Citadel Group

Major Shareholding Notification • Sep 26, 2025

National Storage Mechanism | Additional information

RNS Number : 0563B

Citadel Group

26 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	25 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:	1,210,888	1.02	71,157	0.05
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	434,000	0.36	1,042,600	0.87
TOTAL:	1,644,888	1.38	1,113,757	0.93

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	350	5.9501 USD
Common	Buy Transaction	1,100	5.9600 USD
Common	Buy Transaction	216	5.9646 USD
Common	Buy Transaction	54	5.9700 USD
Common	Buy Transaction	300	5.9733 USD
Common	Buy Transaction	600	5.9742 USD
Common	Buy Transaction	213	5.9800 USD
Common	Buy Transaction	600	5.9801 USD
Common	Buy Transaction	100	5.9850 USD
Common	Buy Transaction	80	5.9900 USD
Common	Buy Transaction	2,724	5.9942 USD
Common	Buy Transaction	1,421	6.0000 USD
Common	Buy Transaction	92	6.0050 USD
Common	Buy Transaction	327	6.0078 USD
Common	Buy Transaction	153	6.0078 USD
Common	Buy Transaction	8,410	6.0100 USD
Common	Buy Transaction	2,359	6.0200 USD
Common	Buy Transaction	43	6.0251 USD
Common	Buy Transaction	1	6.0257 USD
Common	Buy Transaction	652	6.0272 USD
Common	Buy Transaction	677	6.0278 USD
Common	Buy Transaction	1,472	6.0296 USD
Common	Buy Transaction	2,448	6.0300 USD
Common	Buy Transaction	6	6.0350 USD
Common	Buy Transaction	142	6.0365 USD
Common	Buy Transaction	4	6.0400 USD
Common	Buy Transaction	4,696	6.0408 USD
Common	Buy Transaction	115	6.0421 USD
Common	Buy Transaction	2,245	6.0436 USD
Common	Buy Transaction	5,209	6.0460 USD
Common	Buy Transaction	2,509	6.0460 USD
Common	Buy Transaction	197	6.0471 USD
Common	Buy Transaction	105	6.0471 USD
Common	Buy Transaction	3,775	6.0500 USD
Common	Buy Transaction	2,228	6.0501 USD
Common	Buy Transaction	140	6.0502 USD
Common	Buy Transaction	300	6.0510 USD
Common	Buy Transaction	84	6.0512 USD
Common	Buy Transaction	1,274	6.0513 USD
Common	Buy Transaction	1,162	6.0518 USD
Common	Buy Transaction	750	6.0522 USD
Common	Buy Transaction	2,085	6.0530 USD
Common	Buy Transaction	362	6.0549 USD
Common	Buy Transaction	985	6.0574 USD
Common	Buy Transaction	2,600	6.0588 USD
Common	Buy Transaction	199	6.0600 USD
Common	Buy Transaction	259	6.0619 USD
Common	Buy Transaction	2,961	6.0621 USD
Common	Buy Transaction	1,543	6.0628 USD
Common	Buy Transaction	4,299	6.0631 USD
Common	Buy Transaction	1,094	6.0631 USD
Common	Buy Transaction	180	6.0672 USD
Common	Buy Transaction	200	6.0675 USD
Common	Buy Transaction	740	6.0676 USD
Common	Buy Transaction	733	6.0680 USD
Common	Buy Transaction	2,056	6.0693 USD
Common	Buy Transaction	3,667	6.0700 USD
Common	Buy Transaction	992	6.0701 USD
Common	Buy Transaction	3,100	6.0706 USD
Common	Buy Transaction	600	6.0712 USD
Common	Buy Transaction	42,180	6.0721 USD
Common	Buy Transaction	9,132	6.0724 USD
Common	Buy Transaction	400	6.0725 USD
Common	Buy Transaction	3,494	6.0728 USD
Common	Buy Transaction	3,969	6.0737 USD
Common	Buy Transaction	1,735	6.0754 USD
Common	Buy Transaction	800	6.0762 USD
Common	Buy Transaction	28,824	6.0774 USD
Common	Buy Transaction	819	6.0778 USD
Common	Buy Transaction	1	6.0780 USD
Common	Buy Transaction	602	6.0791 USD
Common	Buy Transaction	2,552	6.0796 USD
Common	Buy Transaction	82	6.0796 USD
Common	Buy Transaction	636	6.0800 USD
Common	Buy Transaction	10,441	6.0810 USD
Common	Buy Transaction	189	6.0818 USD
Common	Buy Transaction	922	6.0825 USD
Common	Buy Transaction	6,786	6.0826 USD
Common	Buy Transaction	276	6.0843 USD
Common	Buy Transaction	1,814	6.0843 USD
Common	Buy Transaction	1,100	6.0850 USD
Common	Buy Transaction	20,890	6.0856 USD
Common	Buy Transaction	2,728	6.0857 USD
Common	Buy Transaction	1,900	6.0858 USD
Common	Buy Transaction	126	6.0859 USD
Common	Buy Transaction	628	6.0884 USD
Common	Buy Transaction	363	6.0886 USD
Common	Buy Transaction	18,526	6.0889 USD
Common	Buy Transaction	952	6.0900 USD
Common	Buy Transaction	27	6.0911 USD
Common	Buy Transaction	18,331	6.0919 USD
Common	Buy Transaction	3,515	6.0935 USD
Common	Buy Transaction	803	6.0944 USD
Common	Buy Transaction	3,156	6.0945 USD
Common	Buy Transaction	1,365	6.0949 USD
Common	Buy Transaction	1,556	6.0949 USD
Common	Buy Transaction	200	6.0950 USD
Common	Buy Transaction	15	6.0953 USD
Common	Buy Transaction	593	6.0954 USD
Common	Buy Transaction	157	6.0956 USD
Common	Buy Transaction	161	6.0957 USD
Common	Buy Transaction	110	6.0968 USD
Common	Buy Transaction	138	6.0975 USD
Common	Buy Transaction	2,267	6.1000 USD
Common	Buy Transaction	246	6.1001 USD
Common	Buy Transaction	20	6.1125 USD
Common	Buy Transaction	4,037	6.1154 USD
Common	Buy Transaction	1,200	6.1158 USD
Common	Buy Transaction	1	6.1172 USD
Common	Buy Transaction	15	6.1400 USD
Common	Buy Transaction	368	6.1424 USD
Common	Buy Transaction	85,818	6.1500 USD
Common	Buy Transaction	30	6.1510 USD
Common	Buy Transaction	9	6.1550 USD
Common	Buy Transaction	3,549	6.1550 USD
Common	Buy Transaction	451	6.1550 USD
Common	Buy Transaction	143	6.1600 USD
Common	Sell Transaction	1	5.9500 USD
Common	Sell Transaction	300	5.9550 USD
Common	Sell Transaction	100	5.9700 USD
Common	Sell Transaction	13	5.9800 USD
Common	Sell Transaction	44	5.9927 USD
Common	Sell Transaction	1	6.0000 USD
Common	Sell Transaction	150	6.0050 USD
Common	Sell Transaction	8,593	6.0100 USD
Common	Sell Transaction	277	6.0200 USD
Common	Sell Transaction	2,641	6.0245 USD
Common	Sell Transaction	1	6.0300 USD
Common	Sell Transaction	1,174	6.0385 USD
Common	Sell Transaction	137	6.0400 USD
Common	Sell Transaction	348	6.0402 USD
Common	Sell Transaction	27	6.0437 USD
Common	Sell Transaction	4,600	6.0450 USD
Common	Sell Transaction	5,835	6.0461 USD
Common	Sell Transaction	847	6.0461 USD
Common	Sell Transaction	6,692	6.0500 USD
Common	Sell Transaction	108	6.0506 USD
Common	Sell Transaction	300	6.0510 USD
Common	Sell Transaction	1,349	6.0521 USD
Common	Sell Transaction	118	6.0524 USD
Common	Sell Transaction	134	6.0525 USD
Common	Sell Transaction	7	6.0529 USD
Common	Sell Transaction	158	6.0534 USD
Common	Sell Transaction	97	6.0538 USD
Common	Sell Transaction	110	6.0550 USD
Common	Sell Transaction	3	6.0567 USD
Common	Sell Transaction	235	6.0570 USD
Common	Sell Transaction	115	6.0579 USD
Common	Sell Transaction	539	6.0589 USD
Common	Sell Transaction	1,000	6.0590 USD
Common	Sell Transaction	4,414	6.0599 USD
Common	Sell Transaction	525	6.0600 USD
Common	Sell Transaction	308	6.0603 USD
Common	Sell Transaction	3,074	6.0605 USD
Common	Sell Transaction	187	6.0620 USD
Common	Sell Transaction	800	6.0625 USD
Common	Sell Transaction	109	6.0646 USD
Common	Sell Transaction	210	6.0650 USD
Common	Sell Transaction	237	6.0650 USD
Common	Sell Transaction	29	6.0652 USD
Common	Sell Transaction	2,900	6.0655 USD
Common	Sell Transaction	39	6.0658 USD
Common	Sell Transaction	258	6.0669 USD
Common	Sell Transaction	82	6.0671 USD
Common	Sell Transaction	407	6.0673 USD
Common	Sell Transaction	17	6.0676 USD
Common	Sell Transaction	997	6.0683 USD
Common	Sell Transaction	1,498	6.0700 USD
Common	Sell Transaction	115	6.0704 USD
Common	Sell Transaction	1,139	6.0705 USD
Common	Sell Transaction	1,053	6.0706 USD
Common	Sell Transaction	167	6.0713 USD
Common	Sell Transaction	900	6.0733 USD
Common	Sell Transaction	428	6.0734 USD
Common	Sell Transaction	4,093	6.0738 USD
Common	Sell Transaction	27	6.0746 USD
Common	Sell Transaction	2,744	6.0748 USD
Common	Sell Transaction	300	6.0767 USD
Common	Sell Transaction	310	6.0768 USD
Common	Sell Transaction	400	6.0775 USD
Common	Sell Transaction	357	6.0780 USD
Common	Sell Transaction	8	6.0788 USD
Common	Sell Transaction	593	6.0788 USD
Common	Sell Transaction	200	6.0789 USD
Common	Sell Transaction	3,029	6.0800 USD
Common	Sell Transaction	4,290	6.0807 USD
Common	Sell Transaction	558	6.0813 USD
Common	Sell Transaction	1,473	6.0820 USD
Common	Sell Transaction	2,551	6.0847 USD
Common	Sell Transaction	434	6.0851 USD
Common	Sell Transaction	16	6.0888 USD
Common	Sell Transaction	632	6.0890 USD
Common	Sell Transaction	62	6.0890 USD
Common	Sell Transaction	9,822	6.0891 USD
Common	Sell Transaction	178	6.0891 USD
Common	Sell Transaction	46	6.0900 USD
Common	Sell Transaction	1,861	6.0924 USD
Common	Sell Transaction	3,800	6.0930 USD
Common	Sell Transaction	500	6.0970 USD
Common	Sell Transaction	0	6.0984 USD
Common	Sell Transaction	1,672	6.1000 USD
Common	Sell Transaction	2,569	6.1038 USD
Common	Sell Transaction	147	6.1092 USD
Common	Sell Transaction	4,111	6.1219 USD
Common	Sell Transaction	139	6.1291 USD
Common	Sell Transaction	1,100	6.1300 USD
Common	Sell Transaction	1,442	6.1319 USD
Common	Sell Transaction	1,030	6.1368 USD
Common	Sell Transaction	277	6.1400 USD
Common	Sell Transaction	6	6.1450 USD
Common	Sell Transaction	1,431	6.1472 USD
Common	Sell Transaction	3,776	6.1476 USD
Common	Sell Transaction	649	6.1492 USD
Common	Sell Transaction	70,584	6.1500 USD
Common	Sell Transaction	600	6.1550 USD
Common	Sell Transaction	840	6.1589 USD
Common	Sell Transaction	20	6.1600 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	200	8.0000 USD	American	2025-11-21	0.1400 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-04-17	0.3500 USD
Common	Put Option	Buy Transaction	100	4.0000 USD	American	2026-12-18	0.3500 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-04-17	0.6500 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-12-18	0.6800 USD
Common	Put Option	Sell Transaction	100	4.0000 USD	American	2026-04-17	0.1100 USD
Common	Call Option	Sell Transaction	100	8.0000 USD	American	2026-01-16	0.1700 USD
Common	Put Option	Sell Transaction	100	4.0000 USD	American	2026-07-17	0.2000 USD
Common	Call Option	Sell Transaction	100	9.0000 USD	American	2026-04-17	0.2000 USD
Common	Call Option	Sell Transaction	100	9.0000 USD	American	2026-04-17	0.2100 USD
Common	Call Option	Sell Transaction	100	9.0000 USD	American	2026-04-17	0.2200 USD
Common	Call Option	Sell Transaction	100	10.0000 USD	American	2026-07-17	0.2400 USD
Common	Call Option	Sell Transaction	1,000	7.0000 USD	American	2025-11-21	0.2800 USD
Common	Put Option	Sell Transaction	100	4.0000 USD	American	2026-12-18	0.2900 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-04-17	0.5900 USD
Common	Put Option	Sell Transaction	100	5.0000 USD	American	2026-12-18	0.5900 USD
Common	Put Option	Sell Transaction	100	5.0000 USD	American	2026-12-18	0.6300 USD
Common	Call Option	Sell Transaction	6,500	6.0000 USD	American	2026-01-16	0.8000 USD
Common	Call Option	Sell Transaction	25,300	6.0000 USD	American	2026-01-16	0.8500 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-04-17	0.9600 USD
Common	Call Option	Sell Transaction	1,800	5.0000 USD	American	2025-10-17	1.1500 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:	26 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	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	10,300	7.0 USD	American	18/12/2026
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	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	14,300	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,700	5.0 USD	American	17/07/2026
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	500	6.0 USD	American	21/11/2025
Common	Call Option	Purchased	50,200	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,900	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-800	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	38,100	10.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-500	7.0 USD	American	17/10/2025
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	174,600	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,700	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	9,600	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	200	8.0 USD	American	21/11/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	15,000	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Put Option	Purchased	-216,000	4.0 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	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	100	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	8.0 USD	American	16/01/2026
Common	Put Option	Sold	100	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-200	9.0 USD	American	17/04/2026
Common	Put Option	Sold	100	4.0 USD	American	17/04/2026
Common	Call Option	Sold	-160,300	7.0 USD	American	16/01/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-900	7.0 USD	American	21/11/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-508,800	7.0 USD	American	17/04/2026
Common	Call Option	Sold	-52,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Put Option	Sold	1,700	5.0 USD	American	17/10/2025
Common	Put Option	Sold	91,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026

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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