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Citadel Group
Major Shareholding Notification • Sep 29, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 2605B
Citadel Group
29 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 |
26 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: | 1,203,754 | 1.01 | 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: | 433,000 | 0.36 | 1,042,800 | 0.87 |
| TOTAL: | 1,636,754 | 1.37 | 1,113,957 | 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 | 9 | 6.1200 USD |
| Common | Buy Transaction | 18 | 6.1233 USD |
| Common | Buy Transaction | 252 | 6.1256 USD |
| Common | Buy Transaction | 6,821 | 6.1300 USD |
| Common | Buy Transaction | 1 | 6.1322 USD |
| Common | Buy Transaction | 24 | 6.1325 USD |
| Common | Buy Transaction | 27 | 6.1339 USD |
| Common | Buy Transaction | 95 | 6.1379 USD |
| Common | Buy Transaction | 744 | 6.1385 USD |
| Common | Buy Transaction | 200 | 6.1400 USD |
| Common | Buy Transaction | 300 | 6.1433 USD |
| Common | Buy Transaction | 80 | 6.1450 USD |
| Common | Buy Transaction | 315 | 6.1478 USD |
| Common | Buy Transaction | 61 | 6.1487 USD |
| Common | Buy Transaction | 1,690 | 6.1500 USD |
| Common | Buy Transaction | 16,100 | 6.1536 USD |
| Common | Buy Transaction | 133 | 6.1549 USD |
| Common | Buy Transaction | 208 | 6.1600 USD |
| Common | Buy Transaction | 203 | 6.1612 USD |
| Common | Buy Transaction | 1,351 | 6.1624 USD |
| Common | Buy Transaction | 779 | 6.1628 USD |
| Common | Buy Transaction | 20,000 | 6.1648 USD |
| Common | Buy Transaction | 1 | 6.1656 USD |
| Common | Buy Transaction | 280 | 6.1658 USD |
| Common | Buy Transaction | 2,366 | 6.1667 USD |
| Common | Buy Transaction | 3,748 | 6.1680 USD |
| Common | Buy Transaction | 218 | 6.1689 USD |
| Common | Buy Transaction | 2,335 | 6.1695 USD |
| Common | Buy Transaction | 609 | 6.1697 USD |
| Common | Buy Transaction | 1,124 | 6.1700 USD |
| Common | Buy Transaction | 6,311 | 6.1701 USD |
| Common | Buy Transaction | 1,106 | 6.1705 USD |
| Common | Buy Transaction | 104 | 6.1750 USD |
| Common | Buy Transaction | 2,573 | 6.1774 USD |
| Common | Buy Transaction | 603 | 6.1794 USD |
| Common | Buy Transaction | 10,986 | 6.1800 USD |
| Common | Buy Transaction | 200 | 6.1811 USD |
| Common | Buy Transaction | 408 | 6.1826 USD |
| Common | Buy Transaction | 507 | 6.1833 USD |
| Common | Buy Transaction | 948 | 6.1837 USD |
| Common | Buy Transaction | 50 | 6.1850 USD |
| Common | Buy Transaction | 482 | 6.1860 USD |
| Common | Buy Transaction | 4,796 | 6.1861 USD |
| Common | Buy Transaction | 509 | 6.1862 USD |
| Common | Buy Transaction | 2,138 | 6.1864 USD |
| Common | Buy Transaction | 722 | 6.1872 USD |
| Common | Buy Transaction | 1,058 | 6.1876 USD |
| Common | Buy Transaction | 657 | 6.1896 USD |
| Common | Buy Transaction | 2,207 | 6.1900 USD |
| Common | Buy Transaction | 7,311 | 6.1900 USD |
| Common | Buy Transaction | 4,801 | 6.1901 USD |
| Common | Buy Transaction | 39 | 6.1905 USD |
| Common | Buy Transaction | 399 | 6.1918 USD |
| Common | Buy Transaction | 341 | 6.1921 USD |
| Common | Buy Transaction | 500 | 6.1950 USD |
| Common | Buy Transaction | 1,802 | 6.1950 USD |
| Common | Buy Transaction | 74 | 6.1999 USD |
| Common | Buy Transaction | 241 | 6.2000 USD |
| Common | Buy Transaction | 3,027 | 6.2006 USD |
| Common | Buy Transaction | 3,000 | 6.2050 USD |
| Common | Sell Transaction | 40 | 6.1100 USD |
| Common | Sell Transaction | 823 | 6.1160 USD |
| Common | Sell Transaction | 696 | 6.1179 USD |
| Common | Sell Transaction | 153 | 6.1200 USD |
| Common | Sell Transaction | 183 | 6.1300 USD |
| Common | Sell Transaction | 200 | 6.1350 USD |
| Common | Sell Transaction | 5,283 | 6.1400 USD |
| Common | Sell Transaction | 664 | 6.1414 USD |
| Common | Sell Transaction | 2,100 | 6.1414 USD |
| Common | Sell Transaction | 218 | 6.1415 USD |
| Common | Sell Transaction | 200 | 6.1425 USD |
| Common | Sell Transaction | 1,462 | 6.1427 USD |
| Common | Sell Transaction | 1,591 | 6.1441 USD |
| Common | Sell Transaction | 300 | 6.1450 USD |
| Common | Sell Transaction | 558 | 6.1461 USD |
| Common | Sell Transaction | 478 | 6.1489 USD |
| Common | Sell Transaction | 464 | 6.1490 USD |
| Common | Sell Transaction | 936 | 6.1500 USD |
| Common | Sell Transaction | 1,153 | 6.1506 USD |
| Common | Sell Transaction | 3 | 6.1533 USD |
| Common | Sell Transaction | 2 | 6.1538 USD |
| Common | Sell Transaction | 10 | 6.1550 USD |
| Common | Sell Transaction | 904 | 6.1558 USD |
| Common | Sell Transaction | 7,210 | 6.1574 USD |
| Common | Sell Transaction | 386 | 6.1589 USD |
| Common | Sell Transaction | 116 | 6.1600 USD |
| Common | Sell Transaction | 113 | 6.1623 USD |
| Common | Sell Transaction | 259 | 6.1630 USD |
| Common | Sell Transaction | 342 | 6.1644 USD |
| Common | Sell Transaction | 10 | 6.1650 USD |
| Common | Sell Transaction | 149 | 6.1666 USD |
| Common | Sell Transaction | 30 | 6.1667 USD |
| Common | Sell Transaction | 217 | 6.1676 USD |
| Common | Sell Transaction | 1,490 | 6.1679 USD |
| Common | Sell Transaction | 125 | 6.1688 USD |
| Common | Sell Transaction | 476 | 6.1689 USD |
| Common | Sell Transaction | 20 | 6.1700 USD |
| Common | Sell Transaction | 33 | 6.1702 USD |
| Common | Sell Transaction | 113 | 6.1710 USD |
| Common | Sell Transaction | 1,362 | 6.1719 USD |
| Common | Sell Transaction | 806 | 6.1725 USD |
| Common | Sell Transaction | 714 | 6.1728 USD |
| Common | Sell Transaction | 6,221 | 6.1737 USD |
| Common | Sell Transaction | 2,541 | 6.1738 USD |
| Common | Sell Transaction | 2,740 | 6.1738 USD |
| Common | Sell Transaction | 16,000 | 6.1753 USD |
| Common | Sell Transaction | 715 | 6.1754 USD |
| Common | Sell Transaction | 941 | 6.1766 USD |
| Common | Sell Transaction | 18 | 6.1772 USD |
| Common | Sell Transaction | 189 | 6.1772 USD |
| Common | Sell Transaction | 25 | 6.1784 USD |
| Common | Sell Transaction | 635 | 6.1789 USD |
| Common | Sell Transaction | 9,092 | 6.1800 USD |
| Common | Sell Transaction | 81 | 6.1812 USD |
| Common | Sell Transaction | 459 | 6.1813 USD |
| Common | Sell Transaction | 499 | 6.1817 USD |
| Common | Sell Transaction | 520 | 6.1842 USD |
| Common | Sell Transaction | 4,850 | 6.1850 USD |
| Common | Sell Transaction | 1,916 | 6.1865 USD |
| Common | Sell Transaction | 117 | 6.1876 USD |
| Common | Sell Transaction | 61 | 6.1880 USD |
| Common | Sell Transaction | 39 | 6.1882 USD |
| Common | Sell Transaction | 458 | 6.1888 USD |
| Common | Sell Transaction | 11 | 6.1891 USD |
| Common | Sell Transaction | 17 | 6.1894 USD |
| Common | Sell Transaction | 8,596 | 6.1895 USD |
| Common | Sell Transaction | 11,622 | 6.1896 USD |
| Common | Sell Transaction | 925 | 6.1900 USD |
| Common | Sell Transaction | 161 | 6.1904 USD |
| Common | Sell Transaction | 869 | 6.1913 USD |
| Common | Sell Transaction | 500 | 6.1940 USD |
| Common | Sell Transaction | 2,933 | 6.1952 USD |
| Common | Sell Transaction | 302 | 6.1952 USD |
| Common | Sell Transaction | 2,721 | 6.1971 USD |
| Common | Sell Transaction | 1,540 | 6.1982 USD |
| Common | Sell Transaction | 166 | 6.1991 USD |
| Common | Sell Transaction | 874 | 6.1998 USD |
| Common | Sell Transaction | 11,683 | 6.2000 USD |
| Common | Sell Transaction | 1,103 | 6.2007 USD |
| Common | Sell Transaction | 594 | 6.2100 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 | 2026-01-16 | 0.4700 USD |
| Common | Call Option | Sell Transaction | 100 | 7.0000 USD | American | 2025-10-17 | 0.0900 USD |
| Common | Call Option | Sell Transaction | 100 | 10.0000 USD | American | 2026-04-17 | 0.1400 USD |
| Common | Call Option | Sell Transaction | 200 | 6.0000 USD | American | 2025-10-17 | 0.4100 USD |
| Common | Call Option | Sell Transaction | 100 | 7.0000 USD | American | 2026-01-16 | 0.4400 USD |
| Common | Call Option | Sell Transaction | 600 | 6.0000 USD | American | 2025-11-21 | 0.6600 USD |
| Common | Call Option | Sell Transaction | 100 | 6.0000 USD | American | 2026-01-16 | 0.8500 USD |
| Common | Call Option | Sell Transaction | 100 | 5.0000 USD | American | 2025-10-17 | 1.2100 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: | 29 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 | -10,900 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 9,500 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -200 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 800 | 3.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -17,200 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 15,000 | 6.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 200 | 11.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 10,300 | 7.0 USD | American | 18/12/2026 |
| Common | Call Option | Purchased | 14,200 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -500 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 200 | 8.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 50,000 | 6.0 USD | American | 17/10/2025 |
| 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 | 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 | 38,100 | 10.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 174,500 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -216,000 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -2,700 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -500 | 3.0 USD | American | 18/12/2026 |
| Common | Call Option | Purchased | 2,700 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 15,700 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 1,000 | 8.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -800 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -900 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 9.0 USD | American | 17/04/2026 |
| Common | Put Option | Sold | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Put Option | Sold | 1,700 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| 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 | Put Option | Sold | 100 | 5.0 USD | American | 18/12/2026 |
| Common | Call Option | Sold | -900 | 7.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -100 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -12,500 | 15.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -39,400 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 100 | 4.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -100 | 10.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -52,500 | 5.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 100 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -400 | 5.0 USD | American | 18/12/2026 |
| Common | Call Option | Sold | -6,200 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -160,300 | 7.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 91,700 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 8.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 200 | 6.0 USD | American | 17/10/2025 |
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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