common	Sell Transaction	100	4.6850 USD
Common	Sell Transaction	149	4.6852 USD
Common	Sell Transaction	441	4.6856 USD
Common	Sell Transaction	2	4.6875 USD
Common	Sell Transaction	2,118	4.6882 USD
Common	Sell Transaction	291	4.6883 USD
Common	Sell Transaction	288	4.6887 USD
Common	Sell Transaction	2,656	4.6892 USD
Common	Sell Transaction	928	4.6895 USD
Common	Sell Transaction	329	4.6900 USD
Common	Sell Transaction	1,494	4.6907 USD
Common	Sell Transaction	405	4.6914 USD
Common	Sell Transaction	1,905	4.6930 USD
Common	Sell Transaction	8,000	4.6937 USD
Common	Sell Transaction	500	4.6940 USD
Common	Sell Transaction	835	4.6964 USD
Common	Sell Transaction	18,083	4.6968 USD
Common	Sell Transaction	350	4.6971 USD
Common	Sell Transaction	692	4.6973 USD
Common	Sell Transaction	1,500	4.6977 USD
Common	Sell Transaction	6,900	4.6977 USD
Common	Sell Transaction	4,005	4.6979 USD
Common	Sell Transaction	1,823	4.6984 USD
Common	Sell Transaction	1,304	4.6984 USD
Common	Sell Transaction	44,884	4.6995 USD
Common	Sell Transaction	8,104	4.7000 USD
Common	Sell Transaction	10,736	4.7005 USD
Common	Sell Transaction	3,651	4.7010 USD
Common	Sell Transaction	2,777	4.7014 USD
Common	Sell Transaction	12,412	4.7046 USD
Common	Sell Transaction	516	4.7063 USD
Common	Sell Transaction	1,300	4.7073 USD
Common	Sell Transaction	200	4.7090 USD
Common	Sell Transaction	2,281	4.7100 USD
Common	Sell Transaction	3,164	4.7140 USD
Common	Sell Transaction	2,300	4.7150 USD
Common	Sell Transaction	37	4.7151 USD
Common	Sell Transaction	1,431	4.7153 USD
Common	Sell Transaction	2,047	4.7198 USD
Common	Sell Transaction	612	4.7200 USD
Common	Sell Transaction	6,500	4.7250 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	7,990	4.6431 USD
Common	CFD	Reducing long position	14,662	4.6519 USD
Common	CFD	Reducing long position	19,829	4.6928 USD
Common	CFD	Reducing long position	18,490	4.7058 USD
Common	CFD	Reducing long position	700	4.7079 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	200	5.0000 USD	American	2025-Aug-15	0.2000 USD
Common	Call Option	Buy Transaction	200	7.0000 USD	American	2026-Jan-16	0.3000 USD
Common	Call Option	Buy Transaction	2000	6.0000 USD	American	2026-Jan-16	0.4500 USD
Common	Put Option	Buy Transaction	8000	6.0000 USD	American	2026-Jan-16	1.6500 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-Oct-17	0.1000 USD
Common	Call Option	Sell Transaction	200	5.0000 USD	American	2025-Aug-15	0.2200 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:	23 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	-2,400	4.0 USD	American	15/08/2025
Common	Call Option	Purchased	600	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	18,300	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-201,700	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.0 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	17/10/2025
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,100	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Call Option	Purchased	69,800	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-117,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-200	4.0 USD	American	15/08/2025
Common	Put Option	Sold	90,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-141,100	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-29,900	6.0 USD	American	16/01/2026
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 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
Common	Call Option	Sold	-1,100	7.0 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	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-300	3.0 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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