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Citadel Group

Major Shareholding Notification Aug 14, 2025

10454_rns_2025-08-14_d124f982-6d95-4111-9d12-0aa8b7bf0b59.html

Major Shareholding Notification

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National Storage Mechanism | Additional information

RNS Number : 3853V

Citadel Group

14 August 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
13 August 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: 1,467,407 1.23 309,258 0.26
(2) Cash-settled derivatives: 0 0.00 0 0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: 237,900 0.20 677,700 0.57
TOTAL: 1,705,307 1.43 986,958 0.83

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 325 5.7100 USD
Common Buy Transaction 400 5.7258 USD
Common Buy Transaction 2,437 5.7300 USD
Common Buy Transaction 102 5.7400 USD
Common Buy Transaction 1,600 5.7488 USD
Common Buy Transaction 3 5.7500 USD
Common Buy Transaction 4 5.7550 USD
Common Buy Transaction 6,021 5.7600 USD
Common Buy Transaction 24 5.7608 USD
Common Buy Transaction 747 5.7627 USD
Common Buy Transaction 3,220 5.7631 USD
Common Buy Transaction 10,094 5.7646 USD
Common Buy Transaction 2,360 5.7682 USD
Common Buy Transaction 5,048 5.7700 USD
Common Buy Transaction 32 5.7709 USD
Common Buy Transaction 5 5.7720 USD
Common Buy Transaction 3,903 5.7765 USD
Common Buy Transaction 333 5.7780 USD
Common Buy Transaction 125 5.7788 USD
Common Buy Transaction 1 5.7800 USD
Common Buy Transaction 1,321 5.7851 USD
Common Buy Transaction 1,309 5.7852 USD
Common Buy Transaction 1,300 5.7869 USD
Common Buy Transaction 3,111 5.7870 USD
Common Buy Transaction 1,863 5.7882 USD
Common Buy Transaction 2,527 5.7887 USD
Common Buy Transaction 1,687 5.7896 USD
Common Buy Transaction 1 5.7897 USD
Common Buy Transaction 4,597 5.7899 USD
Common Buy Transaction 928 5.7900 USD
Common Buy Transaction 921 5.7935 USD
Common Buy Transaction 2,118 5.7958 USD
Common Buy Transaction 31 5.7958 USD
Common Buy Transaction 900 5.7967 USD
Common Buy Transaction 2,063 5.7970 USD
Common Buy Transaction 600 5.7983 USD
Common Buy Transaction 1,300 5.8000 USD
Common Buy Transaction 4,031 5.8008 USD
Common Buy Transaction 5,326 5.8011 USD
Common Buy Transaction 1,600 5.8012 USD
Common Buy Transaction 793 5.8015 USD
Common Buy Transaction 3,502 5.8024 USD
Common Buy Transaction 5,527 5.8033 USD
Common Buy Transaction 1,050 5.8038 USD
Common Buy Transaction 232 5.8043 USD
Common Buy Transaction 996 5.8043 USD
Common Buy Transaction 900 5.8044 USD
Common Buy Transaction 1,900 5.8050 USD
Common Buy Transaction 7,959 5.8056 USD
Common Buy Transaction 358 5.8056 USD
Common Buy Transaction 4,700 5.8057 USD
Common Buy Transaction 5 5.8060 USD
Common Buy Transaction 1,098 5.8064 USD
Common Buy Transaction 4,892 5.8075 USD
Common Buy Transaction 1,300 5.8092 USD
Common Buy Transaction 21,684 5.8096 USD
Common Buy Transaction 11,610 5.8100 USD
Common Buy Transaction 500 5.8101 USD
Common Buy Transaction 620 5.8103 USD
Common Buy Transaction 3,683 5.8106 USD
Common Buy Transaction 6,816 5.8108 USD
Common Buy Transaction 2,054 5.8109 USD
Common Buy Transaction 2,965 5.8130 USD
Common Buy Transaction 111 5.8135 USD
Common Buy Transaction 18,358 5.8141 USD
Common Buy Transaction 240 5.8142 USD
Common Buy Transaction 1 5.8147 USD
Common Buy Transaction 140 5.8150 USD
Common Buy Transaction 640 5.8152 USD
Common Buy Transaction 2,135 5.8159 USD
Common Buy Transaction 180 5.8161 USD
Common Buy Transaction 4,698 5.8162 USD
Common Buy Transaction 849 5.8173 USD
Common Buy Transaction 600 5.8183 USD
Common Buy Transaction 700 5.8186 USD
Common Buy Transaction 9 5.8189 USD
Common Buy Transaction 300 5.8189 USD
Common Buy Transaction 1 5.8193 USD
Common Buy Transaction 1,386 5.8195 USD
Common Buy Transaction 3,000 5.8196 USD
Common Buy Transaction 29,702 5.8200 USD
Common Buy Transaction 4,473 5.8200 USD
Common Buy Transaction 1,089 5.8207 USD
Common Buy Transaction 155 5.8210 USD
Common Buy Transaction 500 5.8240 USD
Common Buy Transaction 10 5.8250 USD
Common Buy Transaction 64 5.8252 USD
Common Buy Transaction 1,180 5.8253 USD
Common Buy Transaction 4,656 5.8273 USD
Common Buy Transaction 11,244 5.8280 USD
Common Buy Transaction 9,926 5.8282 USD
Common Buy Transaction 86 5.8284 USD
Common Buy Transaction 24,500 5.8284 USD
Common Buy Transaction 1,258 5.8285 USD
Common Buy Transaction 6,145 5.8296 USD
Common Buy Transaction 53 5.8300 USD
Common Buy Transaction 17,066 5.8307 USD
Common Buy Transaction 828 5.8316 USD
Common Buy Transaction 357 5.8325 USD
Common Buy Transaction 1,714 5.8328 USD
Common Buy Transaction 1,292 5.8351 USD
Common Buy Transaction 7,820 5.8397 USD
Common Buy Transaction 401 5.8400 USD
Common Buy Transaction 240 5.8421 USD
Common Buy Transaction 64 5.8422 USD
Common Buy Transaction 7,971 5.8452 USD
Common Buy Transaction 11,633 5.8455 USD
Common Buy Transaction 80 5.8475 USD
Common Buy Transaction 6,004 5.8500 USD
Common Buy Transaction 70 5.8520 USD
Common Buy Transaction 70 5.8600 USD
Common Buy Transaction 1,610 5.8620 USD
Common Buy Transaction 1,000 5.8700 USD
Common Buy Transaction 306 5.8713 USD
Common Buy Transaction 100 5.8802 USD
Common Sell Transaction 600 5.7300 USD
Common Sell Transaction 1,688 5.7500 USD
Common Sell Transaction 844 5.7504 USD
Common Sell Transaction 560 5.7550 USD
Common Sell Transaction 5,600 5.7564 USD
Common Sell Transaction 3,374 5.7584 USD
Common Sell Transaction 8,663 5.7600 USD
Common Sell Transaction 1,600 5.7650 USD
Common Sell Transaction 2,227 5.7674 USD
Common Sell Transaction 700 5.7700 USD
Common Sell Transaction 18,451 5.7719 USD
Common Sell Transaction 4,816 5.7722 USD
Common Sell Transaction 1,015 5.7748 USD
Common Sell Transaction 1,494 5.7761 USD
Common Sell Transaction 1,401 5.7768 USD
Common Sell Transaction 2,315 5.7784 USD
Common Sell Transaction 3 5.7800 USD
Common Sell Transaction 1,787 5.7801 USD
Common Sell Transaction 1,538 5.7817 USD
Common Sell Transaction 1,731 5.7818 USD
Common Sell Transaction 792 5.7840 USD
Common Sell Transaction 6,489 5.7862 USD
Common Sell Transaction 1,064 5.7879 USD
Common Sell Transaction 1,473 5.7879 USD
Common Sell Transaction 999 5.7899 USD
Common Sell Transaction 4,600 5.7902 USD
Common Sell Transaction 1,100 5.7945 USD
Common Sell Transaction 100 5.7950 USD
Common Sell Transaction 1,588 5.7958 USD
Common Sell Transaction 12,730 5.7985 USD
Common Sell Transaction 30 5.7997 USD
Common Sell Transaction 1,206 5.8005 USD
Common Sell Transaction 3,709 5.8007 USD
Common Sell Transaction 2,800 5.8018 USD
Common Sell Transaction 2,232 5.8032 USD
Common Sell Transaction 11,828 5.8042 USD
Common Sell Transaction 584 5.8050 USD
Common Sell Transaction 1,412 5.8058 USD
Common Sell Transaction 4,573 5.8063 USD
Common Sell Transaction 1,400 5.8079 USD
Common Sell Transaction 1,923 5.8081 USD
Common Sell Transaction 4,121 5.8090 USD
Common Sell Transaction 1,352 5.8095 USD
Common Sell Transaction 1 5.8100 USD
Common Sell Transaction 2,461 5.8100 USD
Common Sell Transaction 1,534 5.8112 USD
Common Sell Transaction 2,533 5.8124 USD
Common Sell Transaction 344 5.8126 USD
Common Sell Transaction 7,814 5.8126 USD
Common Sell Transaction 276 5.8136 USD
Common Sell Transaction 4,400 5.8145 USD
Common Sell Transaction 47 5.8149 USD
Common Sell Transaction 14 5.8150 USD
Common Sell Transaction 6,073 5.8160 USD
Common Sell Transaction 1,628 5.8164 USD
Common Sell Transaction 76 5.8171 USD
Common Sell Transaction 10,055 5.8181 USD
Common Sell Transaction 600 5.8189 USD
Common Sell Transaction 1,567 5.8193 USD
Common Sell Transaction 2,992 5.8194 USD
Common Sell Transaction 61,905 5.8200 USD
Common Sell Transaction 8,749 5.8205 USD
Common Sell Transaction 1,378 5.8206 USD
Common Sell Transaction 627 5.8211 USD
Common Sell Transaction 17,704 5.8212 USD
Common Sell Transaction 707 5.8215 USD
Common Sell Transaction 16,352 5.8216 USD
Common Sell Transaction 11,230 5.8217 USD
Common Sell Transaction 6,779 5.8221 USD
Common Sell Transaction 1,300 5.8223 USD
Common Sell Transaction 13,444 5.8226 USD
Common Sell Transaction 700 5.8229 USD
Common Sell Transaction 1,400 5.8236 USD
Common Sell Transaction 329 5.8239 USD
Common Sell Transaction 1,000 5.8240 USD
Common Sell Transaction 376 5.8240 USD
Common Sell Transaction 49,218 5.8245 USD
Common Sell Transaction 50 5.8246 USD
Common Sell Transaction 20 5.8250 USD
Common Sell Transaction 517 5.8255 USD
Common Sell Transaction 2,318 5.8256 USD
Common Sell Transaction 1,665 5.8257 USD
Common Sell Transaction 5,234 5.8257 USD
Common Sell Transaction 9,354 5.8260 USD
Common Sell Transaction 623 5.8298 USD
Common Sell Transaction 112 5.8300 USD
Common Sell Transaction 101 5.8301 USD
Common Sell Transaction 103 5.8308 USD
Common Sell Transaction 2,622 5.8329 USD
Common Sell Transaction 9,242 5.8332 USD
Common Sell Transaction 300 5.8333 USD
Common Sell Transaction 37 5.8351 USD
Common Sell Transaction 10 5.8390 USD
Common Sell Transaction 977 5.8400 USD
Common Sell Transaction 9,240 5.8409 USD
Common Sell Transaction 519 5.8419 USD
Common Sell Transaction 363 5.8433 USD
Common Sell Transaction 824 5.8434 USD
Common Sell Transaction 11,633 5.8455 USD
Common Sell Transaction 6,314 5.8492 USD
Common Sell Transaction 150 5.8500 USD
Common Sell Transaction 176 5.8525 USD
Common Sell Transaction 106 5.8525 USD
Common Sell Transaction 2,002 5.8550 USD
Common Sell Transaction 1,906 5.8565 USD
Common Sell Transaction 4,093 5.8573 USD
Common Sell Transaction 7,788 5.8600 USD
Common Sell Transaction 3,951 5.8631 USD
Common Sell Transaction 7,278 5.8644 USD
Common Sell Transaction 100 5.8650 USD
Common Sell Transaction 75 5.8689 USD
Common Sell Transaction 345 5.8700 USD
Common Sell Transaction 8,500 5.8736 USD
Common Sell Transaction 19,401 5.8800 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

(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 100 7.0000 USD American 2025-10-17 0.2000 USD
Common Call Option Buy Transaction 100 6.0000 USD American 2025-09-19 0.3600 USD
Common Call Option Buy Transaction 100 6.0000 USD American 2025-10-17 0.4400 USD
Common Call Option Buy Transaction 3,000 7.0000 USD American 2026-01-16 0.4500 USD
Common Call Option Buy Transaction 100 5.0000 USD American 2025-08-15 0.7000 USD
Common Call Option Buy Transaction 100 5.0000 USD American 2025-08-15 0.7100 USD
Common Call Option Buy Transaction 100 5.0000 USD American 2025-08-15 0.7300 USD
Common Call Option Buy Transaction 500 6.0000 USD American 2026-01-16 0.7900 USD
Common Call Option Buy Transaction 1,000 6.0000 USD American 2026-01-16 0.8000 USD
Common Call Option Buy Transaction 200 5.0000 USD American 2025-08-15 0.8300 USD
Common Call Option Buy Transaction 200 5.0000 USD American 2025-08-15 0.8500 USD
Common Call Option Buy Transaction 600 5.0000 USD American 2025-08-15 0.8600 USD
Common Call Option Buy Transaction 200 5.0000 USD American 2025-10-17 1.0000 USD
Common Call Option Buy Transaction 500 3.0000 USD American 2025-10-17 2.8500 USD
Common Call Option Buy Transaction 1,000 3.0000 USD American 2026-07-17 3.1100 USD
Common Call Option Buy Transaction 100 2.0000 USD American 2026-07-17 3.9300 USD
Common Call Option Sell Transaction 4,900 12.0000 USD American 2026-01-16 0.0800 USD
Common Call Option Sell Transaction 200 12.0000 USD American 2026-01-16 0.1500 USD
Common Call Option Sell Transaction 400 12.0000 USD American 2026-01-16 0.2000 USD
Common Put Option Sell Transaction 200 5.0000 USD American 2025-09-19 0.2000 USD
Common Put Option Sell Transaction 100 5.0000 USD American 2026-01-16 0.3800 USD
Common Call Option Sell Transaction 100 7.0000 USD American 2026-01-16 0.4200 USD
Common Call Option Sell Transaction 100 6.0000 USD American 2025-10-17 0.5000 USD
Common Call Option Sell Transaction 200 5.0000 USD American 2025-10-17 1.0300 USD
Common Call Option Sell Transaction 300 5.0000 USD American 2025-10-17 1.1000 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: 14 August 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 -13,200 3.0 USD American 16/01/2026
Common Call Option Purchased 1,000 8.0 USD American 17/10/2025
Common Call Option Purchased 22,000 7.0 USD American 17/10/2025
Common Put Option Purchased -1,000 6.0 USD American 15/08/2025
Common Call Option Purchased 42,100 6.0 USD American 16/01/2026
Common Call Option Purchased 100 8.0 USD American 16/01/2026
Common Put Option Purchased -12,100 3.0 USD American 15/08/2025
Common Put Option Purchased -1,800 4.0 USD American 15/08/2025
Common Call Option Purchased 300 2.0 USD American 17/10/2025
Common Call Option Purchased 3,000 10.0 USD American 16/01/2026
Common Put Option Purchased -200 7.0 USD American 15/08/2025
Common Put Option Purchased -215,000 4.0 USD American 16/01/2026
Common Call Option Purchased 19,800 4.0 USD American 17/10/2025
Common Call Option Purchased 100 4.0 USD American 19/09/2025
Common Put Option Purchased -1,400 5.0 USD American 19/09/2025
Common Put Option Purchased -100 7.0 USD American 17/10/2025
Common Call Option Purchased 700 3.0 USD American 17/07/2026
Common Call Option Purchased 6,300 6.0 USD American 19/09/2025
Common Put Option Purchased -700 5.0 USD American 17/10/2025
Common Put Option Purchased -1,200 5.0 USD American 17/07/2026
Common Call Option Purchased 44,700 6.0 USD American 17/10/2025
Common Call Option Purchased 1,000 3.0 USD American 15/08/2025
Common Put Option Purchased -8,200 6.0 USD American 16/01/2026
Common Call Option Purchased 1,400 5.0 USD American 19/09/2025
Common Call Option Sold -54,100 5.0 USD American 16/01/2026
Common Call Option Sold -41,600 5.0 USD American 17/07/2026
Common Call Option Sold -2,400 4.0 USD American 17/07/2026
Common Call Option Sold -2,000 10.0 USD American 17/07/2026
Common Call Option Sold -1,400 4.0 USD American 16/01/2026
Common Call Option Sold -1,700 3.0 USD American 17/10/2025
Common Put Option Sold 92,900 5.0 USD American 16/01/2026
Common Call Option Sold -1,400 4.0 USD American 15/08/2025
Common Call Option Sold -1,100 7.0 USD American 17/07/2026
Common Call Option Sold -56,600 5.0 USD American 15/08/2025
Common Call Option Sold -6,200 12.0 USD American 16/01/2026
Common Call Option Sold -107,800 7.0 USD American 16/01/2026
Common Call Option Sold -100 1.0 USD American 17/07/2026
Common Put Option Sold 1,900 5.0 USD American 15/08/2025
Common Call Option Sold -131,600 5.0 USD American 17/10/2025
Common Call Option Sold -900 6.0 USD American 15/08/2025
Common Put Option Sold 600 3.0 USD American 17/10/2025
Common Call Option Sold -1,400 3.0 USD American 16/01/2026
Common Call Option Sold -12,500 15.0 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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END

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