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Citadel Group

Major Shareholding Notification Aug 15, 2025

10454_rns_2025-08-15_22c7f01f-d08f-43ef-a758-5346cf964f66.html

Major Shareholding Notification

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National Storage Mechanism | Additional information

RNS Number : 5128V

Citadel Group

15 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
14 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: 1,462,731 1.23 264,925 0.22
(2) Cash-settled derivatives: 0 0.00 0 0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: 224,300 0.18 678,300 0.57
TOTAL: 1,687,031 1.42 943,225 0.79

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 19 5.6200 USD
Common Buy Transaction 874 5.6900 USD
Common Buy Transaction 66 5.6921 USD
Common Buy Transaction 1,100 5.7000 USD
Common Buy Transaction 120 5.7050 USD
Common Buy Transaction 141 5.7100 USD
Common Buy Transaction 44 5.7127 USD
Common Buy Transaction 11,860 5.7200 USD
Common Buy Transaction 170 5.7211 USD
Common Buy Transaction 100 5.7250 USD
Common Buy Transaction 500 5.7260 USD
Common Buy Transaction 11,800 5.7264 USD
Common Buy Transaction 90 5.7266 USD
Common Buy Transaction 9 5.7278 USD
Common Buy Transaction 48 5.7283 USD
Common Buy Transaction 731 5.7300 USD
Common Buy Transaction 142 5.7311 USD
Common Buy Transaction 1,100 5.7314 USD
Common Buy Transaction 316 5.7332 USD
Common Buy Transaction 1,190 5.7334 USD
Common Buy Transaction 15,100 5.7350 USD
Common Buy Transaction 15,873 5.7363 USD
Common Buy Transaction 168 5.7364 USD
Common Buy Transaction 404 5.7373 USD
Common Buy Transaction 1,500 5.7380 USD
Common Buy Transaction 1,154 5.7400 USD
Common Buy Transaction 383 5.7410 USD
Common Buy Transaction 47 5.7419 USD
Common Buy Transaction 132 5.7420 USD
Common Buy Transaction 9,951 5.7432 USD
Common Buy Transaction 1,300 5.7438 USD
Common Buy Transaction 1,838 5.7448 USD
Common Buy Transaction 8,732 5.7449 USD
Common Buy Transaction 6,000 5.7450 USD
Common Buy Transaction 1,585 5.7455 USD
Common Buy Transaction 700 5.7457 USD
Common Buy Transaction 5,503 5.7465 USD
Common Buy Transaction 321 5.7489 USD
Common Buy Transaction 11,438 5.7500 USD
Common Buy Transaction 64 5.7503 USD
Common Buy Transaction 8,477 5.7511 USD
Common Buy Transaction 846 5.7516 USD
Common Buy Transaction 2,400 5.7525 USD
Common Buy Transaction 2,210 5.7527 USD
Common Buy Transaction 918 5.7539 USD
Common Buy Transaction 6,227 5.7546 USD
Common Buy Transaction 9,578 5.7564 USD
Common Buy Transaction 757 5.7570 USD
Common Buy Transaction 2,540 5.7572 USD
Common Buy Transaction 933 5.7589 USD
Common Buy Transaction 7,257 5.7590 USD
Common Buy Transaction 4,199 5.7600 USD
Common Buy Transaction 1,846 5.7604 USD
Common Buy Transaction 1,099 5.7607 USD
Common Buy Transaction 700 5.7614 USD
Common Buy Transaction 5,158 5.7635 USD
Common Buy Transaction 4,000 5.7637 USD
Common Buy Transaction 1 5.7645 USD
Common Buy Transaction 1,850 5.7650 USD
Common Buy Transaction 185 5.7657 USD
Common Buy Transaction 994 5.7661 USD
Common Buy Transaction 1,965 5.7662 USD
Common Buy Transaction 4,237 5.7663 USD
Common Buy Transaction 5,111 5.7680 USD
Common Buy Transaction 1,016 5.7696 USD
Common Buy Transaction 6,505 5.7700 USD
Common Buy Transaction 1,193 5.7719 USD
Common Buy Transaction 10,050 5.7723 USD
Common Buy Transaction 491 5.7740 USD
Common Buy Transaction 500 5.7740 USD
Common Buy Transaction 9,226 5.7751 USD
Common Buy Transaction 1,542 5.7757 USD
Common Buy Transaction 3,256 5.7759 USD
Common Buy Transaction 13 5.7762 USD
Common Buy Transaction 982 5.7766 USD
Common Buy Transaction 188 5.7766 USD
Common Buy Transaction 600 5.7767 USD
Common Buy Transaction 4,704 5.7791 USD
Common Buy Transaction 501 5.7800 USD
Common Buy Transaction 2,800 5.7801 USD
Common Buy Transaction 3,029 5.7809 USD
Common Buy Transaction 230 5.7812 USD
Common Buy Transaction 1,124 5.7815 USD
Common Buy Transaction 902 5.7833 USD
Common Buy Transaction 1,095 5.7847 USD
Common Buy Transaction 5,200 5.7850 USD
Common Buy Transaction 1,043 5.7850 USD
Common Buy Transaction 4,661 5.7850 USD
Common Buy Transaction 650 5.7853 USD
Common Buy Transaction 9 5.7856 USD
Common Buy Transaction 407 5.7891 USD
Common Buy Transaction 940 5.7900 USD
Common Buy Transaction 1 5.7908 USD
Common Buy Transaction 687 5.7917 USD
Common Buy Transaction 400 5.7925 USD
Common Buy Transaction 1,544 5.7930 USD
Common Buy Transaction 610 5.7950 USD
Common Buy Transaction 2,300 5.7957 USD
Common Buy Transaction 42,300 5.7966 USD
Common Buy Transaction 1,425 5.8000 USD
Common Buy Transaction 7 5.8014 USD
Common Buy Transaction 30 5.8017 USD
Common Buy Transaction 2,129 5.8026 USD
Common Buy Transaction 251 5.8033 USD
Common Buy Transaction 834 5.8041 USD
Common Buy Transaction 500 5.8060 USD
Common Buy Transaction 2,643 5.8060 USD
Common Buy Transaction 1,116 5.8063 USD
Common Buy Transaction 43,200 5.8063 USD
Common Buy Transaction 454 5.8065 USD
Common Buy Transaction 126 5.8071 USD
Common Buy Transaction 252 5.8100 USD
Common Buy Transaction 54,606 5.8200 USD
Common Buy Transaction 1 5.8205 USD
Common Sell Transaction 5,000 5.6850 USD
Common Sell Transaction 2 5.7100 USD
Common Sell Transaction 284 5.7133 USD
Common Sell Transaction 5,100 5.7150 USD
Common Sell Transaction 1,700 5.7165 USD
Common Sell Transaction 558 5.7200 USD
Common Sell Transaction 1,000 5.7250 USD
Common Sell Transaction 130 5.7254 USD
Common Sell Transaction 10,172 5.7266 USD
Common Sell Transaction 700 5.7271 USD
Common Sell Transaction 400 5.7294 USD
Common Sell Transaction 1,928 5.7300 USD
Common Sell Transaction 842 5.7307 USD
Common Sell Transaction 10 5.7320 USD
Common Sell Transaction 300 5.7333 USD
Common Sell Transaction 1,839 5.7339 USD
Common Sell Transaction 511 5.7342 USD
Common Sell Transaction 1,400 5.7350 USD
Common Sell Transaction 1,008 5.7353 USD
Common Sell Transaction 223 5.7385 USD
Common Sell Transaction 358 5.7388 USD
Common Sell Transaction 133 5.7393 USD
Common Sell Transaction 1,852 5.7400 USD
Common Sell Transaction 1,284 5.7435 USD
Common Sell Transaction 188 5.7440 USD
Common Sell Transaction 1,900 5.7450 USD
Common Sell Transaction 300 5.7467 USD
Common Sell Transaction 500 5.7480 USD
Common Sell Transaction 2,025 5.7500 USD
Common Sell Transaction 1,687 5.7500 USD
Common Sell Transaction 2,632 5.7504 USD
Common Sell Transaction 1,413 5.7509 USD
Common Sell Transaction 700 5.7514 USD
Common Sell Transaction 9 5.7522 USD
Common Sell Transaction 670 5.7533 USD
Common Sell Transaction 37,898 5.7534 USD
Common Sell Transaction 1,574 5.7535 USD
Common Sell Transaction 1,358 5.7541 USD
Common Sell Transaction 180 5.7544 USD
Common Sell Transaction 600 5.7550 USD
Common Sell Transaction 1,062 5.7552 USD
Common Sell Transaction 370 5.7557 USD
Common Sell Transaction 858 5.7564 USD
Common Sell Transaction 3,691 5.7572 USD
Common Sell Transaction 1,907 5.7574 USD
Common Sell Transaction 6,754 5.7579 USD
Common Sell Transaction 6,428 5.7583 USD
Common Sell Transaction 874 5.7588 USD
Common Sell Transaction 108 5.7589 USD
Common Sell Transaction 952 5.7591 USD
Common Sell Transaction 356 5.7593 USD
Common Sell Transaction 736 5.7600 USD
Common Sell Transaction 844 5.7612 USD
Common Sell Transaction 906 5.7617 USD
Common Sell Transaction 1,604 5.7618 USD
Common Sell Transaction 1,473 5.7618 USD
Common Sell Transaction 271 5.7625 USD
Common Sell Transaction 1,817 5.7628 USD
Common Sell Transaction 1,233 5.7633 USD
Common Sell Transaction 1,792 5.7634 USD
Common Sell Transaction 1,238 5.7645 USD
Common Sell Transaction 278 5.7646 USD
Common Sell Transaction 16,362 5.7650 USD
Common Sell Transaction 72 5.7654 USD
Common Sell Transaction 358 5.7654 USD
Common Sell Transaction 540 5.7665 USD
Common Sell Transaction 10,371 5.7674 USD
Common Sell Transaction 8,271 5.7678 USD
Common Sell Transaction 500 5.7680 USD
Common Sell Transaction 220 5.7682 USD
Common Sell Transaction 220 5.7691 USD
Common Sell Transaction 1 5.7700 USD
Common Sell Transaction 237 5.7703 USD
Common Sell Transaction 1,160 5.7709 USD
Common Sell Transaction 4,958 5.7726 USD
Common Sell Transaction 2,428 5.7729 USD
Common Sell Transaction 10,978 5.7733 USD
Common Sell Transaction 1,577 5.7736 USD
Common Sell Transaction 9,546 5.7736 USD
Common Sell Transaction 103 5.7737 USD
Common Sell Transaction 1,308 5.7738 USD
Common Sell Transaction 430 5.7751 USD
Common Sell Transaction 702 5.7754 USD
Common Sell Transaction 22 5.7755 USD
Common Sell Transaction 32,343 5.7789 USD
Common Sell Transaction 82 5.7800 USD
Common Sell Transaction 2,093 5.7811 USD
Common Sell Transaction 272 5.7821 USD
Common Sell Transaction 6,910 5.7822 USD
Common Sell Transaction 2,813 5.7830 USD
Common Sell Transaction 7,264 5.7850 USD
Common Sell Transaction 26 5.7854 USD
Common Sell Transaction 9,679 5.7857 USD
Common Sell Transaction 8,191 5.7859 USD
Common Sell Transaction 5 5.7860 USD
Common Sell Transaction 403 5.7900 USD
Common Sell Transaction 1,330 5.7906 USD
Common Sell Transaction 104 5.7908 USD
Common Sell Transaction 1,462 5.7915 USD
Common Sell Transaction 1,001 5.7917 USD
Common Sell Transaction 107 5.7920 USD
Common Sell Transaction 2,736 5.7924 USD
Common Sell Transaction 2,636 5.7938 USD
Common Sell Transaction 3,914 5.7950 USD
Common Sell Transaction 1,200 5.7958 USD
Common Sell Transaction 852 5.7960 USD
Common Sell Transaction 531 5.7972 USD
Common Sell Transaction 1,724 5.7990 USD
Common Sell Transaction 4,900 5.7999 USD
Common Sell Transaction 2,598 5.8000 USD
Common Sell Transaction 1 5.8007 USD
Common Sell Transaction 1,764 5.8023 USD
Common Sell Transaction 170 5.8025 USD
Common Sell Transaction 285 5.8031 USD
Common Sell Transaction 6 5.8033 USD
Common Sell Transaction 4,388 5.8050 USD
Common Sell Transaction 21 5.8052 USD
Common Sell Transaction 1,300 5.8054 USD
Common Sell Transaction 7 5.8057 USD
Common Sell Transaction 2 5.8075 USD
Common Sell Transaction 1,189 5.8100 USD
Common Sell Transaction 3,248 5.8105 USD
Common Sell Transaction 1,416 5.8150 USD
Common Sell Transaction 15 5.8153 USD
Common Sell Transaction 53,016 5.8200 USD
Common Sell Transaction 34 5.8203 USD
Common Sell Transaction 50 5.8212 USD
Common Sell Transaction 2,097 5.8222 USD
Common Sell Transaction 1,500 5.8250 USD
Common Sell Transaction 263 5.8250 USD
Common Sell Transaction 1,970 5.8250 USD
Common Sell Transaction 515 5.8300 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 Put Option Buy Transaction 3,900 3.0000 USD American 2026-01-16 0.0500 USD
Common Put Option Buy Transaction 100 3.0000 USD American 2026-01-16 0.0700 USD
Common Put Option Buy Transaction 100 5.0000 USD American 2026-01-16 0.4100 USD
Common Call Option Buy Transaction 100 7.0000 USD American 2026-01-16 0.4500 USD
Common Call Option Buy Transaction 200 5.0000 USD American 2025-08-15 0.6500 USD
Common Call Option Buy Transaction 1,000 5.0000 USD American 2025-08-15 0.7200 USD
Common Call Option Buy Transaction 500 5.0000 USD American 2025-08-15 0.7500 USD
Common Call Option Buy Transaction 100 5.0000 USD American 2025-08-15 0.7900 USD
Common Call Option Buy Transaction 700 4.0000 USD American 2025-10-17 1.8500 USD
Common Call Option Buy Transaction 1,500 4.0000 USD American 2026-07-17 2.3500 USD
Common Call Option Buy Transaction 100 3.0000 USD American 2026-07-17 3.0200 USD
Common Put Option Sell Transaction 1,400 5.0000 USD American 2025-10-17 0.3500 USD
Common Call Option Sell Transaction 9,900 6.0000 USD American 2025-10-17 0.4300 USD
Common Call Option Sell Transaction 200 6.0000 USD American 2026-01-16 0.7500 USD
Common Call Option Sell Transaction 700 5.0000 USD American 2025-10-17 1.0500 USD
Common Call Option Sell Transaction 4,900 4.0000 USD American 2025-10-17 1.8500 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: 15 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 -100 7.0 USD American 17/10/2025
Common Call Option Purchased 1,000 8.0 USD American 17/10/2025
Common Call Option Purchased 1,000 3.0 USD American 15/08/2025
Common Call Option Purchased 34,800 6.0 USD American 17/10/2025
Common Put Option Purchased -215,000 4.0 USD American 16/01/2026
Common Put Option Purchased -1,000 6.0 USD American 15/08/2025
Common Put Option Purchased -12,100 3.0 USD American 15/08/2025
Common Put Option Purchased -200 7.0 USD American 15/08/2025
Common Call Option Purchased 6,300 6.0 USD American 19/09/2025
Common Put Option Purchased -1,400 5.0 USD American 19/09/2025
Common Put Option Purchased -1,800 4.0 USD American 15/08/2025
Common Put Option Purchased -1,200 5.0 USD American 17/07/2026
Common Call Option Purchased 15,600 4.0 USD American 17/10/2025
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 41,900 6.0 USD American 16/01/2026
Common Call Option Purchased 800 3.0 USD American 17/07/2026
Common Call Option Purchased 22,000 7.0 USD American 17/10/2025
Common Call Option Purchased 100 8.0 USD American 16/01/2026
Common Call Option Purchased 1,400 5.0 USD American 19/09/2025
Common Put Option Purchased -17,200 3.0 USD American 16/01/2026
Common Call Option Purchased 100 4.0 USD American 19/09/2025
Common Call Option Purchased 300 2.0 USD American 17/10/2025
Common Call Option Sold -54,100 5.0 USD American 16/01/2026
Common Call Option Sold -107,700 7.0 USD American 16/01/2026
Common Call Option Sold -12,500 15.0 USD American 16/01/2026
Common Put Option Sold 92,800 5.0 USD American 16/01/2026
Common Call Option Sold -1,700 3.0 USD American 17/10/2025
Common Call Option Sold -1,400 4.0 USD American 16/01/2026
Common Call Option Sold -1,400 3.0 USD American 16/01/2026
Common Call Option Sold -900 4.0 USD American 17/07/2026
Common Call Option Sold -1,100 7.0 USD American 17/07/2026
Common Call Option Sold -54,800 5.0 USD American 15/08/2025
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 Put Option Sold 700 5.0 USD American 17/10/2025
Common Call Option Sold -6,200 12.0 USD American 16/01/2026
Common Call Option Sold -132,300 5.0 USD American 17/10/2025
Common Call Option Sold -2,000 10.0 USD American 17/07/2026
Common Call Option Sold -41,600 5.0 USD American 17/07/2026
Common Put Option Sold 600 3.0 USD American 17/10/2025
Common Call Option Sold -900 6.0 USD American 15/08/2025
Common Call Option Sold -1,400 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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END

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