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Citadel Group
Major Shareholding Notification • Jul 30, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 2185T
Citadel Group
30 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 |
29 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: | 1,468,841 | 1.23 | 432,580 | 0.36 |
| (2) Cash-settled derivatives: | 316,880 | 0.26 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 203,300 | 0.17 | 593,900 | 0.50 |
| TOTAL: | 1,989,021 | 1.67 | 1,026,480 | 0.86 |
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 | 81,202 | 4.6400 USD |
| Common | Buy Transaction | 1,001 | 4.6446 USD |
| Common | Buy Transaction | 59 | 4.6451 USD |
| Common | Buy Transaction | 33 | 4.6500 USD |
| Common | Buy Transaction | 500 | 4.6550 USD |
| Common | Buy Transaction | 119 | 4.6550 USD |
| Common | Buy Transaction | 7,300 | 4.6610 USD |
| Common | Buy Transaction | 2,355 | 4.6634 USD |
| Common | Buy Transaction | 1,250 | 4.6770 USD |
| Common | Buy Transaction | 65 | 4.6868 USD |
| Common | Buy Transaction | 1,908 | 4.6900 USD |
| Common | Buy Transaction | 184 | 4.6933 USD |
| Common | Buy Transaction | 2,300 | 4.6946 USD |
| Common | Buy Transaction | 3,031 | 4.6955 USD |
| Common | Buy Transaction | 180 | 4.6983 USD |
| Common | Buy Transaction | 120 | 4.7010 USD |
| Common | Buy Transaction | 138 | 4.7011 USD |
| Common | Buy Transaction | 90 | 4.7050 USD |
| Common | Buy Transaction | 9 | 4.7056 USD |
| Common | Buy Transaction | 1,785 | 4.7114 USD |
| Common | Buy Transaction | 330 | 4.7195 USD |
| Common | Buy Transaction | 22 | 4.7223 USD |
| Common | Buy Transaction | 1,442 | 4.7251 USD |
| Common | Buy Transaction | 3,205 | 4.7270 USD |
| Common | Buy Transaction | 284 | 4.7299 USD |
| Common | Buy Transaction | 100 | 4.7300 USD |
| Common | Buy Transaction | 6,137 | 4.7303 USD |
| Common | Buy Transaction | 12 | 4.7308 USD |
| Common | Buy Transaction | 797 | 4.7353 USD |
| Common | Buy Transaction | 2,103 | 4.7357 USD |
| Common | Buy Transaction | 289 | 4.7365 USD |
| Common | Buy Transaction | 1,192 | 4.7388 USD |
| Common | Buy Transaction | 2,255 | 4.7400 USD |
| Common | Buy Transaction | 449 | 4.7401 USD |
| Common | Buy Transaction | 2,000 | 4.7405 USD |
| Common | Buy Transaction | 30 | 4.7410 USD |
| Common | Buy Transaction | 317 | 4.7436 USD |
| Common | Buy Transaction | 2,636 | 4.7449 USD |
| Common | Buy Transaction | 122 | 4.7450 USD |
| Common | Buy Transaction | 16 | 4.7475 USD |
| Common | Buy Transaction | 3,183 | 4.7537 USD |
| Common | Buy Transaction | 69 | 4.7551 USD |
| Common | Buy Transaction | 401 | 4.7552 USD |
| Common | Buy Transaction | 6 | 4.7567 USD |
| Common | Buy Transaction | 1,502 | 4.7603 USD |
| Common | Buy Transaction | 107 | 4.7609 USD |
| Common | Buy Transaction | 1,337 | 4.7691 USD |
| Common | Buy Transaction | 155 | 4.7700 USD |
| Common | Buy Transaction | 6,113 | 4.7711 USD |
| Common | Buy Transaction | 2,075 | 4.7730 USD |
| Common | Buy Transaction | 201 | 4.7746 USD |
| Common | Buy Transaction | 300 | 4.7800 USD |
| Common | Buy Transaction | 300 | 4.7833 USD |
| Common | Buy Transaction | 1,390 | 4.7854 USD |
| Common | Buy Transaction | 670 | 4.7873 USD |
| Common | Buy Transaction | 3,082 | 4.7892 USD |
| Common | Buy Transaction | 1,712 | 4.7925 USD |
| Common | Buy Transaction | 1 | 4.7933 USD |
| Common | Buy Transaction | 1,212 | 4.7934 USD |
| Common | Buy Transaction | 3,286 | 4.7935 USD |
| Common | Buy Transaction | 40 | 4.7950 USD |
| Common | Buy Transaction | 542 | 4.7954 USD |
| Common | Buy Transaction | 8,226 | 4.7976 USD |
| Common | Buy Transaction | 1,587 | 4.8034 USD |
| Common | Buy Transaction | 529 | 4.8034 USD |
| Common | Buy Transaction | 781 | 4.8061 USD |
| Common | Buy Transaction | 4,974 | 4.8086 USD |
| Common | Buy Transaction | 10,036 | 4.8100 USD |
| Common | Buy Transaction | 103 | 4.8112 USD |
| Common | Buy Transaction | 300 | 4.8167 USD |
| Common | Buy Transaction | 200 | 4.8200 USD |
| Common | Buy Transaction | 1,257 | 4.8294 USD |
| Common | Buy Transaction | 1,114 | 4.8358 USD |
| Common | Buy Transaction | 1,621 | 4.8442 USD |
| Common | Buy Transaction | 200 | 4.8453 USD |
| Common | Buy Transaction | 4,800 | 4.8463 USD |
| Common | Buy Transaction | 1,382 | 4.8479 USD |
| Common | Buy Transaction | 314 | 4.8543 USD |
| Common | Buy Transaction | 842 | 4.8557 USD |
| Common | Buy Transaction | 974 | 4.8585 USD |
| Common | Buy Transaction | 764 | 4.8632 USD |
| Common | Buy Transaction | 477 | 4.8732 USD |
| Common | Buy Transaction | 390 | 4.8793 USD |
| Common | Buy Transaction | 254 | 4.8800 USD |
| Common | Buy Transaction | 545 | 4.8839 USD |
| Common | Buy Transaction | 700 | 4.8850 USD |
| Common | Buy Transaction | 226 | 4.8856 USD |
| Common | Buy Transaction | 369 | 4.8881 USD |
| Common | Buy Transaction | 195 | 4.8900 USD |
| Common | Buy Transaction | 202 | 4.8950 USD |
| Common | Buy Transaction | 409 | 4.9000 USD |
| Common | Sell Transaction | 75,351 | 4.6400 USD |
| Common | Sell Transaction | 5,103 | 4.6500 USD |
| Common | Sell Transaction | 312 | 4.6527 USD |
| Common | Sell Transaction | 809 | 4.6528 USD |
| Common | Sell Transaction | 400 | 4.6550 USD |
| Common | Sell Transaction | 3 | 4.6600 USD |
| Common | Sell Transaction | 245 | 4.6629 USD |
| Common | Sell Transaction | 744 | 4.6640 USD |
| Common | Sell Transaction | 1,942 | 4.6695 USD |
| Common | Sell Transaction | 720 | 4.6700 USD |
| Common | Sell Transaction | 5,188 | 4.6712 USD |
| Common | Sell Transaction | 600 | 4.6733 USD |
| Common | Sell Transaction | 1,681 | 4.6754 USD |
| Common | Sell Transaction | 984 | 4.6777 USD |
| Common | Sell Transaction | 172 | 4.6784 USD |
| Common | Sell Transaction | 0 | 4.6891 USD |
| Common | Sell Transaction | 883 | 4.6900 USD |
| Common | Sell Transaction | 1,352 | 4.6909 USD |
| Common | Sell Transaction | 5,414 | 4.7028 USD |
| Common | Sell Transaction | 4,125 | 4.7036 USD |
| Common | Sell Transaction | 378 | 4.7063 USD |
| Common | Sell Transaction | 25 | 4.7092 USD |
| Common | Sell Transaction | 200 | 4.7100 USD |
| Common | Sell Transaction | 500 | 4.7120 USD |
| Common | Sell Transaction | 1,560 | 4.7123 USD |
| Common | Sell Transaction | 830 | 4.7126 USD |
| Common | Sell Transaction | 585 | 4.7143 USD |
| Common | Sell Transaction | 493 | 4.7200 USD |
| Common | Sell Transaction | 1,007 | 4.7201 USD |
| Common | Sell Transaction | 7,381 | 4.7239 USD |
| Common | Sell Transaction | 3,100 | 4.7255 USD |
| Common | Sell Transaction | 1,403 | 4.7271 USD |
| Common | Sell Transaction | 2,663 | 4.7272 USD |
| Common | Sell Transaction | 500 | 4.7280 USD |
| Common | Sell Transaction | 7,756 | 4.7287 USD |
| Common | Sell Transaction | 800 | 4.7294 USD |
| Common | Sell Transaction | 19,633 | 4.7300 USD |
| Common | Sell Transaction | 1,847 | 4.7300 USD |
| Common | Sell Transaction | 700 | 4.7307 USD |
| Common | Sell Transaction | 2,119 | 4.7307 USD |
| Common | Sell Transaction | 3,108 | 4.7308 USD |
| Common | Sell Transaction | 4,134 | 4.7317 USD |
| Common | Sell Transaction | 4,623 | 4.7327 USD |
| Common | Sell Transaction | 17,058 | 4.7332 USD |
| Common | Sell Transaction | 576 | 4.7335 USD |
| Common | Sell Transaction | 3,244 | 4.7336 USD |
| Common | Sell Transaction | 8,013 | 4.7340 USD |
| Common | Sell Transaction | 1,500 | 4.7350 USD |
| Common | Sell Transaction | 11,920 | 4.7351 USD |
| Common | Sell Transaction | 1,088 | 4.7357 USD |
| Common | Sell Transaction | 1,306 | 4.7376 USD |
| Common | Sell Transaction | 66 | 4.7400 USD |
| Common | Sell Transaction | 5,113 | 4.7427 USD |
| Common | Sell Transaction | 306 | 4.7429 USD |
| Common | Sell Transaction | 400 | 4.7438 USD |
| Common | Sell Transaction | 500 | 4.7440 USD |
| Common | Sell Transaction | 1,200 | 4.7442 USD |
| Common | Sell Transaction | 1,820 | 4.7467 USD |
| Common | Sell Transaction | 1,600 | 4.7475 USD |
| Common | Sell Transaction | 106 | 4.7490 USD |
| Common | Sell Transaction | 200 | 4.7500 USD |
| Common | Sell Transaction | 400 | 4.7525 USD |
| Common | Sell Transaction | 502 | 4.7558 USD |
| Common | Sell Transaction | 1,280 | 4.7572 USD |
| Common | Sell Transaction | 1,400 | 4.7600 USD |
| Common | Sell Transaction | 881 | 4.7650 USD |
| Common | Sell Transaction | 771 | 4.7706 USD |
| Common | Sell Transaction | 1,500 | 4.7740 USD |
| Common | Sell Transaction | 3,415 | 4.7853 USD |
| Common | Sell Transaction | 5,047 | 4.7897 USD |
| Common | Sell Transaction | 300 | 4.7967 USD |
| Common | Sell Transaction | 681 | 4.7983 USD |
| Common | Sell Transaction | 154 | 4.7986 USD |
| Common | Sell Transaction | 2,983 | 4.8003 USD |
| Common | Sell Transaction | 1,800 | 4.8033 USD |
| Common | Sell Transaction | 401 | 4.8077 USD |
| Common | Sell Transaction | 5,700 | 4.8089 USD |
| Common | Sell Transaction | 302 | 4.8403 USD |
| Common | Sell Transaction | 900 | 4.8500 USD |
| Common | Sell Transaction | 200 | 4.8850 USD |
| Common | Sell Transaction | 500 | 4.8900 USD |
| Common | Sell Transaction | 694 | 4.8950 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 | 2,485 | 4.6415 USD |
| Common | CFD | Reducing long position | 600 | 4.6475 USD |
| Common | CFD | Reducing long position | 33,913 | 4.6963 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 | 2,000 | 5.0000 USD | American | 2026-01-16 | 0.8500 USD |
| Common | Call Option | Sell Transaction | 1,000 | 5.0000 USD | American | 2025-10-17 | 0.4600 USD |
| Common | Call Option | Sell Transaction | 500 | 4.0000 USD | American | 2025-08-15 | 0.8500 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: | 30 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 | -201,500 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -2,400 | 4.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -200 | 7.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 18,800 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -900 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 36,200 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 43,400 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 1,000 | 3.0 USD | American | 15/08/2025 |
| 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 | 4,900 | 5.0 USD | American | 15/08/2025 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 3,000 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -200 | 5.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -13,200 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 600 | 5.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -8,200 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 5,200 | 6.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -1,000 | 6.0 USD | American | 15/08/2025 |
| Common | Call Option | Purchased | 300 | 15.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -117,000 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -36,900 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -100 | 2.0 USD | American | 17/07/2026 |
| 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 | -300 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -48,500 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -1,000 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -2,000 | 10.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 88,700 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -2,500 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -138,700 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -700 | 4.0 USD | American | 15/08/2025 |
| 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 |
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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