Citadel Group

Major Shareholding Notification • Sep 9, 2025

National Storage Mechanism | Additional information

RNS Number : 6402Y

Citadel Group

09 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	8 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:	1,300,136	1.09	31,139	0.02
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	244,500	0.20	613,700	0.51
TOTAL:	1,544,636	1.30	644,839	0.54

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	51	5.9300 USD
Common	Buy Transaction	72	5.9600 USD
Common	Buy Transaction	17	5.9800 USD
Common	Buy Transaction	700	5.9814 USD
Common	Buy Transaction	300	5.9867 USD
Common	Buy Transaction	202	5.9900 USD
Common	Buy Transaction	700	5.9950 USD
Common	Buy Transaction	119	5.9950 USD
Common	Buy Transaction	4,100	5.9974 USD
Common	Buy Transaction	13,257	6.0000 USD
Common	Buy Transaction	1,906	6.0001 USD
Common	Buy Transaction	7,279	6.0017 USD
Common	Buy Transaction	2,800	6.0024 USD
Common	Buy Transaction	682	6.0032 USD
Common	Buy Transaction	2,295	6.0063 USD
Common	Buy Transaction	700	6.0071 USD
Common	Buy Transaction	5,372	6.0076 USD
Common	Buy Transaction	1	6.0076 USD
Common	Buy Transaction	1,317	6.0097 USD
Common	Buy Transaction	41	6.0100 USD
Common	Buy Transaction	5,833	6.0102 USD
Common	Buy Transaction	400	6.0114 USD
Common	Buy Transaction	300	6.0117 USD
Common	Buy Transaction	4,150	6.0132 USD
Common	Buy Transaction	1,600	6.0150 USD
Common	Buy Transaction	847	6.0166 USD
Common	Buy Transaction	7,500	6.0167 USD
Common	Buy Transaction	968	6.0200 USD
Common	Buy Transaction	1,243	6.0233 USD
Common	Buy Transaction	900	6.0233 USD
Common	Buy Transaction	1,900	6.0250 USD
Common	Buy Transaction	500	6.0260 USD
Common	Buy Transaction	358	6.0276 USD
Common	Buy Transaction	724	6.0296 USD
Common	Buy Transaction	1,027	6.0300 USD
Common	Buy Transaction	1	6.0305 USD
Common	Buy Transaction	924	6.0308 USD
Common	Buy Transaction	63	6.0310 USD
Common	Buy Transaction	2,636	6.0346 USD
Common	Buy Transaction	14,388	6.0399 USD
Common	Buy Transaction	4,006	6.0430 USD
Common	Buy Transaction	3,868	6.0452 USD
Common	Buy Transaction	3,710	6.0455 USD
Common	Buy Transaction	427	6.0473 USD
Common	Buy Transaction	442	6.0476 USD
Common	Buy Transaction	791	6.0485 USD
Common	Buy Transaction	563	6.0518 USD
Common	Buy Transaction	238	6.0519 USD
Common	Buy Transaction	2,043	6.0526 USD
Common	Buy Transaction	1,268	6.0528 USD
Common	Buy Transaction	3,242	6.0540 USD
Common	Buy Transaction	1,700	6.0541 USD
Common	Buy Transaction	827	6.0546 USD
Common	Buy Transaction	700	6.0557 USD
Common	Buy Transaction	402	6.0561 USD
Common	Buy Transaction	2,200	6.0564 USD
Common	Buy Transaction	320	6.0567 USD
Common	Buy Transaction	4,006	6.0574 USD
Common	Buy Transaction	600	6.0583 USD
Common	Buy Transaction	8	6.0600 USD
Common	Buy Transaction	179	6.0606 USD
Common	Buy Transaction	3,200	6.0609 USD
Common	Buy Transaction	4,161	6.0610 USD
Common	Buy Transaction	1,766	6.0619 USD
Common	Buy Transaction	1,700	6.0629 USD
Common	Buy Transaction	2,063	6.0630 USD
Common	Buy Transaction	538	6.0673 USD
Common	Buy Transaction	200	6.0675 USD
Common	Buy Transaction	4,400	6.0700 USD
Common	Buy Transaction	138	6.0717 USD
Common	Buy Transaction	5,749	6.0725 USD
Common	Buy Transaction	2,000	6.0750 USD
Common	Buy Transaction	705	6.0784 USD
Common	Buy Transaction	1,200	6.0792 USD
Common	Buy Transaction	500	6.0800 USD
Common	Buy Transaction	1,367	6.0824 USD
Common	Buy Transaction	32,200	6.0836 USD
Common	Buy Transaction	12,050	6.0853 USD
Common	Buy Transaction	2,227	6.0855 USD
Common	Buy Transaction	3,000	6.0860 USD
Common	Buy Transaction	350	6.0893 USD
Common	Buy Transaction	5,767	6.0900 USD
Common	Buy Transaction	20	6.0910 USD
Common	Buy Transaction	3,842	6.0922 USD
Common	Buy Transaction	2,060	6.0950 USD
Common	Buy Transaction	43	6.0979 USD
Common	Buy Transaction	17	6.0982 USD
Common	Buy Transaction	700	6.0993 USD
Common	Buy Transaction	24,340	6.1000 USD
Common	Buy Transaction	4,492	6.1050 USD
Common	Buy Transaction	380	6.1051 USD
Common	Buy Transaction	711	6.1085 USD
Common	Buy Transaction	578	6.1094 USD
Common	Buy Transaction	3,545	6.1100 USD
Common	Buy Transaction	1,500	6.1101 USD
Common	Buy Transaction	1,478	6.1111 USD
Common	Buy Transaction	210	6.1112 USD
Common	Buy Transaction	208	6.1146 USD
Common	Buy Transaction	189	6.1150 USD
Common	Buy Transaction	353	6.1175 USD
Common	Buy Transaction	15,503	6.1192 USD
Common	Buy Transaction	227	6.1200 USD
Common	Buy Transaction	430	6.1201 USD
Common	Buy Transaction	21	6.1210 USD
Common	Buy Transaction	16	6.1212 USD
Common	Buy Transaction	33	6.1252 USD
Common	Buy Transaction	3,296	6.1259 USD
Common	Buy Transaction	4,422	6.1300 USD
Common	Buy Transaction	116	6.1351 USD
Common	Sell Transaction	1,889	5.9500 USD
Common	Sell Transaction	100	5.9600 USD
Common	Sell Transaction	329	5.9693 USD
Common	Sell Transaction	2,746	5.9827 USD
Common	Sell Transaction	689	5.9900 USD
Common	Sell Transaction	1,018	5.9974 USD
Common	Sell Transaction	146	5.9992 USD
Common	Sell Transaction	354	5.9992 USD
Common	Sell Transaction	2,609	5.9998 USD
Common	Sell Transaction	12,216	6.0000 USD
Common	Sell Transaction	1,241	6.0000 USD
Common	Sell Transaction	807	6.0000 USD
Common	Sell Transaction	500	6.0022 USD
Common	Sell Transaction	418	6.0024 USD
Common	Sell Transaction	2,086	6.0050 USD
Common	Sell Transaction	700	6.0057 USD
Common	Sell Transaction	25	6.0060 USD
Common	Sell Transaction	400	6.0075 USD
Common	Sell Transaction	758	6.0076 USD
Common	Sell Transaction	493	6.0090 USD
Common	Sell Transaction	5,612	6.0097 USD
Common	Sell Transaction	254	6.0098 USD
Common	Sell Transaction	602	6.0100 USD
Common	Sell Transaction	412	6.0127 USD
Common	Sell Transaction	679	6.0131 USD
Common	Sell Transaction	880	6.0150 USD
Common	Sell Transaction	3,882	6.0150 USD
Common	Sell Transaction	110	6.0155 USD
Common	Sell Transaction	47	6.0168 USD
Common	Sell Transaction	8	6.0175 USD
Common	Sell Transaction	1,136	6.0185 USD
Common	Sell Transaction	821	6.0192 USD
Common	Sell Transaction	968	6.0199 USD
Common	Sell Transaction	20	6.0200 USD
Common	Sell Transaction	82	6.0220 USD
Common	Sell Transaction	6,127	6.0227 USD
Common	Sell Transaction	5,485	6.0230 USD
Common	Sell Transaction	300	6.0233 USD
Common	Sell Transaction	1,058	6.0248 USD
Common	Sell Transaction	800	6.0263 USD
Common	Sell Transaction	1,439	6.0270 USD
Common	Sell Transaction	300	6.0300 USD
Common	Sell Transaction	296	6.0316 USD
Common	Sell Transaction	1,211	6.0351 USD
Common	Sell Transaction	746	6.0358 USD
Common	Sell Transaction	686	6.0408 USD
Common	Sell Transaction	1,789	6.0410 USD
Common	Sell Transaction	876	6.0441 USD
Common	Sell Transaction	1,024	6.0466 USD
Common	Sell Transaction	802	6.0500 USD
Common	Sell Transaction	1,522	6.0503 USD
Common	Sell Transaction	2,428	6.0551 USD
Common	Sell Transaction	16,936	6.0594 USD
Common	Sell Transaction	4,438	6.0600 USD
Common	Sell Transaction	5,007	6.0603 USD
Common	Sell Transaction	2,333	6.0605 USD
Common	Sell Transaction	4,811	6.0622 USD
Common	Sell Transaction	1,300	6.0622 USD
Common	Sell Transaction	1,545	6.0625 USD
Common	Sell Transaction	2	6.0641 USD
Common	Sell Transaction	3,671	6.0648 USD
Common	Sell Transaction	300	6.0650 USD
Common	Sell Transaction	2,400	6.0654 USD
Common	Sell Transaction	2,343	6.0695 USD
Common	Sell Transaction	1,701	6.0715 USD
Common	Sell Transaction	40,456	6.0724 USD
Common	Sell Transaction	1,700	6.0735 USD
Common	Sell Transaction	68	6.0737 USD
Common	Sell Transaction	1,613	6.0744 USD
Common	Sell Transaction	2,597	6.0747 USD
Common	Sell Transaction	7,597	6.0789 USD
Common	Sell Transaction	908	6.0789 USD
Common	Sell Transaction	469	6.0801 USD
Common	Sell Transaction	40,059	6.0837 USD
Common	Sell Transaction	1,700	6.0853 USD
Common	Sell Transaction	3,080	6.0856 USD
Common	Sell Transaction	2,938	6.0859 USD
Common	Sell Transaction	59	6.0881 USD
Common	Sell Transaction	10,700	6.0898 USD
Common	Sell Transaction	350	6.0899 USD
Common	Sell Transaction	13,167	6.0900 USD
Common	Sell Transaction	1,200	6.0917 USD
Common	Sell Transaction	336	6.0935 USD
Common	Sell Transaction	4,007	6.0950 USD
Common	Sell Transaction	600	6.0950 USD
Common	Sell Transaction	897	6.0953 USD
Common	Sell Transaction	130	6.0990 USD
Common	Sell Transaction	4,241	6.0991 USD
Common	Sell Transaction	759	6.0991 USD
Common	Sell Transaction	5,994	6.0993 USD
Common	Sell Transaction	2,400	6.0999 USD
Common	Sell Transaction	20,780	6.1000 USD
Common	Sell Transaction	133	6.1002 USD
Common	Sell Transaction	467	6.1005 USD
Common	Sell Transaction	263	6.1037 USD
Common	Sell Transaction	4,551	6.1040 USD
Common	Sell Transaction	600	6.1050 USD
Common	Sell Transaction	500	6.1080 USD
Common	Sell Transaction	3,986	6.1090 USD
Common	Sell Transaction	6,726	6.1100 USD
Common	Sell Transaction	1,478	6.1110 USD
Common	Sell Transaction	374	6.1150 USD
Common	Sell Transaction	50	6.1182 USD
Common	Sell Transaction	20	6.1190 USD
Common	Sell Transaction	1,480	6.1194 USD
Common	Sell Transaction	2,600	6.1197 USD
Common	Sell Transaction	897	6.1200 USD
Common	Sell Transaction	191	6.1210 USD
Common	Sell Transaction	1,100	6.1286 USD
Common	Sell Transaction	38	6.1292 USD
Common	Sell Transaction	517	6.1293 USD
Common	Sell Transaction	21,933	6.1300 USD
Common	Sell Transaction	169	6.1330 USD
Common	Sell Transaction	2,610	6.1396 USD
Common	Sell Transaction	805	6.1396 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	100	5.0000 USD	American	2026-01-16	0.3000 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-04-17	0.7200 USD
Common	Call Option	Buy Transaction	200	6.0000 USD	American	2026-04-17	1.0500 USD
Common	Call Option	Buy Transaction	500	6.0000 USD	American	2026-04-17	1.0800 USD
Common	Call Option	Buy Transaction	18,400	6.0000 USD	American	2026-04-17	1.1000 USD
Common	Call Option	Sell Transaction	200	6.0000 USD	American	2025-09-19	0.2500 USD
Common	Call Option	Sell Transaction	500	7.0000 USD	American	2026-01-16	0.5500 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-04-17	0.6600 USD
Common	Call Option	Sell Transaction	200	7.0000 USD	American	2026-04-17	0.6700 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:	9 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	3,100	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	17,500	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	1,100	7.0 USD	American	17/04/2026
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Put Option	Purchased	-215,700	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	5,400	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,800	6.0 USD	American	17/04/2026
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	Purchased	1,500	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	42,800	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	10,500	7.0 USD	American	18/12/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-500	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-113,700	7.0 USD	American	16/01/2026
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-300	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-54,300	5.0 USD	American	16/01/2026
Common	Put Option	Sold	89,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
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	-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	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Put Option	Sold	600	6.0 USD	American	19/09/2025
Common	Call Option	Sold	-128,600	5.0 USD	American	17/10/2025
Common	Put Option	Sold	100	7.0 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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