Citadel Group

Major Shareholding Notification • Sep 19, 2025

National Storage Mechanism | Additional information

RNS Number : 0971A

Citadel Group

19 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	18 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:	1,143,765	0.96	106,672	0.08
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	423,400	0.35	994,300	0.83
TOTAL:	1,567,165	1.32	1,100,972	0.92

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	3	6.2500 USD
Common	Buy Transaction	22	6.2700 USD
Common	Buy Transaction	22	6.2714 USD
Common	Buy Transaction	106	6.2785 USD
Common	Buy Transaction	191	6.2795 USD
Common	Buy Transaction	100	6.2900 USD
Common	Buy Transaction	916	6.2900 USD
Common	Buy Transaction	31	6.2939 USD
Common	Buy Transaction	1,761	6.2956 USD
Common	Buy Transaction	1,552	6.2958 USD
Common	Buy Transaction	24	6.2962 USD
Common	Buy Transaction	588	6.2969 USD
Common	Buy Transaction	75	6.2985 USD
Common	Buy Transaction	2,063	6.3000 USD
Common	Buy Transaction	3,201	6.3002 USD
Common	Buy Transaction	398	6.3005 USD
Common	Buy Transaction	3,904	6.3016 USD
Common	Buy Transaction	3,214	6.3020 USD
Common	Buy Transaction	430	6.3030 USD
Common	Buy Transaction	441	6.3038 USD
Common	Buy Transaction	433	6.3045 USD
Common	Buy Transaction	1,251	6.3051 USD
Common	Buy Transaction	15	6.3053 USD
Common	Buy Transaction	1,100	6.3055 USD
Common	Buy Transaction	505	6.3057 USD
Common	Buy Transaction	5	6.3060 USD
Common	Buy Transaction	382	6.3065 USD
Common	Buy Transaction	348	6.3075 USD
Common	Buy Transaction	1,337	6.3093 USD
Common	Buy Transaction	45,729	6.3100 USD
Common	Buy Transaction	631	6.3110 USD
Common	Buy Transaction	2,383	6.3123 USD
Common	Buy Transaction	1,104	6.3129 USD
Common	Buy Transaction	170	6.3130 USD
Common	Buy Transaction	1,728	6.3147 USD
Common	Buy Transaction	1,000	6.3151 USD
Common	Buy Transaction	86	6.3167 USD
Common	Buy Transaction	500	6.3168 USD
Common	Buy Transaction	401	6.3175 USD
Common	Buy Transaction	533	6.3188 USD
Common	Buy Transaction	2,542	6.3200 USD
Common	Buy Transaction	3,233	6.3209 USD
Common	Buy Transaction	5,950	6.3213 USD
Common	Buy Transaction	1,206	6.3217 USD
Common	Buy Transaction	219	6.3217 USD
Common	Buy Transaction	73	6.3240 USD
Common	Buy Transaction	214	6.3250 USD
Common	Buy Transaction	583	6.3250 USD
Common	Buy Transaction	686	6.3253 USD
Common	Buy Transaction	9	6.3256 USD
Common	Buy Transaction	171	6.3266 USD
Common	Buy Transaction	1	6.3270 USD
Common	Buy Transaction	288	6.3287 USD
Common	Buy Transaction	2,587	6.3292 USD
Common	Buy Transaction	1,281	6.3295 USD
Common	Buy Transaction	371	6.3299 USD
Common	Buy Transaction	4,010	6.3300 USD
Common	Buy Transaction	1,200	6.3313 USD
Common	Buy Transaction	257	6.3314 USD
Common	Buy Transaction	4,353	6.3328 USD
Common	Buy Transaction	2,114	6.3332 USD
Common	Buy Transaction	979	6.3336 USD
Common	Buy Transaction	4,860	6.3350 USD
Common	Buy Transaction	9,813	6.3374 USD
Common	Buy Transaction	1,825	6.3378 USD
Common	Buy Transaction	2,100	6.3386 USD
Common	Buy Transaction	5,697	6.3400 USD
Common	Buy Transaction	3,238	6.3417 USD
Common	Buy Transaction	2,097	6.3420 USD
Common	Buy Transaction	3,130	6.3421 USD
Common	Buy Transaction	18,510	6.3437 USD
Common	Buy Transaction	337	6.3464 USD
Common	Buy Transaction	330	6.3465 USD
Common	Buy Transaction	257	6.3482 USD
Common	Buy Transaction	1,665	6.3493 USD
Common	Buy Transaction	200	6.3500 USD
Common	Buy Transaction	2,217	6.3501 USD
Common	Buy Transaction	4,220	6.3509 USD
Common	Buy Transaction	9,407	6.3540 USD
Common	Buy Transaction	1,758	6.3542 USD
Common	Buy Transaction	1,594	6.3559 USD
Common	Buy Transaction	6,861	6.3573 USD
Common	Buy Transaction	172	6.3579 USD
Common	Buy Transaction	269	6.3583 USD
Common	Buy Transaction	979	6.3600 USD
Common	Buy Transaction	502	6.3603 USD
Common	Buy Transaction	1,680	6.3608 USD
Common	Buy Transaction	21,806	6.3628 USD
Common	Buy Transaction	1	6.3673 USD
Common	Buy Transaction	10,004	6.3700 USD
Common	Buy Transaction	2,048	6.3708 USD
Common	Buy Transaction	85	6.3715 USD
Common	Buy Transaction	6,000	6.3747 USD
Common	Buy Transaction	1,154	6.3760 USD
Common	Buy Transaction	8,660	6.3787 USD
Common	Buy Transaction	7,893	6.3791 USD
Common	Buy Transaction	3	6.3833 USD
Common	Buy Transaction	15,485	6.3868 USD
Common	Buy Transaction	10,105	6.3900 USD
Common	Buy Transaction	100	6.4001 USD
Common	Buy Transaction	175	6.4014 USD
Common	Buy Transaction	2,818	6.4035 USD
Common	Buy Transaction	193	6.4100 USD
Common	Buy Transaction	71	6.4106 USD
Common	Buy Transaction	5,000	6.4150 USD
Common	Sell Transaction	3	6.2500 USD
Common	Sell Transaction	1,193	6.2610 USD
Common	Sell Transaction	108	6.2659 USD
Common	Sell Transaction	772	6.2668 USD
Common	Sell Transaction	148	6.2703 USD
Common	Sell Transaction	150	6.2808 USD
Common	Sell Transaction	700	6.2814 USD
Common	Sell Transaction	72	6.2843 USD
Common	Sell Transaction	300	6.2850 USD
Common	Sell Transaction	29,700	6.2915 USD
Common	Sell Transaction	15	6.2920 USD
Common	Sell Transaction	356	6.2940 USD
Common	Sell Transaction	2,204	6.2960 USD
Common	Sell Transaction	162	6.2961 USD
Common	Sell Transaction	123	6.2975 USD
Common	Sell Transaction	1,338	6.3000 USD
Common	Sell Transaction	2,038	6.3008 USD
Common	Sell Transaction	315	6.3038 USD
Common	Sell Transaction	177	6.3058 USD
Common	Sell Transaction	2,275	6.3070 USD
Common	Sell Transaction	1,678	6.3097 USD
Common	Sell Transaction	29,171	6.3100 USD
Common	Sell Transaction	627	6.3100 USD
Common	Sell Transaction	3,588	6.3104 USD
Common	Sell Transaction	3,000	6.3107 USD
Common	Sell Transaction	73	6.3111 USD
Common	Sell Transaction	459	6.3117 USD
Common	Sell Transaction	431	6.3118 USD
Common	Sell Transaction	2,109	6.3127 USD
Common	Sell Transaction	469	6.3128 USD
Common	Sell Transaction	262	6.3138 USD
Common	Sell Transaction	13,860	6.3154 USD
Common	Sell Transaction	1,700	6.3157 USD
Common	Sell Transaction	1,997	6.3163 USD
Common	Sell Transaction	154	6.3172 USD
Common	Sell Transaction	2,107	6.3178 USD
Common	Sell Transaction	1,037	6.3183 USD
Common	Sell Transaction	302	6.3185 USD
Common	Sell Transaction	26	6.3188 USD
Common	Sell Transaction	554	6.3191 USD
Common	Sell Transaction	137	6.3196 USD
Common	Sell Transaction	1,000	6.3199 USD
Common	Sell Transaction	5,879	6.3200 USD
Common	Sell Transaction	5,272	6.3201 USD
Common	Sell Transaction	1,300	6.3204 USD
Common	Sell Transaction	702	6.3207 USD
Common	Sell Transaction	1,857	6.3208 USD
Common	Sell Transaction	322	6.3216 USD
Common	Sell Transaction	1,392	6.3216 USD
Common	Sell Transaction	5	6.3220 USD
Common	Sell Transaction	400	6.3225 USD
Common	Sell Transaction	976	6.3232 USD
Common	Sell Transaction	194	6.3232 USD
Common	Sell Transaction	200	6.3250 USD
Common	Sell Transaction	198	6.3290 USD
Common	Sell Transaction	2,406	6.3300 USD
Common	Sell Transaction	140	6.3301 USD
Common	Sell Transaction	261	6.3302 USD
Common	Sell Transaction	5,168	6.3308 USD
Common	Sell Transaction	662	6.3309 USD
Common	Sell Transaction	513	6.3314 USD
Common	Sell Transaction	2,894	6.3318 USD
Common	Sell Transaction	2,263	6.3336 USD
Common	Sell Transaction	7,247	6.3341 USD
Common	Sell Transaction	826	6.3346 USD
Common	Sell Transaction	330	6.3356 USD
Common	Sell Transaction	24,837	6.3381 USD
Common	Sell Transaction	833	6.3383 USD
Common	Sell Transaction	1,745	6.3399 USD
Common	Sell Transaction	263	6.3400 USD
Common	Sell Transaction	5,100	6.3409 USD
Common	Sell Transaction	4,363	6.3427 USD
Common	Sell Transaction	900	6.3428 USD
Common	Sell Transaction	762	6.3441 USD
Common	Sell Transaction	7,100	6.3456 USD
Common	Sell Transaction	741	6.3463 USD
Common	Sell Transaction	2	6.3465 USD
Common	Sell Transaction	12	6.3475 USD
Common	Sell Transaction	22	6.3500 USD
Common	Sell Transaction	104	6.3502 USD
Common	Sell Transaction	15	6.3553 USD
Common	Sell Transaction	235	6.3555 USD
Common	Sell Transaction	899	6.3636 USD
Common	Sell Transaction	50	6.3652 USD
Common	Sell Transaction	200	6.3675 USD
Common	Sell Transaction	105	6.3700 USD
Common	Sell Transaction	11	6.3736 USD
Common	Sell Transaction	6,800	6.3769 USD
Common	Sell Transaction	74	6.3850 USD
Common	Sell Transaction	300	6.3900 USD
Common	Sell Transaction	766	6.3993 USD
Common	Sell Transaction	1,943	6.3993 USD
Common	Sell Transaction	100	6.4000 USD
Common	Sell Transaction	846	6.4050 USD
Common	Sell Transaction	103	6.4093 USD
Common	Sell Transaction	13	6.4100 USD
Common	Sell Transaction	10,900	6.4114 USD
Common	Sell Transaction	300	6.4150 USD
Common	Sell Transaction	11	6.4155 USD
Common	Sell Transaction	808	6.4200 USD
Common	Sell Transaction	100	6.4350 USD
Common	Sell Transaction	1	6.4400 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	10.0000 USD	American	2026-07-17	0.3500 USD
Common	Call Option	Buy Transaction	400	6.0000 USD	American	2026-01-16	1.0000 USD
Common	Call Option	Buy Transaction	900	6.0000 USD	American	2026-04-17	1.1000 USD
Common	Call Option	Buy Transaction	1,500	6.0000 USD	American	2026-04-17	1.1300 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-09-19	1.3400 USD
Common	Put Option	Sell Transaction	900	5.0000 USD	American	2025-10-17	0.0400 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-10-17	0.1900 USD
Common	Call Option	Sell Transaction	3,300	7.0000 USD	American	2025-10-17	0.2000 USD
Common	Put Option	Sell Transaction	2,000	5.0000 USD	American	2026-01-16	0.2500 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:	19 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	2,600	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Call Option	Purchased	46,900	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	900	10.0 USD	American	17/07/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,100	6.0 USD	American	17/04/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	10,100	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,600	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	10,600	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Put Option	Purchased	-400	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-800	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,000	7.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,700	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	169,700	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-216,000	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	43,100	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	300	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Put Option	Sold	91,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-111,200	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	19/09/2025
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Put Option	Sold	700	6.0 USD	American	19/09/2025
Common	Call Option	Sold	-300	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-54,200	5.0 USD	American	16/01/2026
Common	Put Option	Sold	1,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-508,700	7.0 USD	American	17/04/2026

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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