Citadel Group

Major Shareholding Notification • Sep 5, 2025

National Storage Mechanism | Additional information

RNS Number : 2518Y

Citadel Group

05 September 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	4 September 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:	1,505,940	1.26	11,220	0.00
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	239,300	0.20	648,800	0.54
TOTAL:	1,745,240	1.47	660,020	0.55

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	105	5.9109 USD
Common	Buy Transaction	1,000	5.9119 USD
Common	Buy Transaction	50	5.9150 USD
Common	Buy Transaction	423	5.9163 USD
Common	Buy Transaction	51	5.9167 USD
Common	Buy Transaction	292	5.9200 USD
Common	Buy Transaction	20	5.9205 USD
Common	Buy Transaction	240	5.9207 USD
Common	Buy Transaction	176	5.9211 USD
Common	Buy Transaction	66	5.9265 USD
Common	Buy Transaction	452	5.9282 USD
Common	Buy Transaction	15	5.9300 USD
Common	Buy Transaction	730	5.9338 USD
Common	Buy Transaction	93	5.9351 USD
Common	Buy Transaction	216	5.9356 USD
Common	Buy Transaction	1,650	5.9384 USD
Common	Buy Transaction	27	5.9411 USD
Common	Buy Transaction	635	5.9416 USD
Common	Buy Transaction	819	5.9435 USD
Common	Buy Transaction	365	5.9442 USD
Common	Buy Transaction	1,129	5.9461 USD
Common	Buy Transaction	4,705	5.9467 USD
Common	Buy Transaction	155	5.9470 USD
Common	Buy Transaction	1,612	5.9500 USD
Common	Buy Transaction	2	5.9500 USD
Common	Buy Transaction	43	5.9523 USD
Common	Buy Transaction	9,034	5.9557 USD
Common	Buy Transaction	132	5.9597 USD
Common	Buy Transaction	100	5.9600 USD
Common	Buy Transaction	1,835	5.9642 USD
Common	Buy Transaction	1,024	5.9658 USD
Common	Buy Transaction	5,808	5.9662 USD
Common	Buy Transaction	3	5.9667 USD
Common	Buy Transaction	800	5.9690 USD
Common	Buy Transaction	6,377	5.9700 USD
Common	Buy Transaction	803	5.9712 USD
Common	Buy Transaction	603	5.9712 USD
Common	Buy Transaction	401	5.9726 USD
Common	Buy Transaction	568	5.9757 USD
Common	Buy Transaction	1,886	5.9761 USD
Common	Buy Transaction	133	5.9765 USD
Common	Buy Transaction	17,269	5.9770 USD
Common	Buy Transaction	1,875	5.9789 USD
Common	Buy Transaction	5,316	5.9792 USD
Common	Buy Transaction	20,223	5.9800 USD
Common	Buy Transaction	227	5.9829 USD
Common	Buy Transaction	2,000	5.9845 USD
Common	Buy Transaction	1,630	5.9880 USD
Common	Buy Transaction	8,600	5.9900 USD
Common	Buy Transaction	18	5.9911 USD
Common	Buy Transaction	2,352	5.9915 USD
Common	Buy Transaction	1	5.9917 USD
Common	Buy Transaction	1,301	5.9946 USD
Common	Buy Transaction	1,346	5.9973 USD
Common	Buy Transaction	402	5.9995 USD
Common	Buy Transaction	33,483	6.0000 USD
Common	Buy Transaction	2,800	6.0010 USD
Common	Buy Transaction	500	6.0020 USD
Common	Buy Transaction	545	6.0023 USD
Common	Buy Transaction	300	6.0033 USD
Common	Buy Transaction	802	6.0050 USD
Common	Buy Transaction	552	6.0074 USD
Common	Buy Transaction	600	6.0083 USD
Common	Buy Transaction	225	6.0089 USD
Common	Buy Transaction	1,047	6.0095 USD
Common	Buy Transaction	581	6.0100 USD
Common	Buy Transaction	241	6.0144 USD
Common	Buy Transaction	900	6.0200 USD
Common	Buy Transaction	1,300	6.0208 USD
Common	Buy Transaction	2,556	6.0225 USD
Common	Buy Transaction	600	6.0233 USD
Common	Buy Transaction	400	6.0250 USD
Common	Buy Transaction	300	6.0267 USD
Common	Buy Transaction	100	6.0300 USD
Common	Buy Transaction	406	6.0386 USD
Common	Buy Transaction	2,133	6.0389 USD
Common	Buy Transaction	147	6.0400 USD
Common	Buy Transaction	120	6.0420 USD
Common	Buy Transaction	3,335	6.0421 USD
Common	Buy Transaction	5,909	6.0500 USD
Common	Buy Transaction	30	6.0607 USD
Common	Buy Transaction	1,000	6.0700 USD
Common	Sell Transaction	2,307	5.9000 USD
Common	Sell Transaction	380	5.9025 USD
Common	Sell Transaction	240	5.9050 USD
Common	Sell Transaction	508	5.9100 USD
Common	Sell Transaction	230	5.9150 USD
Common	Sell Transaction	900	5.9189 USD
Common	Sell Transaction	5,643	5.9200 USD
Common	Sell Transaction	4,458	5.9234 USD
Common	Sell Transaction	7,019	5.9248 USD
Common	Sell Transaction	420	5.9250 USD
Common	Sell Transaction	100	5.9288 USD
Common	Sell Transaction	3,233	5.9300 USD
Common	Sell Transaction	2,837	5.9326 USD
Common	Sell Transaction	35,978	5.9344 USD
Common	Sell Transaction	1,210	5.9348 USD
Common	Sell Transaction	5,200	5.9350 USD
Common	Sell Transaction	1,045	5.9350 USD
Common	Sell Transaction	8,800	5.9358 USD
Common	Sell Transaction	740	5.9373 USD
Common	Sell Transaction	800	5.9375 USD
Common	Sell Transaction	2,524	5.9400 USD
Common	Sell Transaction	18,018	5.9401 USD
Common	Sell Transaction	9,633	5.9406 USD
Common	Sell Transaction	1,284	5.9419 USD
Common	Sell Transaction	5,076	5.9425 USD
Common	Sell Transaction	2,133	5.9427 USD
Common	Sell Transaction	3,708	5.9436 USD
Common	Sell Transaction	2,061	5.9436 USD
Common	Sell Transaction	10,245	5.9441 USD
Common	Sell Transaction	2,900	5.9445 USD
Common	Sell Transaction	719	5.9447 USD
Common	Sell Transaction	1,088	5.9452 USD
Common	Sell Transaction	43	5.9453 USD
Common	Sell Transaction	300	5.9467 USD
Common	Sell Transaction	313	5.9472 USD
Common	Sell Transaction	13,260	5.9475 USD
Common	Sell Transaction	41,136	5.9478 USD
Common	Sell Transaction	151	5.9483 USD
Common	Sell Transaction	1,736	5.9484 USD
Common	Sell Transaction	2,784	5.9494 USD
Common	Sell Transaction	300	5.9500 USD
Common	Sell Transaction	5,280	5.9503 USD
Common	Sell Transaction	4,005	5.9515 USD
Common	Sell Transaction	4,075	5.9548 USD
Common	Sell Transaction	72	5.9568 USD
Common	Sell Transaction	200	5.9575 USD
Common	Sell Transaction	2,471	5.9588 USD
Common	Sell Transaction	4,100	5.9592 USD
Common	Sell Transaction	210	5.9600 USD
Common	Sell Transaction	3,114	5.9611 USD
Common	Sell Transaction	340	5.9635 USD
Common	Sell Transaction	357	5.9638 USD
Common	Sell Transaction	43	5.9688 USD
Common	Sell Transaction	332	5.9689 USD
Common	Sell Transaction	7,160	5.9699 USD
Common	Sell Transaction	556	5.9700 USD
Common	Sell Transaction	16,200	5.9706 USD
Common	Sell Transaction	2,662	5.9713 USD
Common	Sell Transaction	4	5.9714 USD
Common	Sell Transaction	218	5.9721 USD
Common	Sell Transaction	1,800	5.9739 USD
Common	Sell Transaction	56	5.9739 USD
Common	Sell Transaction	452	5.9742 USD
Common	Sell Transaction	1,058	5.9742 USD
Common	Sell Transaction	448	5.9745 USD
Common	Sell Transaction	2,093	5.9750 USD
Common	Sell Transaction	400	5.9750 USD
Common	Sell Transaction	21	5.9757 USD
Common	Sell Transaction	500	5.9760 USD
Common	Sell Transaction	241	5.9760 USD
Common	Sell Transaction	31	5.9765 USD
Common	Sell Transaction	4	5.9775 USD
Common	Sell Transaction	344	5.9790 USD
Common	Sell Transaction	28,251	5.9800 USD
Common	Sell Transaction	62	5.9808 USD
Common	Sell Transaction	248	5.9810 USD
Common	Sell Transaction	1	5.9820 USD
Common	Sell Transaction	462	5.9829 USD
Common	Sell Transaction	947	5.9841 USD
Common	Sell Transaction	28	5.9846 USD
Common	Sell Transaction	1,410	5.9850 USD
Common	Sell Transaction	1,909	5.9868 USD
Common	Sell Transaction	341	5.9871 USD
Common	Sell Transaction	3,584	5.9874 USD
Common	Sell Transaction	170	5.9879 USD
Common	Sell Transaction	2,300	5.9887 USD
Common	Sell Transaction	462	5.9890 USD
Common	Sell Transaction	198	5.9894 USD
Common	Sell Transaction	2,341	5.9900 USD
Common	Sell Transaction	202	5.9905 USD
Common	Sell Transaction	1,181	5.9912 USD
Common	Sell Transaction	1,026	5.9912 USD
Common	Sell Transaction	1,011	5.9922 USD
Common	Sell Transaction	40	5.9925 USD
Common	Sell Transaction	400	5.9938 USD
Common	Sell Transaction	318	5.9942 USD
Common	Sell Transaction	841	5.9948 USD
Common	Sell Transaction	17,190	5.9950 USD
Common	Sell Transaction	1,684	5.9950 USD
Common	Sell Transaction	411	5.9950 USD
Common	Sell Transaction	404	5.9951 USD
Common	Sell Transaction	986	5.9954 USD
Common	Sell Transaction	1,879	5.9956 USD
Common	Sell Transaction	310	5.9971 USD
Common	Sell Transaction	1,894	5.9992 USD
Common	Sell Transaction	2,836	6.0000 USD
Common	Sell Transaction	1,200	6.0010 USD
Common	Sell Transaction	1,397	6.0028 USD
Common	Sell Transaction	782	6.0033 USD
Common	Sell Transaction	1,525	6.0034 USD
Common	Sell Transaction	1,198	6.0050 USD
Common	Sell Transaction	303	6.0067 USD
Common	Sell Transaction	563	6.0088 USD
Common	Sell Transaction	805	6.0100 USD
Common	Sell Transaction	1,300	6.0146 USD
Common	Sell Transaction	200	6.0150 USD
Common	Sell Transaction	1,000	6.0192 USD
Common	Sell Transaction	1	6.0200 USD
Common	Sell Transaction	900	6.0222 USD
Common	Sell Transaction	200	6.0350 USD
Common	Sell Transaction	406	6.0386 USD
Common	Sell Transaction	185	6.0394 USD
Common	Sell Transaction	300	6.0400 USD
Common	Sell Transaction	200	6.0450 USD
Common	Sell Transaction	410	6.0458 USD
Common	Sell Transaction	940	6.0500 USD
Common	Sell Transaction	800	6.0550 USD
Common	Sell Transaction	300	6.0650 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	1,100	5.0000 USD	American	2026-01-16	0.3900 USD
Common	Call Option	Buy Transaction	700	7.0000 USD	American	2026-07-17	0.8200 USD
Common	Call Option	Buy Transaction	400	6.0000 USD	American	2026-01-16	0.8700 USD
Common	Call Option	Buy Transaction	1,500	6.0000 USD	American	2026-04-17	1.0500 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2026-04-17	1.0700 USD
Common	Call Option	Buy Transaction	32,100	6.0000 USD	American	2026-04-17	1.1000 USD
Common	Call Option	Buy Transaction	200	6.0000 USD	American	2026-04-17	1.1100 USD
Common	Call Option	Buy Transaction	900	6.0000 USD	American	2026-04-17	1.1200 USD
Common	Call Option	Buy Transaction	1,900	6.0000 USD	American	2026-04-17	1.1300 USD
Common	Call Option	Buy Transaction	600	6.0000 USD	American	2026-04-17	1.1500 USD
Common	Call Option	Buy Transaction	2,000	6.0000 USD	American	2026-04-17	1.2000 USD
Common	Call Option	Buy Transaction	2,200	7.0000 USD	American	2026-12-18	1.2000 USD
Common	Call Option	Buy Transaction	800	6.0000 USD	American	2026-04-17	1.2100 USD
Common	Call Option	Buy Transaction	5,000	7.0000 USD	American	2026-12-18	1.2100 USD
Common	Call Option	Buy Transaction	7,400	7.0000 USD	American	2026-12-18	1.2500 USD
Common	Call Option	Buy Transaction	100	4.0000 USD	American	2025-09-19	1.9700 USD
Common	Call Option	Buy Transaction	2,000	5.0000 USD	American	2026-07-17	3.0400 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-10-17	0.1500 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-09-19	0.2600 USD
Common	Call Option	Sell Transaction	100	8.0000 USD	American	2026-01-16	0.3000 USD
Common	Call Option	Sell Transaction	1,000	6.0000 USD	American	2025-09-19	0.3000 USD
Common	Call Option	Sell Transaction	5,000	6.0000 USD	American	2026-04-17	1.0900 USD
Common	Call Option	Sell Transaction	20,800	6.0000 USD	American	2026-04-17	1.1000 USD
Common	Call Option	Sell Transaction	200	6.0000 USD	American	2026-04-17	1.1500 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-12-18	1.1500 USD
Common	Call Option	Sell Transaction	6,600	6.0000 USD	American	2026-04-17	1.2000 USD
Common	Call Option	Sell Transaction	100	4.0000 USD	American	2025-09-19	1.9200 USD
Common	Call Option	Sell Transaction	2,000	7.0000 USD	American	2026-12-18	2.4600 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:	5 September 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	7,600	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-10,700	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	17,500	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-400	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	43,500	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,300	7.0 USD	American	17/04/2026
Common	Call Option	Purchased	10,500	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	42,400	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,500	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-215,700	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,000	5.0 USD	American	17/04/2026
Common	Put Option	Sold	600	6.0 USD	American	19/09/2025
Common	Put Option	Sold	100	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-300	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-128,600	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-33,800	6.0 USD	American	17/04/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Put Option	Sold	89,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-114,700	7.0 USD	American	16/01/2026
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	-54,300	5.0 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 .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

RETPKPBNDBKDBCK