Citadel Group

Major Shareholding Notification • Sep 23, 2025

National Storage Mechanism | Additional information

RNS Number : 4774A

Citadel Group

23 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	22 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:	1,127,355	0.95	143,837	0.12
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	432,500	0.36	1,043,000	0.87
TOTAL:	1,559,855	1.31	1,186,837	1.00

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	480	6.0100 USD
Common	Buy Transaction	105	6.0150 USD
Common	Buy Transaction	300	6.0180 USD
Common	Buy Transaction	98	6.0200 USD
Common	Buy Transaction	100	6.0300 USD
Common	Buy Transaction	6,000	6.0301 USD
Common	Buy Transaction	4,918	6.0312 USD
Common	Buy Transaction	125	6.0350 USD
Common	Buy Transaction	123	6.0368 USD
Common	Buy Transaction	675	6.0400 USD
Common	Buy Transaction	696	6.0401 USD
Common	Buy Transaction	859	6.0402 USD
Common	Buy Transaction	4,480	6.0430 USD
Common	Buy Transaction	5,694	6.0440 USD
Common	Buy Transaction	1,567	6.0444 USD
Common	Buy Transaction	1,825	6.0445 USD
Common	Buy Transaction	20	6.0450 USD
Common	Buy Transaction	267	6.0451 USD
Common	Buy Transaction	384	6.0453 USD
Common	Buy Transaction	11,600	6.0479 USD
Common	Buy Transaction	481	6.0484 USD
Common	Buy Transaction	202	6.0499 USD
Common	Buy Transaction	83,234	6.0500 USD
Common	Buy Transaction	658	6.0514 USD
Common	Buy Transaction	41,261	6.0532 USD
Common	Buy Transaction	2,158	6.0536 USD
Common	Buy Transaction	871	6.0540 USD
Common	Buy Transaction	2	6.0550 USD
Common	Buy Transaction	100	6.0551 USD
Common	Buy Transaction	624	6.0557 USD
Common	Buy Transaction	1,417	6.0557 USD
Common	Buy Transaction	2,000	6.0562 USD
Common	Buy Transaction	2,385	6.0575 USD
Common	Buy Transaction	1,224	6.0577 USD
Common	Buy Transaction	95	6.0582 USD
Common	Buy Transaction	600	6.0590 USD
Common	Buy Transaction	1	6.0593 USD
Common	Buy Transaction	1,613	6.0595 USD
Common	Buy Transaction	7,293	6.0596 USD
Common	Buy Transaction	999	6.0598 USD
Common	Buy Transaction	1,886	6.0600 USD
Common	Buy Transaction	4,800	6.0601 USD
Common	Buy Transaction	900	6.0604 USD
Common	Buy Transaction	1,584	6.0608 USD
Common	Buy Transaction	300	6.0611 USD
Common	Buy Transaction	1,249	6.0613 USD
Common	Buy Transaction	1,300	6.0623 USD
Common	Buy Transaction	6,352	6.0623 USD
Common	Buy Transaction	2,408	6.0632 USD
Common	Buy Transaction	1,336	6.0642 USD
Common	Buy Transaction	4,800	6.0650 USD
Common	Buy Transaction	1,300	6.0662 USD
Common	Buy Transaction	400	6.0667 USD
Common	Buy Transaction	1,417	6.0669 USD
Common	Buy Transaction	204	6.0675 USD
Common	Buy Transaction	132	6.0679 USD
Common	Buy Transaction	386	6.0685 USD
Common	Buy Transaction	2	6.0688 USD
Common	Buy Transaction	11,589	6.0690 USD
Common	Buy Transaction	800	6.0690 USD
Common	Buy Transaction	762	6.0694 USD
Common	Buy Transaction	9,305	6.0698 USD
Common	Buy Transaction	8,087	6.0700 USD
Common	Buy Transaction	1,195	6.0701 USD
Common	Buy Transaction	2,300	6.0702 USD
Common	Buy Transaction	184	6.0705 USD
Common	Buy Transaction	1,502	6.0707 USD
Common	Buy Transaction	212	6.0709 USD
Common	Buy Transaction	1,425	6.0727 USD
Common	Buy Transaction	649	6.0734 USD
Common	Buy Transaction	1,177	6.0744 USD
Common	Buy Transaction	2,224	6.0750 USD
Common	Buy Transaction	100	6.0750 USD
Common	Buy Transaction	356	6.0756 USD
Common	Buy Transaction	1,630	6.0768 USD
Common	Buy Transaction	88	6.0780 USD
Common	Buy Transaction	110	6.0782 USD
Common	Buy Transaction	465	6.0782 USD
Common	Buy Transaction	773	6.0800 USD
Common	Buy Transaction	10,219	6.0801 USD
Common	Buy Transaction	781	6.0801 USD
Common	Buy Transaction	781	6.0801 USD
Common	Buy Transaction	962	6.0807 USD
Common	Buy Transaction	2,314	6.0824 USD
Common	Buy Transaction	1,155	6.0842 USD
Common	Buy Transaction	16	6.0900 USD
Common	Buy Transaction	392	6.0930 USD
Common	Buy Transaction	75	6.0931 USD
Common	Buy Transaction	2,073	6.0932 USD
Common	Buy Transaction	5,612	6.1031 USD
Common	Buy Transaction	1,105	6.1056 USD
Common	Buy Transaction	368	6.1057 USD
Common	Buy Transaction	10,357	6.1178 USD
Common	Buy Transaction	2,690	6.1185 USD
Common	Buy Transaction	472	6.1235 USD
Common	Buy Transaction	218	6.1279 USD
Common	Buy Transaction	20	6.1350 USD
Common	Buy Transaction	1	6.1354 USD
Common	Buy Transaction	107	6.1400 USD
Common	Buy Transaction	687	6.1522 USD
Common	Buy Transaction	95	6.1583 USD
Common	Buy Transaction	375	6.1587 USD
Common	Buy Transaction	198	6.1588 USD
Common	Buy Transaction	891	6.1600 USD
Common	Buy Transaction	413	6.1604 USD
Common	Buy Transaction	400	6.1700 USD
Common	Buy Transaction	61	6.1707 USD
Common	Buy Transaction	295	6.1742 USD
Common	Buy Transaction	1	6.1743 USD
Common	Buy Transaction	1,453	6.1792 USD
Common	Buy Transaction	1,733	6.1800 USD
Common	Buy Transaction	1,088	6.1821 USD
Common	Buy Transaction	500	6.1830 USD
Common	Buy Transaction	12	6.1850 USD
Common	Buy Transaction	16	6.1900 USD
Common	Buy Transaction	1,275	6.1916 USD
Common	Buy Transaction	211	6.1940 USD
Common	Buy Transaction	1,181	6.1948 USD
Common	Buy Transaction	1	6.2000 USD
Common	Buy Transaction	1,050	6.2049 USD
Common	Buy Transaction	1,100	6.2100 USD
Common	Sell Transaction	160	6.0200 USD
Common	Sell Transaction	7,100	6.0250 USD
Common	Sell Transaction	6,418	6.0297 USD
Common	Sell Transaction	5,734	6.0344 USD
Common	Sell Transaction	125	6.0350 USD
Common	Sell Transaction	3,927	6.0363 USD
Common	Sell Transaction	938	6.0394 USD
Common	Sell Transaction	3,558	6.0400 USD
Common	Sell Transaction	550	6.0403 USD
Common	Sell Transaction	42	6.0410 USD
Common	Sell Transaction	501	6.0420 USD
Common	Sell Transaction	1,261	6.0422 USD
Common	Sell Transaction	9,200	6.0423 USD
Common	Sell Transaction	111	6.0440 USD
Common	Sell Transaction	925	6.0446 USD
Common	Sell Transaction	200	6.0450 USD
Common	Sell Transaction	1,757	6.0451 USD
Common	Sell Transaction	6	6.0483 USD
Common	Sell Transaction	328	6.0491 USD
Common	Sell Transaction	39,288	6.0500 USD
Common	Sell Transaction	167	6.0516 USD
Common	Sell Transaction	7	6.0529 USD
Common	Sell Transaction	285	6.0531 USD
Common	Sell Transaction	988	6.0546 USD
Common	Sell Transaction	0	6.0550 USD
Common	Sell Transaction	421	6.0550 USD
Common	Sell Transaction	390	6.0550 USD
Common	Sell Transaction	696	6.0555 USD
Common	Sell Transaction	173	6.0558 USD
Common	Sell Transaction	832	6.0568 USD
Common	Sell Transaction	1,100	6.0575 USD
Common	Sell Transaction	220	6.0578 USD
Common	Sell Transaction	5,981	6.0579 USD
Common	Sell Transaction	160	6.0594 USD
Common	Sell Transaction	2,484	6.0600 USD
Common	Sell Transaction	9,593	6.0606 USD
Common	Sell Transaction	2,461	6.0641 USD
Common	Sell Transaction	347	6.0650 USD
Common	Sell Transaction	2,577	6.0651 USD
Common	Sell Transaction	1,872	6.0660 USD
Common	Sell Transaction	1,353	6.0665 USD
Common	Sell Transaction	3,771	6.0666 USD
Common	Sell Transaction	3,824	6.0666 USD
Common	Sell Transaction	1,510	6.0667 USD
Common	Sell Transaction	1,770	6.0668 USD
Common	Sell Transaction	500	6.0680 USD
Common	Sell Transaction	220	6.0691 USD
Common	Sell Transaction	3,320	6.0700 USD
Common	Sell Transaction	791	6.0704 USD
Common	Sell Transaction	2,798	6.0709 USD
Common	Sell Transaction	4,183	6.0713 USD
Common	Sell Transaction	13,303	6.0714 USD
Common	Sell Transaction	1,000	6.0750 USD
Common	Sell Transaction	198	6.0751 USD
Common	Sell Transaction	475	6.0772 USD
Common	Sell Transaction	400	6.0775 USD
Common	Sell Transaction	4,625	6.0800 USD
Common	Sell Transaction	781	6.0801 USD
Common	Sell Transaction	30,989	6.0813 USD
Common	Sell Transaction	668	6.0816 USD
Common	Sell Transaction	3,700	6.0830 USD
Common	Sell Transaction	1,575	6.0894 USD
Common	Sell Transaction	200	6.0900 USD
Common	Sell Transaction	4,195	6.1025 USD
Common	Sell Transaction	540	6.1148 USD
Common	Sell Transaction	13	6.1177 USD
Common	Sell Transaction	4,777	6.1200 USD
Common	Sell Transaction	1	6.1253 USD
Common	Sell Transaction	8	6.1775 USD
Common	Sell Transaction	0	6.1793 USD
Common	Sell Transaction	580	6.1800 USD
Common	Sell Transaction	720	6.1889 USD
Common	Sell Transaction	9,838	6.1900 USD
Common	Sell Transaction	137	6.1927 USD
Common	Sell Transaction	269	6.1943 USD
Common	Sell Transaction	284	6.1945 USD
Common	Sell Transaction	200	6.1950 USD
Common	Sell Transaction	109	6.1983 USD
Common	Sell Transaction	824	6.1989 USD
Common	Sell Transaction	1,940	6.1997 USD
Common	Sell Transaction	299	6.1999 USD
Common	Sell Transaction	970	6.2000 USD
Common	Sell Transaction	50	6.2094 USD
Common	Sell Transaction	13	6.2115 USD
Common	Sell Transaction	805	6.2200 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	4,000	7.0000 USD	American	2025-10-17	0.1000 USD
Common	Call Option	Buy Transaction	200	7.0000 USD	American	2025-11-21	0.2500 USD
Common	Put Option	Buy Transaction	100	6.0000 USD	American	2025-10-17	0.2700 USD
Common	Call Option	Buy Transaction	1,000	10.0000 USD	American	2026-07-17	0.3300 USD
Common	Call Option	Buy Transaction	100	10.0000 USD	American	2026-07-17	0.3900 USD
Common	Call Option	Buy Transaction	600	6.0000 USD	American	2025-10-17	0.4000 USD
Common	Call Option	Buy Transaction	6,600	6.0000 USD	American	2025-10-17	0.4500 USD
Common	Put Option	Buy Transaction	1,500	5.0000 USD	American	2026-07-17	0.5200 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2026-01-16	0.8000 USD
Common	Call Option	Buy Transaction	3,000	7.0000 USD	American	2026-07-17	0.8500 USD
Common	Put Option	Buy Transaction	500	7.0000 USD	American	2025-10-17	0.9500 USD
Common	Call Option	Sell Transaction	400	7.0000 USD	American	2025-10-17	0.1000 USD
Common	Call Option	Sell Transaction	1,100	7.0000 USD	American	2025-10-17	0.1100 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-10-17	0.3700 USD
Common	Call Option	Sell Transaction	500	7.0000 USD	American	2026-01-16	0.5000 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-04-17	0.7000 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.7100 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.7200 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:	23 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	Put Option	Purchased	-216,000	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-500	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	50,200	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,700	7.0 USD	American	17/07/2026
Common	Put Option	Purchased	-800	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	3.0 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	17/10/2025
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	10,600	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,000	10.0 USD	American	17/07/2026
Common	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	175,900	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	200	7.0 USD	American	21/11/2025
Common	Put Option	Purchased	-200	7.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,100	6.0 USD	American	17/04/2026
Common	Call Option	Purchased	46,900	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,700	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
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	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
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	-160,300	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Put Option	Sold	1,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-508,800	7.0 USD	American	17/04/2026
Common	Put Option	Sold	91,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-54,200	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

RETPKNBKDBKDDCB