Citadel Group

Major Shareholding Notification • Sep 22, 2025

National Storage Mechanism | Additional information

RNS Number : 2702A

Citadel Group

22 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	19 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:	1,007,799	0.84	118,847	0.10
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	419,100	0.35	1,040,700	0.87
TOTAL:	1,426,899	1.20	1,159,547	0.97

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	739	6.1800 USD
Common	Buy Transaction	1,000	6.1850 USD
Common	Buy Transaction	72,578	6.1900 USD
Common	Buy Transaction	3,000	6.1950 USD
Common	Buy Transaction	4,400	6.1992 USD
Common	Buy Transaction	78	6.2000 USD
Common	Buy Transaction	7,983	6.2001 USD
Common	Buy Transaction	479	6.2012 USD
Common	Buy Transaction	3,191	6.2012 USD
Common	Buy Transaction	7	6.2014 USD
Common	Buy Transaction	2,289	6.2039 USD
Common	Buy Transaction	1,114	6.2047 USD
Common	Buy Transaction	750	6.2050 USD
Common	Buy Transaction	709	6.2066 USD
Common	Buy Transaction	400	6.2075 USD
Common	Buy Transaction	25	6.2080 USD
Common	Buy Transaction	22	6.2091 USD
Common	Buy Transaction	259	6.2100 USD
Common	Buy Transaction	416	6.2148 USD
Common	Buy Transaction	613	6.2150 USD
Common	Buy Transaction	2,629	6.2163 USD
Common	Buy Transaction	2,496	6.2166 USD
Common	Buy Transaction	2,152	6.2177 USD
Common	Buy Transaction	1,033	6.2180 USD
Common	Buy Transaction	3,409	6.2180 USD
Common	Buy Transaction	999	6.2190 USD
Common	Buy Transaction	71	6.2192 USD
Common	Buy Transaction	5	6.2200 USD
Common	Buy Transaction	120	6.2217 USD
Common	Buy Transaction	1,162	6.2222 USD
Common	Buy Transaction	2,143	6.2224 USD
Common	Buy Transaction	1,577	6.2224 USD
Common	Buy Transaction	155	6.2245 USD
Common	Buy Transaction	1	6.2245 USD
Common	Buy Transaction	7,683	6.2248 USD
Common	Buy Transaction	153	6.2252 USD
Common	Buy Transaction	7,966	6.2253 USD
Common	Buy Transaction	164	6.2261 USD
Common	Buy Transaction	314	6.2264 USD
Common	Buy Transaction	365	6.2267 USD
Common	Buy Transaction	1,198	6.2281 USD
Common	Buy Transaction	4,300	6.2281 USD
Common	Buy Transaction	18	6.2289 USD
Common	Buy Transaction	2,431	6.2300 USD
Common	Buy Transaction	1,516	6.2303 USD
Common	Buy Transaction	289	6.2309 USD
Common	Buy Transaction	2,760	6.2331 USD
Common	Buy Transaction	16,026	6.2337 USD
Common	Buy Transaction	430	6.2347 USD
Common	Buy Transaction	859	6.2368 USD
Common	Buy Transaction	2	6.2369 USD
Common	Buy Transaction	781	6.2370 USD
Common	Buy Transaction	49	6.2398 USD
Common	Buy Transaction	659	6.2407 USD
Common	Buy Transaction	2,017	6.2414 USD
Common	Buy Transaction	525	6.2425 USD
Common	Buy Transaction	1,918	6.2456 USD
Common	Buy Transaction	1,849	6.2459 USD
Common	Buy Transaction	7,508	6.2473 USD
Common	Buy Transaction	8,839	6.2486 USD
Common	Buy Transaction	9,387	6.2493 USD
Common	Buy Transaction	338	6.2498 USD
Common	Buy Transaction	1,238	6.2500 USD
Common	Buy Transaction	1,913	6.2501 USD
Common	Buy Transaction	508	6.2512 USD
Common	Buy Transaction	694	6.2532 USD
Common	Buy Transaction	2,453	6.2539 USD
Common	Buy Transaction	47	6.2551 USD
Common	Buy Transaction	17	6.2553 USD
Common	Buy Transaction	652	6.2583 USD
Common	Buy Transaction	306	6.2600 USD
Common	Buy Transaction	1,022	6.2607 USD
Common	Buy Transaction	2,026	6.2608 USD
Common	Buy Transaction	1,205	6.2633 USD
Common	Buy Transaction	200	6.2650 USD
Common	Buy Transaction	840	6.2662 USD
Common	Buy Transaction	1,620	6.2690 USD
Common	Buy Transaction	248	6.2713 USD
Common	Buy Transaction	149	6.2741 USD
Common	Buy Transaction	2,115	6.2750 USD
Common	Buy Transaction	235	6.2756 USD
Common	Buy Transaction	1,225	6.2784 USD
Common	Buy Transaction	128	6.2794 USD
Common	Buy Transaction	1,369	6.2800 USD
Common	Buy Transaction	7	6.2814 USD
Common	Buy Transaction	217	6.2844 USD
Common	Buy Transaction	200	6.2850 USD
Common	Buy Transaction	25	6.2852 USD
Common	Buy Transaction	474	6.2895 USD
Common	Buy Transaction	3,200	6.2959 USD
Common	Buy Transaction	19	6.2968 USD
Common	Buy Transaction	115	6.3000 USD
Common	Buy Transaction	1	6.3047 USD
Common	Buy Transaction	600	6.3100 USD
Common	Buy Transaction	786	6.3300 USD
Common	Buy Transaction	4,100	6.3400 USD
Common	Sell Transaction	8,034	6.1899 USD
Common	Sell Transaction	90,021	6.1900 USD
Common	Sell Transaction	2,066	6.1923 USD
Common	Sell Transaction	400	6.1950 USD
Common	Sell Transaction	20	6.1967 USD
Common	Sell Transaction	500	6.1970 USD
Common	Sell Transaction	35	6.1983 USD
Common	Sell Transaction	5,218	6.1987 USD
Common	Sell Transaction	7,983	6.2000 USD
Common	Sell Transaction	700	6.2064 USD
Common	Sell Transaction	1,434	6.2080 USD
Common	Sell Transaction	6,853	6.2092 USD
Common	Sell Transaction	13,475	6.2100 USD
Common	Sell Transaction	4,560	6.2101 USD
Common	Sell Transaction	630	6.2110 USD
Common	Sell Transaction	766	6.2127 USD
Common	Sell Transaction	224	6.2132 USD
Common	Sell Transaction	1,103	6.2140 USD
Common	Sell Transaction	2,641	6.2141 USD
Common	Sell Transaction	300	6.2150 USD
Common	Sell Transaction	1,083	6.2152 USD
Common	Sell Transaction	2,563	6.2160 USD
Common	Sell Transaction	969	6.2162 USD
Common	Sell Transaction	2,890	6.2169 USD
Common	Sell Transaction	44,691	6.2197 USD
Common	Sell Transaction	25,878	6.2200 USD
Common	Sell Transaction	18,566	6.2201 USD
Common	Sell Transaction	6,982	6.2250 USD
Common	Sell Transaction	38	6.2258 USD
Common	Sell Transaction	177	6.2281 USD
Common	Sell Transaction	0	6.2291 USD
Common	Sell Transaction	520	6.2298 USD
Common	Sell Transaction	352	6.2299 USD
Common	Sell Transaction	1,745	6.2300 USD
Common	Sell Transaction	111	6.2310 USD
Common	Sell Transaction	100	6.2350 USD
Common	Sell Transaction	180	6.2359 USD
Common	Sell Transaction	1,429	6.2372 USD
Common	Sell Transaction	453	6.2392 USD
Common	Sell Transaction	2,270	6.2400 USD
Common	Sell Transaction	66	6.2403 USD
Common	Sell Transaction	286	6.2421 USD
Common	Sell Transaction	1,218	6.2430 USD
Common	Sell Transaction	300	6.2433 USD
Common	Sell Transaction	21	6.2483 USD
Common	Sell Transaction	16	6.2500 USD
Common	Sell Transaction	176	6.2545 USD
Common	Sell Transaction	1,634	6.2549 USD
Common	Sell Transaction	118	6.2550 USD
Common	Sell Transaction	3,754	6.2600 USD
Common	Sell Transaction	332	6.2607 USD
Common	Sell Transaction	1,285	6.2629 USD
Common	Sell Transaction	3,224	6.2650 USD
Common	Sell Transaction	138	6.2654 USD
Common	Sell Transaction	5	6.2660 USD
Common	Sell Transaction	139	6.2684 USD
Common	Sell Transaction	10,891	6.2700 USD
Common	Sell Transaction	2,011	6.2701 USD
Common	Sell Transaction	12	6.2717 USD
Common	Sell Transaction	2,857	6.2800 USD
Common	Sell Transaction	626	6.2812 USD
Common	Sell Transaction	256	6.2832 USD
Common	Sell Transaction	10	6.2850 USD
Common	Sell Transaction	244	6.2855 USD
Common	Sell Transaction	10	6.2890 USD
Common	Sell Transaction	1,600	6.2900 USD
Common	Sell Transaction	9,462	6.2908 USD
Common	Sell Transaction	4,350	6.2919 USD
Common	Sell Transaction	11,562	6.2923 USD
Common	Sell Transaction	400	6.2950 USD
Common	Sell Transaction	4,355	6.2960 USD
Common	Sell Transaction	20	6.2970 USD
Common	Sell Transaction	5,040	6.2998 USD
Common	Sell Transaction	14,394	6.3000 USD
Common	Sell Transaction	980	6.3006 USD
Common	Sell Transaction	371	6.3024 USD
Common	Sell Transaction	118	6.3031 USD
Common	Sell Transaction	1,672	6.3063 USD
Common	Sell Transaction	15,826	6.3065 USD
Common	Sell Transaction	532	6.3075 USD
Common	Sell Transaction	7,600	6.3087 USD
Common	Sell Transaction	1	6.3090 USD
Common	Sell Transaction	4,417	6.3100 USD
Common	Sell Transaction	500	6.3140 USD
Common	Sell Transaction	32	6.3150 USD
Common	Sell Transaction	5,502	6.3200 USD
Common	Sell Transaction	4,000	6.3290 USD
Common	Sell Transaction	3,719	6.3300 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	6.0000 USD	American	2025-09-19	0.1900 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2025-09-19	0.3000 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2026-01-16	0.9000 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-12-18	1.1400 USD
Common	Call Option	Buy Transaction	300	7.0000 USD	American	2026-12-18	1.1600 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-12-18	1.1700 USD
Common	Call Option	Buy Transaction	900	5.0000 USD	American	2025-10-17	1.2500 USD
Common	Call Option	Buy Transaction	800	5.0000 USD	American	2025-10-17	1.2600 USD
Common	Call Option	Buy Transaction	3,500	5.0000 USD	American	2025-10-17	1.2700 USD
Common	Call Option	Buy Transaction	700	5.0000 USD	American	2025-10-17	1.3000 USD
Common	Call Option	Buy Transaction	400	5.0000 USD	American	2025-10-17	1.3100 USD
Common	Call Option	Sell Transaction	2,000	7.0000 USD	American	2025-10-17	0.1400 USD
Common	Call Option	Sell Transaction	1,000	7.0000 USD	American	2025-10-17	0.2000 USD
Common	Call Option	Sell Transaction	48,600	7.0000 USD	American	2026-01-16	0.5700 USD
Common	Put Option	Sell Transaction	800	7.0000 USD	American	2026-01-16	1.1800 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2025-10-17	1.2800 USD

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
Common	Call Option	Exercising	100	4.0000 USD
Common	Call Option	Exercising	1,600	5.0000 USD
Common	Call Option	Exercising	5,900	6.0000 USD

(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:	22 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	43,100	6.0 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	1,000	8.0 USD	American	17/10/2025
Common	Put Option	Purchased	-200	7.0 USD	American	16/01/2026
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	10,600	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	47,000	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Put Option	Purchased	-800	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	15,100	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	7,600	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	175,900	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
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	900	10.0 USD	American	17/07/2026
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
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	4.0 USD	American	16/01/2026
Common	Put Option	Sold	91,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-508,700	7.0 USD	American	17/04/2026
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	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-159,800	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-300	7.0 USD	American	17/07/2026
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

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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