Citadel Group

Major Shareholding Notification • Aug 26, 2025

National Storage Mechanism | Additional information

RNS Number : 5219W

Citadel Group

26 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	22 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:	1,181,000	0.99	648,102	0.54
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	223,200	0.18	613,500	0.51
TOTAL:	1,404,200	1.18	1,261,602	1.06

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	1	5.7447 USD
Common	Buy Transaction	490	5.7679 USD
Common	Buy Transaction	2	5.7800 USD
Common	Buy Transaction	672	5.7835 USD
Common	Buy Transaction	1,710	5.7875 USD
Common	Buy Transaction	67	5.8000 USD
Common	Buy Transaction	2,868	5.8002 USD
Common	Buy Transaction	1,725	5.8045 USD
Common	Buy Transaction	296	5.8050 USD
Common	Buy Transaction	1	5.8076 USD
Common	Buy Transaction	68	5.8082 USD
Common	Buy Transaction	1,721	5.8100 USD
Common	Buy Transaction	3	5.8133 USD
Common	Buy Transaction	400	5.8150 USD
Common	Buy Transaction	11	5.8155 USD
Common	Buy Transaction	1,380	5.8200 USD
Common	Buy Transaction	824	5.8234 USD
Common	Buy Transaction	35,885	5.8300 USD
Common	Buy Transaction	920	5.8324 USD
Common	Buy Transaction	1,513	5.8395 USD
Common	Buy Transaction	1,832	5.8404 USD
Common	Buy Transaction	31	5.8406 USD
Common	Buy Transaction	828	5.8409 USD
Common	Buy Transaction	65	5.8414 USD
Common	Buy Transaction	239	5.8420 USD
Common	Buy Transaction	8,055	5.8422 USD
Common	Buy Transaction	13,698	5.8461 USD
Common	Buy Transaction	2,062	5.8483 USD
Common	Buy Transaction	2,194	5.8493 USD
Common	Buy Transaction	100	5.8500 USD
Common	Buy Transaction	253	5.8509 USD
Common	Buy Transaction	2,029	5.8521 USD
Common	Buy Transaction	1,308	5.8545 USD
Common	Buy Transaction	2,110	5.8550 USD
Common	Buy Transaction	18	5.8561 USD
Common	Buy Transaction	58,496	5.8581 USD
Common	Buy Transaction	305	5.8597 USD
Common	Buy Transaction	3,182	5.8597 USD
Common	Buy Transaction	6,600	5.8600 USD
Common	Buy Transaction	55	5.8602 USD
Common	Buy Transaction	691	5.8618 USD
Common	Buy Transaction	700	5.8657 USD
Common	Buy Transaction	2,174	5.8676 USD
Common	Buy Transaction	717	5.8697 USD
Common	Buy Transaction	100	5.8700 USD
Common	Buy Transaction	2,300	5.8739 USD
Common	Buy Transaction	400	5.8750 USD
Common	Buy Transaction	1,637	5.8752 USD
Common	Buy Transaction	1,907	5.8756 USD
Common	Buy Transaction	539	5.8766 USD
Common	Buy Transaction	1,200	5.8775 USD
Common	Buy Transaction	287	5.8801 USD
Common	Buy Transaction	3,023	5.8806 USD
Common	Buy Transaction	500	5.8810 USD
Common	Buy Transaction	2,668	5.8830 USD
Common	Buy Transaction	506	5.8848 USD
Common	Buy Transaction	709	5.8874 USD
Common	Buy Transaction	840	5.8888 USD
Common	Buy Transaction	6,700	5.8898 USD
Common	Buy Transaction	10,233	5.8908 USD
Common	Buy Transaction	2,988	5.8915 USD
Common	Buy Transaction	916	5.8931 USD
Common	Buy Transaction	32,560	5.8932 USD
Common	Buy Transaction	6,965	5.8933 USD
Common	Buy Transaction	1,200	5.8942 USD
Common	Buy Transaction	5,000	5.8950 USD
Common	Buy Transaction	44	5.8975 USD
Common	Buy Transaction	4,142	5.8993 USD
Common	Buy Transaction	600	5.9000 USD
Common	Buy Transaction	5,726	5.9000 USD
Common	Buy Transaction	5,883	5.9003 USD
Common	Buy Transaction	600	5.9017 USD
Common	Buy Transaction	4,627	5.9059 USD
Common	Buy Transaction	21	5.9105 USD
Common	Buy Transaction	1,001	5.9106 USD
Common	Buy Transaction	3,979	5.9107 USD
Common	Buy Transaction	1,115	5.9115 USD
Common	Buy Transaction	600	5.9117 USD
Common	Buy Transaction	1,000	5.9120 USD
Common	Buy Transaction	1,122	5.9131 USD
Common	Buy Transaction	900	5.9144 USD
Common	Buy Transaction	550	5.9150 USD
Common	Buy Transaction	1,329	5.9161 USD
Common	Buy Transaction	108	5.9200 USD
Common	Buy Transaction	917	5.9201 USD
Common	Buy Transaction	1,626	5.9208 USD
Common	Buy Transaction	10,359	5.9208 USD
Common	Buy Transaction	74	5.9208 USD
Common	Buy Transaction	120	5.9220 USD
Common	Buy Transaction	943	5.9253 USD
Common	Buy Transaction	2,009	5.9289 USD
Common	Buy Transaction	3,493	5.9300 USD
Common	Buy Transaction	1,000	5.9306 USD
Common	Buy Transaction	150	5.9311 USD
Common	Buy Transaction	125	5.9323 USD
Common	Buy Transaction	1,483	5.9326 USD
Common	Buy Transaction	21,182	5.9341 USD
Common	Buy Transaction	333	5.9341 USD
Common	Buy Transaction	22	5.9350 USD
Common	Buy Transaction	1,668	5.9375 USD
Common	Buy Transaction	986	5.9390 USD
Common	Buy Transaction	1,122	5.9398 USD
Common	Buy Transaction	70	5.9400 USD
Common	Buy Transaction	294	5.9410 USD
Common	Buy Transaction	400	5.9425 USD
Common	Buy Transaction	2,768	5.9442 USD
Common	Buy Transaction	13,000	5.9500 USD
Common	Buy Transaction	5,337	5.9577 USD
Common	Buy Transaction	200	5.9600 USD
Common	Buy Transaction	110	5.9682 USD
Common	Buy Transaction	23,485	5.9700 USD
Common	Buy Transaction	22,758	5.9701 USD
Common	Buy Transaction	39	5.9838 USD
Common	Buy Transaction	300	5.9900 USD
Common	Buy Transaction	69	5.9909 USD
Common	Buy Transaction	31	5.9910 USD
Common	Buy Transaction	300	5.9950 USD
Common	Buy Transaction	232	6.0000 USD
Common	Buy Transaction	784	6.0073 USD
Common	Buy Transaction	900	6.0100 USD
Common	Buy Transaction	167	6.0137 USD
Common	Sell Transaction	101	5.7220 USD
Common	Sell Transaction	1,148	5.7400 USD
Common	Sell Transaction	2	5.7700 USD
Common	Sell Transaction	204	5.7943 USD
Common	Sell Transaction	40	5.7990 USD
Common	Sell Transaction	200	5.8000 USD
Common	Sell Transaction	12,058	5.8023 USD
Common	Sell Transaction	3,644	5.8035 USD
Common	Sell Transaction	2	5.8090 USD
Common	Sell Transaction	9,965	5.8100 USD
Common	Sell Transaction	651	5.8110 USD
Common	Sell Transaction	500	5.8120 USD
Common	Sell Transaction	800	5.8125 USD
Common	Sell Transaction	109	5.8133 USD
Common	Sell Transaction	3	5.8133 USD
Common	Sell Transaction	5,010	5.8150 USD
Common	Sell Transaction	25	5.8152 USD
Common	Sell Transaction	20	5.8170 USD
Common	Sell Transaction	2,302	5.8174 USD
Common	Sell Transaction	71	5.8189 USD
Common	Sell Transaction	35	5.8191 USD
Common	Sell Transaction	118	5.8200 USD
Common	Sell Transaction	89	5.8229 USD
Common	Sell Transaction	2,111	5.8250 USD
Common	Sell Transaction	4,800	5.8254 USD
Common	Sell Transaction	700	5.8271 USD
Common	Sell Transaction	1,235	5.8280 USD
Common	Sell Transaction	45,166	5.8300 USD
Common	Sell Transaction	2,014	5.8309 USD
Common	Sell Transaction	619	5.8315 USD
Common	Sell Transaction	6,364	5.8319 USD
Common	Sell Transaction	10,533	5.8324 USD
Common	Sell Transaction	4,085	5.8331 USD
Common	Sell Transaction	1,356	5.8335 USD
Common	Sell Transaction	14	5.8350 USD
Common	Sell Transaction	7,260	5.8359 USD
Common	Sell Transaction	130	5.8377 USD
Common	Sell Transaction	10,257	5.8385 USD
Common	Sell Transaction	32	5.8391 USD
Common	Sell Transaction	644	5.8397 USD
Common	Sell Transaction	102	5.8400 USD
Common	Sell Transaction	600	5.8417 USD
Common	Sell Transaction	180	5.8420 USD
Common	Sell Transaction	116	5.8434 USD
Common	Sell Transaction	799	5.8450 USD
Common	Sell Transaction	900	5.8456 USD
Common	Sell Transaction	29	5.8462 USD
Common	Sell Transaction	1,003	5.8479 USD
Common	Sell Transaction	156	5.8479 USD
Common	Sell Transaction	450	5.8500 USD
Common	Sell Transaction	15,733	5.8501 USD
Common	Sell Transaction	4,900	5.8550 USD
Common	Sell Transaction	1,397	5.8586 USD
Common	Sell Transaction	731	5.8623 USD
Common	Sell Transaction	3,757	5.8647 USD
Common	Sell Transaction	8,652	5.8671 USD
Common	Sell Transaction	308	5.8698 USD
Common	Sell Transaction	1,543	5.8700 USD
Common	Sell Transaction	1,833	5.8723 USD
Common	Sell Transaction	353	5.8759 USD
Common	Sell Transaction	13,342	5.8761 USD
Common	Sell Transaction	1,657	5.8784 USD
Common	Sell Transaction	200	5.8800 USD
Common	Sell Transaction	1,149	5.8814 USD
Common	Sell Transaction	181	5.8815 USD
Common	Sell Transaction	841	5.8881 USD
Common	Sell Transaction	1,655	5.8900 USD
Common	Sell Transaction	2,282	5.8902 USD
Common	Sell Transaction	9,361	5.8933 USD
Common	Sell Transaction	201	5.8948 USD
Common	Sell Transaction	13	5.8954 USD
Common	Sell Transaction	71	5.8965 USD
Common	Sell Transaction	1,650	5.8975 USD
Common	Sell Transaction	1,895	5.8985 USD
Common	Sell Transaction	1,601	5.9021 USD
Common	Sell Transaction	149	5.9026 USD
Common	Sell Transaction	6,995	5.9027 USD
Common	Sell Transaction	3,710	5.9030 USD
Common	Sell Transaction	617	5.9044 USD
Common	Sell Transaction	4,631	5.9056 USD
Common	Sell Transaction	2,354	5.9057 USD
Common	Sell Transaction	375	5.9079 USD
Common	Sell Transaction	9,204	5.9085 USD
Common	Sell Transaction	7	5.9086 USD
Common	Sell Transaction	15	5.9093 USD
Common	Sell Transaction	7,057	5.9099 USD
Common	Sell Transaction	192	5.9100 USD
Common	Sell Transaction	362	5.9107 USD
Common	Sell Transaction	632	5.9144 USD
Common	Sell Transaction	6,008	5.9158 USD
Common	Sell Transaction	1,572	5.9170 USD
Common	Sell Transaction	100	5.9200 USD
Common	Sell Transaction	1,884	5.9205 USD
Common	Sell Transaction	3,081	5.9223 USD
Common	Sell Transaction	421	5.9242 USD
Common	Sell Transaction	311	5.9259 USD
Common	Sell Transaction	402	5.9267 USD
Common	Sell Transaction	385	5.9272 USD
Common	Sell Transaction	2,068	5.9300 USD
Common	Sell Transaction	675	5.9301 USD
Common	Sell Transaction	600	5.9343 USD
Common	Sell Transaction	1,594	5.9350 USD
Common	Sell Transaction	300	5.9367 USD
Common	Sell Transaction	10	5.9390 USD
Common	Sell Transaction	1,477	5.9400 USD
Common	Sell Transaction	531	5.9438 USD
Common	Sell Transaction	100	5.9450 USD
Common	Sell Transaction	2,800	5.9464 USD
Common	Sell Transaction	400	5.9475 USD
Common	Sell Transaction	138	5.9480 USD
Common	Sell Transaction	850	5.9492 USD
Common	Sell Transaction	969	5.9500 USD
Common	Sell Transaction	1,100	5.9550 USD
Common	Sell Transaction	25	5.9552 USD
Common	Sell Transaction	100	5.9600 USD
Common	Sell Transaction	2,500	5.9650 USD
Common	Sell Transaction	5	5.9700 USD
Common	Sell Transaction	46	5.9717 USD
Common	Sell Transaction	308	5.9770 USD
Common	Sell Transaction	500	5.9790 USD
Common	Sell Transaction	232	6.0000 USD
Common	Sell Transaction	178	6.0188 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	500	3.0000 USD	American	2026-04-17	0.1400 USD
Common	Put Option	Buy Transaction	500	4.0000 USD	American	2026-01-16	0.1500 USD
Common	Call Option	Buy Transaction	800	6.0000 USD	American	2025-09-19	0.2700 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-01-16	0.4000 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2026-01-16	0.8000 USD
Common	Put Option	Buy Transaction	100	7.0000 USD	American	2025-10-17	1.2600 USD
Common	Call Option	Buy Transaction	2,000	3.0000 USD	American	2025-10-17	2.9000 USD
Common	Put Option	Sell Transaction	100	6.0000 USD	American	2025-10-17	0.4400 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.7300 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.7400 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.7600 USD
Common	Call Option	Sell Transaction	1,000	6.0000 USD	American	2026-01-16	0.7700 USD
Common	Call Option	Sell Transaction	1,000	6.0000 USD	American	2026-01-16	0.8000 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2025-10-17	1.0100 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 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	Call Option	Purchased	1,000	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-10,700	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	100	8.0 USD	American	16/01/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	7,100	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Put Option	Purchased	-215,600	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	22,000	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	35,900	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	39,700	6.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-107,600	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-130,400	5.0 USD	American	17/10/2025
Common	Put Option	Sold	100	6.0 USD	American	17/10/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Put Option	Sold	92,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	500	6.0 USD	American	19/09/2025
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-41,600	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-54,100	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
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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