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Citadel Group
Major Shareholding Notification • Jul 25, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 6616S
Citadel Group
25 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 |
24 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: | 1,584,451 | 1.33 | 196,534 | 0.16 |
| (2) Cash-settled derivatives: | 463,062 | 0.39 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 204,700 | 0.17 | 595,100 | 0.50 |
| TOTAL: | 2,252,213 | 1.89 | 791,634 | 0.66 |
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 | 108 | 4.7867 USD |
| Common | Buy Transaction | 1 | 4.7900 USD |
| Common | Buy Transaction | 101 | 4.7958 USD |
| Common | Buy Transaction | 800 | 4.8050 USD |
| Common | Buy Transaction | 140 | 4.8096 USD |
| Common | Buy Transaction | 28,118 | 4.8100 USD |
| Common | Buy Transaction | 12,373 | 4.8121 USD |
| Common | Buy Transaction | 13,666 | 4.8182 USD |
| Common | Buy Transaction | 7,435 | 4.8200 USD |
| Common | Buy Transaction | 205 | 4.8200 USD |
| Common | Buy Transaction | 700 | 4.8207 USD |
| Common | Buy Transaction | 245 | 4.8208 USD |
| Common | Buy Transaction | 64 | 4.8209 USD |
| Common | Buy Transaction | 8 | 4.8213 USD |
| Common | Buy Transaction | 927 | 4.8232 USD |
| Common | Buy Transaction | 605 | 4.8244 USD |
| Common | Buy Transaction | 13,299 | 4.8251 USD |
| Common | Buy Transaction | 4,388 | 4.8255 USD |
| Common | Buy Transaction | 7 | 4.8257 USD |
| Common | Buy Transaction | 8 | 4.8275 USD |
| Common | Buy Transaction | 612 | 4.8300 USD |
| Common | Buy Transaction | 1,012 | 4.8305 USD |
| Common | Buy Transaction | 17,321 | 4.8306 USD |
| Common | Buy Transaction | 1,300 | 4.8308 USD |
| Common | Buy Transaction | 6,247 | 4.8318 USD |
| Common | Buy Transaction | 2,866 | 4.8327 USD |
| Common | Buy Transaction | 3,634 | 4.8330 USD |
| Common | Buy Transaction | 1,216 | 4.8333 USD |
| Common | Buy Transaction | 300 | 4.8350 USD |
| Common | Buy Transaction | 4,700 | 4.8360 USD |
| Common | Buy Transaction | 782 | 4.8360 USD |
| Common | Buy Transaction | 1,721 | 4.8361 USD |
| Common | Buy Transaction | 583 | 4.8365 USD |
| Common | Buy Transaction | 800 | 4.8375 USD |
| Common | Buy Transaction | 1,500 | 4.8380 USD |
| Common | Buy Transaction | 1,826 | 4.8385 USD |
| Common | Buy Transaction | 346 | 4.8388 USD |
| Common | Buy Transaction | 869 | 4.8388 USD |
| Common | Buy Transaction | 142 | 4.8396 USD |
| Common | Buy Transaction | 3,234 | 4.8400 USD |
| Common | Buy Transaction | 5,200 | 4.8401 USD |
| Common | Buy Transaction | 3,495 | 4.8402 USD |
| Common | Buy Transaction | 65,159 | 4.8404 USD |
| Common | Buy Transaction | 3,984 | 4.8406 USD |
| Common | Buy Transaction | 50 | 4.8406 USD |
| Common | Buy Transaction | 500 | 4.8408 USD |
| Common | Buy Transaction | 10 | 4.8410 USD |
| Common | Buy Transaction | 1,520 | 4.8418 USD |
| Common | Buy Transaction | 5,500 | 4.8424 USD |
| Common | Buy Transaction | 1,878 | 4.8432 USD |
| Common | Buy Transaction | 503 | 4.8433 USD |
| Common | Buy Transaction | 3,779 | 4.8433 USD |
| Common | Buy Transaction | 1,678 | 4.8435 USD |
| Common | Buy Transaction | 3,663 | 4.8443 USD |
| Common | Buy Transaction | 3,148 | 4.8448 USD |
| Common | Buy Transaction | 1 | 4.8448 USD |
| Common | Buy Transaction | 10,500 | 4.8450 USD |
| Common | Buy Transaction | 183 | 4.8450 USD |
| Common | Buy Transaction | 3,800 | 4.8451 USD |
| Common | Buy Transaction | 37 | 4.8451 USD |
| Common | Buy Transaction | 3,500 | 4.8454 USD |
| Common | Buy Transaction | 910 | 4.8456 USD |
| Common | Buy Transaction | 7,776 | 4.8459 USD |
| Common | Buy Transaction | 800 | 4.8463 USD |
| Common | Buy Transaction | 160 | 4.8467 USD |
| Common | Buy Transaction | 3,545 | 4.8470 USD |
| Common | Buy Transaction | 700 | 4.8486 USD |
| Common | Buy Transaction | 700 | 4.8489 USD |
| Common | Buy Transaction | 878 | 4.8494 USD |
| Common | Buy Transaction | 2,284 | 4.8496 USD |
| Common | Buy Transaction | 396 | 4.8498 USD |
| Common | Buy Transaction | 75,533 | 4.8500 USD |
| Common | Buy Transaction | 19,613 | 4.8500 USD |
| Common | Buy Transaction | 2,388 | 4.8504 USD |
| Common | Buy Transaction | 23,241 | 4.8505 USD |
| Common | Buy Transaction | 2,501 | 4.8508 USD |
| Common | Buy Transaction | 1,356 | 4.8508 USD |
| Common | Buy Transaction | 68 | 4.8510 USD |
| Common | Buy Transaction | 1,657 | 4.8512 USD |
| Common | Buy Transaction | 2,190 | 4.8520 USD |
| Common | Buy Transaction | 2,134 | 4.8522 USD |
| Common | Buy Transaction | 800 | 4.8537 USD |
| Common | Buy Transaction | 2,362 | 4.8542 USD |
| Common | Buy Transaction | 7 | 4.8543 USD |
| Common | Buy Transaction | 900 | 4.8550 USD |
| Common | Buy Transaction | 1,993 | 4.8551 USD |
| Common | Buy Transaction | 1,124 | 4.8564 USD |
| Common | Buy Transaction | 344 | 4.8567 USD |
| Common | Buy Transaction | 580 | 4.8582 USD |
| Common | Buy Transaction | 1,002 | 4.8600 USD |
| Common | Buy Transaction | 79,465 | 4.8600 USD |
| Common | Buy Transaction | 24,237 | 4.8698 USD |
| Common | Buy Transaction | 1,588 | 4.8700 USD |
| Common | Buy Transaction | 2 | 4.8750 USD |
| Common | Buy Transaction | 700 | 4.8800 USD |
| Common | Sell Transaction | 7,275 | 4.7987 USD |
| Common | Sell Transaction | 1,990 | 4.8000 USD |
| Common | Sell Transaction | 702 | 4.8007 USD |
| Common | Sell Transaction | 1,508 | 4.8032 USD |
| Common | Sell Transaction | 400 | 4.8050 USD |
| Common | Sell Transaction | 685 | 4.8082 USD |
| Common | Sell Transaction | 7,081 | 4.8096 USD |
| Common | Sell Transaction | 1,711 | 4.8103 USD |
| Common | Sell Transaction | 1,014 | 4.8122 USD |
| Common | Sell Transaction | 310 | 4.8124 USD |
| Common | Sell Transaction | 1,872 | 4.8167 USD |
| Common | Sell Transaction | 14,800 | 4.8172 USD |
| Common | Sell Transaction | 6,352 | 4.8195 USD |
| Common | Sell Transaction | 3,725 | 4.8200 USD |
| Common | Sell Transaction | 4,256 | 4.8203 USD |
| Common | Sell Transaction | 14,892 | 4.8207 USD |
| Common | Sell Transaction | 3,274 | 4.8233 USD |
| Common | Sell Transaction | 29,067 | 4.8250 USD |
| Common | Sell Transaction | 500 | 4.8260 USD |
| Common | Sell Transaction | 2,208 | 4.8264 USD |
| Common | Sell Transaction | 10,000 | 4.8283 USD |
| Common | Sell Transaction | 10,283 | 4.8300 USD |
| Common | Sell Transaction | 1,617 | 4.8311 USD |
| Common | Sell Transaction | 3,700 | 4.8322 USD |
| Common | Sell Transaction | 31,338 | 4.8331 USD |
| Common | Sell Transaction | 3,793 | 4.8337 USD |
| Common | Sell Transaction | 248 | 4.8349 USD |
| Common | Sell Transaction | 1,801 | 4.8350 USD |
| Common | Sell Transaction | 3,710 | 4.8360 USD |
| Common | Sell Transaction | 600 | 4.8367 USD |
| Common | Sell Transaction | 366 | 4.8372 USD |
| Common | Sell Transaction | 784 | 4.8372 USD |
| Common | Sell Transaction | 4,200 | 4.8374 USD |
| Common | Sell Transaction | 400 | 4.8377 USD |
| Common | Sell Transaction | 575 | 4.8383 USD |
| Common | Sell Transaction | 60 | 4.8383 USD |
| Common | Sell Transaction | 2,587 | 4.8393 USD |
| Common | Sell Transaction | 11,953 | 4.8400 USD |
| Common | Sell Transaction | 611 | 4.8403 USD |
| Common | Sell Transaction | 4,298 | 4.8409 USD |
| Common | Sell Transaction | 597 | 4.8410 USD |
| Common | Sell Transaction | 453 | 4.8416 USD |
| Common | Sell Transaction | 12,300 | 4.8417 USD |
| Common | Sell Transaction | 179 | 4.8426 USD |
| Common | Sell Transaction | 93 | 4.8435 USD |
| Common | Sell Transaction | 724 | 4.8449 USD |
| Common | Sell Transaction | 5,029 | 4.8450 USD |
| Common | Sell Transaction | 199 | 4.8451 USD |
| Common | Sell Transaction | 1,672 | 4.8456 USD |
| Common | Sell Transaction | 17,500 | 4.8456 USD |
| Common | Sell Transaction | 1,968 | 4.8476 USD |
| Common | Sell Transaction | 34,600 | 4.8477 USD |
| Common | Sell Transaction | 1,000 | 4.8480 USD |
| Common | Sell Transaction | 932 | 4.8485 USD |
| Common | Sell Transaction | 1,500 | 4.8487 USD |
| Common | Sell Transaction | 935 | 4.8488 USD |
| Common | Sell Transaction | 149 | 4.8490 USD |
| Common | Sell Transaction | 3,100 | 4.8494 USD |
| Common | Sell Transaction | 17,386 | 4.8500 USD |
| Common | Sell Transaction | 923 | 4.8503 USD |
| Common | Sell Transaction | 1,400 | 4.8507 USD |
| Common | Sell Transaction | 1,258 | 4.8510 USD |
| Common | Sell Transaction | 3,079 | 4.8516 USD |
| Common | Sell Transaction | 259 | 4.8523 USD |
| Common | Sell Transaction | 36 | 4.8525 USD |
| Common | Sell Transaction | 5,339 | 4.8539 USD |
| Common | Sell Transaction | 500 | 4.8540 USD |
| Common | Sell Transaction | 980 | 4.8544 USD |
| Common | Sell Transaction | 3,027 | 4.8558 USD |
| Common | Sell Transaction | 1,534 | 4.8561 USD |
| Common | Sell Transaction | 1,560 | 4.8575 USD |
| Common | Sell Transaction | 1 | 4.8584 USD |
| Common | Sell Transaction | 900 | 4.8589 USD |
| Common | Sell Transaction | 79,685 | 4.8600 USD |
| Common | Sell Transaction | 957 | 4.8699 USD |
| Common | Sell Transaction | 1,000 | 4.8700 USD |
| Common | Sell Transaction | 192 | 4.8800 USD |
| Common | Sell Transaction | 3 | 4.8867 USD |
| Common | Sell Transaction | 1 | 4.9000 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 | 3,856 | 4.8342 USD |
| Common | CFD | Reducing long position | 37,569 | 4.8383 USD |
| Common | CFD | Reducing long position | 40,636 | 4.8415 USD |
| Common | CFD | Reducing long position | 469 | 4.8500 USD |
| Common | CFD | Reducing long position | 1,167 | 4.8500 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 | 200 | 5.0000 USD | American | 2025-09-19 | 0.5500 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: | 25 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 | 4,900 | 5.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 600 | 5.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -13,200 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 5,300 | 6.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 3,000 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -8,200 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 1,000 | 3.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 18,400 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 36,200 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -12,000 | 3.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 43,400 | 6.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -200 | 7.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -2,400 | 4.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -200 | 5.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 300 | 15.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -201,600 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -2,500 | 4.0 USD | American | 17/07/2026 |
| 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 | -2,000 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -700 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,300 | 10.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,000 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -100 | 2.0 USD | American | 17/07/2026 |
| 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 | -36,900 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -117,000 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -141,000 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -200 | 4.0 USD | American | 15/08/2025 |
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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