Citadel Group

Major Shareholding Notification • Sep 24, 2025

National Storage Mechanism | Additional information

RNS Number : 6567A

Citadel Group

24 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	23 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:	1,146,903	0.96	130,331	0.10
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	467,700	0.39	1,041,300	0.87
TOTAL:	1,614,603	1.36	1,171,631	0.98

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	8,300	5.9450 USD
Common	Buy Transaction	1,633	5.9500 USD
Common	Buy Transaction	432	5.9550 USD
Common	Buy Transaction	1,001	5.9559 USD
Common	Buy Transaction	1,470	5.9570 USD
Common	Buy Transaction	2,574	5.9580 USD
Common	Buy Transaction	413	5.9595 USD
Common	Buy Transaction	3,052	5.9600 USD
Common	Buy Transaction	238	5.9608 USD
Common	Buy Transaction	66	5.9630 USD
Common	Buy Transaction	180	5.9650 USD
Common	Buy Transaction	100	5.9700 USD
Common	Buy Transaction	2,461	5.9708 USD
Common	Buy Transaction	100	5.9750 USD
Common	Buy Transaction	369	5.9831 USD
Common	Buy Transaction	3,500	5.9850 USD
Common	Buy Transaction	2,099	5.9850 USD
Common	Buy Transaction	60	5.9867 USD
Common	Buy Transaction	680	5.9893 USD
Common	Buy Transaction	945	5.9900 USD
Common	Buy Transaction	244	5.9903 USD
Common	Buy Transaction	900	5.9911 USD
Common	Buy Transaction	300	5.9933 USD
Common	Buy Transaction	30	5.9943 USD
Common	Buy Transaction	2	5.9950 USD
Common	Buy Transaction	534	5.9971 USD
Common	Buy Transaction	51,047	6.0000 USD
Common	Buy Transaction	59	6.0003 USD
Common	Buy Transaction	619	6.0009 USD
Common	Buy Transaction	1,831	6.0018 USD
Common	Buy Transaction	2,288	6.0020 USD
Common	Buy Transaction	193	6.0050 USD
Common	Buy Transaction	371	6.0060 USD
Common	Buy Transaction	2,592	6.0066 USD
Common	Buy Transaction	1	6.0068 USD
Common	Buy Transaction	221	6.0084 USD
Common	Buy Transaction	4,381	6.0091 USD
Common	Buy Transaction	1,154	6.0095 USD
Common	Buy Transaction	1,200	6.0100 USD
Common	Buy Transaction	896	6.0104 USD
Common	Buy Transaction	995	6.0125 USD
Common	Buy Transaction	476	6.0141 USD
Common	Buy Transaction	4,544	6.0148 USD
Common	Buy Transaction	683	6.0170 USD
Common	Buy Transaction	200	6.0200 USD
Common	Buy Transaction	1,046	6.0207 USD
Common	Buy Transaction	706	6.0208 USD
Common	Buy Transaction	3,967	6.0227 USD
Common	Buy Transaction	1,426	6.0231 USD
Common	Buy Transaction	26,599	6.0242 USD
Common	Buy Transaction	389	6.0246 USD
Common	Buy Transaction	2,251	6.0257 USD
Common	Buy Transaction	1	6.0261 USD
Common	Buy Transaction	2,739	6.0270 USD
Common	Buy Transaction	47	6.0300 USD
Common	Buy Transaction	2,226	6.0312 USD
Common	Buy Transaction	18	6.0322 USD
Common	Buy Transaction	15,240	6.0339 USD
Common	Buy Transaction	63	6.0357 USD
Common	Buy Transaction	992	6.0369 USD
Common	Buy Transaction	1,807	6.0369 USD
Common	Buy Transaction	510	6.0374 USD
Common	Buy Transaction	1	6.0400 USD
Common	Buy Transaction	22	6.0409 USD
Common	Buy Transaction	2,175	6.0423 USD
Common	Buy Transaction	80	6.0434 USD
Common	Buy Transaction	5,600	6.0441 USD
Common	Buy Transaction	70	6.0450 USD
Common	Buy Transaction	1,769	6.0463 USD
Common	Buy Transaction	476	6.0473 USD
Common	Buy Transaction	39	6.0477 USD
Common	Buy Transaction	156	6.0483 USD
Common	Buy Transaction	2,421	6.0500 USD
Common	Buy Transaction	313	6.0516 USD
Common	Buy Transaction	140	6.0518 USD
Common	Buy Transaction	145	6.0528 USD
Common	Buy Transaction	831	6.0530 USD
Common	Buy Transaction	199	6.0550 USD
Common	Buy Transaction	50	6.0550 USD
Common	Buy Transaction	68	6.0560 USD
Common	Buy Transaction	68	6.0568 USD
Common	Buy Transaction	16	6.0569 USD
Common	Buy Transaction	3,822	6.0571 USD
Common	Buy Transaction	93	6.0584 USD
Common	Buy Transaction	21,350	6.0600 USD
Common	Buy Transaction	198	6.0629 USD
Common	Buy Transaction	30	6.0633 USD
Common	Buy Transaction	53	6.0636 USD
Common	Buy Transaction	330	6.0667 USD
Common	Buy Transaction	1,737	6.0700 USD
Common	Buy Transaction	202	6.0702 USD
Common	Buy Transaction	82	6.0757 USD
Common	Buy Transaction	580	6.0788 USD
Common	Buy Transaction	139	6.0800 USD
Common	Buy Transaction	2,000	6.0825 USD
Common	Buy Transaction	499	6.0836 USD
Common	Buy Transaction	5,311	6.0900 USD
Common	Buy Transaction	152	6.0906 USD
Common	Buy Transaction	1,300	6.0908 USD
Common	Buy Transaction	176	6.0916 USD
Common	Buy Transaction	15	6.0933 USD
Common	Buy Transaction	6,300	6.0949 USD
Common	Buy Transaction	210	6.0950 USD
Common	Buy Transaction	701	6.1000 USD
Common	Buy Transaction	2,224	6.1050 USD
Common	Buy Transaction	500	6.1100 USD
Common	Buy Transaction	596	6.1117 USD
Common	Buy Transaction	30	6.1120 USD
Common	Buy Transaction	400	6.1175 USD
Common	Buy Transaction	655	6.1200 USD
Common	Buy Transaction	100	6.1250 USD
Common	Buy Transaction	1	6.1529 USD
Common	Buy Transaction	6,395	6.1600 USD
Common	Sell Transaction	585	5.9500 USD
Common	Sell Transaction	350	5.9589 USD
Common	Sell Transaction	100	5.9600 USD
Common	Sell Transaction	517	5.9615 USD
Common	Sell Transaction	52	5.9625 USD
Common	Sell Transaction	100	5.9650 USD
Common	Sell Transaction	95	5.9663 USD
Common	Sell Transaction	121	5.9836 USD
Common	Sell Transaction	155	5.9858 USD
Common	Sell Transaction	3,174	5.9873 USD
Common	Sell Transaction	33	5.9879 USD
Common	Sell Transaction	514	5.9900 USD
Common	Sell Transaction	137	5.9958 USD
Common	Sell Transaction	165	5.9964 USD
Common	Sell Transaction	400	5.9975 USD
Common	Sell Transaction	9,028	6.0000 USD
Common	Sell Transaction	46,451	6.0000 USD
Common	Sell Transaction	1,388	6.0001 USD
Common	Sell Transaction	151	6.0003 USD
Common	Sell Transaction	20,062	6.0012 USD
Common	Sell Transaction	995	6.0024 USD
Common	Sell Transaction	86	6.0029 USD
Common	Sell Transaction	214	6.0033 USD
Common	Sell Transaction	500	6.0040 USD
Common	Sell Transaction	8	6.0050 USD
Common	Sell Transaction	935	6.0050 USD
Common	Sell Transaction	19	6.0053 USD
Common	Sell Transaction	23	6.0057 USD
Common	Sell Transaction	2,764	6.0066 USD
Common	Sell Transaction	78	6.0071 USD
Common	Sell Transaction	1,300	6.0077 USD
Common	Sell Transaction	0	6.0083 USD
Common	Sell Transaction	232	6.0089 USD
Common	Sell Transaction	308	6.0100 USD
Common	Sell Transaction	402	6.0104 USD
Common	Sell Transaction	994	6.0112 USD
Common	Sell Transaction	12	6.0125 USD
Common	Sell Transaction	3,852	6.0133 USD
Common	Sell Transaction	5	6.0160 USD
Common	Sell Transaction	21,038	6.0200 USD
Common	Sell Transaction	3,070	6.0230 USD
Common	Sell Transaction	1,528	6.0250 USD
Common	Sell Transaction	419	6.0300 USD
Common	Sell Transaction	41	6.0324 USD
Common	Sell Transaction	488	6.0354 USD
Common	Sell Transaction	6,864	6.0358 USD
Common	Sell Transaction	211	6.0359 USD
Common	Sell Transaction	562	6.0367 USD
Common	Sell Transaction	12,800	6.0379 USD
Common	Sell Transaction	602	6.0383 USD
Common	Sell Transaction	1	6.0400 USD
Common	Sell Transaction	650	6.0418 USD
Common	Sell Transaction	1,333	6.0440 USD
Common	Sell Transaction	319	6.0483 USD
Common	Sell Transaction	403	6.0496 USD
Common	Sell Transaction	2,009	6.0499 USD
Common	Sell Transaction	11	6.0500 USD
Common	Sell Transaction	59	6.0503 USD
Common	Sell Transaction	317	6.0550 USD
Common	Sell Transaction	12,636	6.0550 USD
Common	Sell Transaction	540	6.0560 USD
Common	Sell Transaction	304	6.0566 USD
Common	Sell Transaction	3	6.0567 USD
Common	Sell Transaction	502	6.0580 USD
Common	Sell Transaction	192	6.0593 USD
Common	Sell Transaction	1,132	6.0600 USD
Common	Sell Transaction	977	6.0640 USD
Common	Sell Transaction	240	6.0650 USD
Common	Sell Transaction	468	6.0679 USD
Common	Sell Transaction	9,341	6.0700 USD
Common	Sell Transaction	901	6.0800 USD
Common	Sell Transaction	3,072	6.0825 USD
Common	Sell Transaction	2	6.0839 USD
Common	Sell Transaction	2	6.0850 USD
Common	Sell Transaction	106	6.0888 USD
Common	Sell Transaction	5,714	6.0900 USD
Common	Sell Transaction	15,760	6.1000 USD
Common	Sell Transaction	804	6.1100 USD
Common	Sell Transaction	600	6.1250 USD
Common	Sell Transaction	900	6.1300 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	7.0000 USD	American	2025-10-17	0.0600 USD
Common	Call Option	Buy Transaction	35,500	10.0000 USD	American	2026-07-17	0.3000 USD
Common	Call Option	Buy Transaction	500	6.0000 USD	American	2025-11-21	0.5200 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-10-17	0.9700 USD
Common	Call Option	Buy Transaction	1,700	5.0000 USD	American	2026-01-16	1.3000 USD
Common	Call Option	Sell Transaction	600	7.0000 USD	American	2025-10-17	0.0800 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-11-21	0.2400 USD
Common	Call Option	Sell Transaction	200	7.0000 USD	American	2026-12-18	1.0000 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-12-18	1.0500 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:	24 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	100	7.0 USD	American	21/11/2025
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	37,500	10.0 USD	American	17/07/2026
Common	Call Option	Purchased	9,600	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	7.0 USD	American	17/10/2025
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	Call Option	Purchased	50,200	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	15,100	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-800	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	46,900	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	7.0 USD	American	16/01/2026
Common	Call Option	Purchased	500	6.0 USD	American	21/11/2025
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Put Option	Purchased	-216,000	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,700	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	10,300	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,700	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	176,000	5.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Put Option	Sold	91,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-52,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Put Option	Sold	1,700	5.0 USD	American	17/10/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-508,800	7.0 USD	American	17/04/2026
Common	Call Option	Sold	-160,300	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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