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Citadel Group
Major Shareholding Notification • Oct 1, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 6685B
Citadel Group
01 October 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 |
30 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: | 1,238,616 | 1.04 | 47,478 | 0.04 |
| (2) Cash-settled derivatives: | 0 | 0.00 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 427,600 | 0.36 | 1,038,000 | 0.87 |
| TOTAL: | 1,666,216 | 1.40 | 1,085,478 | 0.91 |
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 | 727 | 5.9400 USD |
| Common | Buy Transaction | 250 | 5.9450 USD |
| Common | Buy Transaction | 101 | 5.9500 USD |
| Common | Buy Transaction | 1,025 | 5.9510 USD |
| Common | Buy Transaction | 50 | 5.9510 USD |
| Common | Buy Transaction | 200 | 5.9550 USD |
| Common | Buy Transaction | 254 | 5.9579 USD |
| Common | Buy Transaction | 105 | 5.9595 USD |
| Common | Buy Transaction | 1,475 | 5.9600 USD |
| Common | Buy Transaction | 2,539 | 5.9617 USD |
| Common | Buy Transaction | 1,824 | 5.9637 USD |
| Common | Buy Transaction | 16 | 5.9675 USD |
| Common | Buy Transaction | 245 | 5.9693 USD |
| Common | Buy Transaction | 31 | 5.9700 USD |
| Common | Buy Transaction | 27 | 5.9707 USD |
| Common | Buy Transaction | 2,512 | 5.9795 USD |
| Common | Buy Transaction | 363 | 5.9800 USD |
| Common | Buy Transaction | 1,918 | 5.9803 USD |
| Common | Buy Transaction | 2,413 | 5.9848 USD |
| Common | Buy Transaction | 100 | 5.9850 USD |
| Common | Buy Transaction | 7,206 | 5.9852 USD |
| Common | Buy Transaction | 686 | 5.9855 USD |
| Common | Buy Transaction | 696 | 5.9900 USD |
| Common | Buy Transaction | 1,517 | 5.9921 USD |
| Common | Buy Transaction | 13,338 | 5.9929 USD |
| Common | Buy Transaction | 15,937 | 5.9929 USD |
| Common | Buy Transaction | 2,838 | 5.9943 USD |
| Common | Buy Transaction | 250 | 5.9950 USD |
| Common | Buy Transaction | 1,514 | 5.9954 USD |
| Common | Buy Transaction | 4,038 | 5.9959 USD |
| Common | Buy Transaction | 120 | 5.9966 USD |
| Common | Buy Transaction | 982 | 5.9997 USD |
| Common | Buy Transaction | 2,138 | 5.9999 USD |
| Common | Buy Transaction | 1,646 | 6.0000 USD |
| Common | Buy Transaction | 830 | 6.0016 USD |
| Common | Buy Transaction | 1,339 | 6.0029 USD |
| Common | Buy Transaction | 8,670 | 6.0036 USD |
| Common | Buy Transaction | 1,119 | 6.0054 USD |
| Common | Buy Transaction | 102 | 6.0054 USD |
| Common | Buy Transaction | 1,079 | 6.0066 USD |
| Common | Buy Transaction | 488 | 6.0069 USD |
| Common | Buy Transaction | 2 | 6.0075 USD |
| Common | Buy Transaction | 146 | 6.0080 USD |
| Common | Buy Transaction | 600 | 6.0083 USD |
| Common | Buy Transaction | 484 | 6.0096 USD |
| Common | Buy Transaction | 25,747 | 6.0100 USD |
| Common | Buy Transaction | 875 | 6.0109 USD |
| Common | Buy Transaction | 518 | 6.0109 USD |
| Common | Buy Transaction | 178 | 6.0128 USD |
| Common | Buy Transaction | 2 | 6.0129 USD |
| Common | Buy Transaction | 497 | 6.0148 USD |
| Common | Buy Transaction | 2 | 6.0150 USD |
| Common | Buy Transaction | 89 | 6.0158 USD |
| Common | Buy Transaction | 5,214 | 6.0175 USD |
| Common | Buy Transaction | 320 | 6.0175 USD |
| Common | Buy Transaction | 43 | 6.0198 USD |
| Common | Buy Transaction | 2,772 | 6.0200 USD |
| Common | Buy Transaction | 1 | 6.0249 USD |
| Common | Buy Transaction | 136 | 6.0257 USD |
| Common | Buy Transaction | 1,175 | 6.0300 USD |
| Common | Buy Transaction | 518 | 6.0309 USD |
| Common | Buy Transaction | 5,000 | 6.0350 USD |
| Common | Buy Transaction | 6 | 6.0400 USD |
| Common | Buy Transaction | 20,600 | 6.0492 USD |
| Common | Buy Transaction | 168 | 6.0600 USD |
| Common | Buy Transaction | 172 | 6.0630 USD |
| Common | Buy Transaction | 1,300 | 6.0646 USD |
| Common | Buy Transaction | 195 | 6.0700 USD |
| Common | Buy Transaction | 20 | 6.0750 USD |
| Common | Buy Transaction | 50 | 6.0900 USD |
| Common | Sell Transaction | 5,361 | 5.9400 USD |
| Common | Sell Transaction | 449 | 5.9424 USD |
| Common | Sell Transaction | 108 | 5.9450 USD |
| Common | Sell Transaction | 459 | 5.9487 USD |
| Common | Sell Transaction | 10 | 5.9490 USD |
| Common | Sell Transaction | 810 | 5.9492 USD |
| Common | Sell Transaction | 1,609 | 5.9500 USD |
| Common | Sell Transaction | 10 | 5.9550 USD |
| Common | Sell Transaction | 5,020 | 5.9554 USD |
| Common | Sell Transaction | 1 | 5.9569 USD |
| Common | Sell Transaction | 336 | 5.9589 USD |
| Common | Sell Transaction | 652 | 5.9597 USD |
| Common | Sell Transaction | 702 | 5.9600 USD |
| Common | Sell Transaction | 1,461 | 5.9621 USD |
| Common | Sell Transaction | 46 | 5.9624 USD |
| Common | Sell Transaction | 700 | 5.9700 USD |
| Common | Sell Transaction | 409 | 5.9701 USD |
| Common | Sell Transaction | 13,132 | 5.9716 USD |
| Common | Sell Transaction | 62 | 5.9723 USD |
| Common | Sell Transaction | 474 | 5.9727 USD |
| Common | Sell Transaction | 2,600 | 5.9740 USD |
| Common | Sell Transaction | 101 | 5.9750 USD |
| Common | Sell Transaction | 230 | 5.9752 USD |
| Common | Sell Transaction | 4,241 | 5.9788 USD |
| Common | Sell Transaction | 14,682 | 5.9800 USD |
| Common | Sell Transaction | 300 | 5.9810 USD |
| Common | Sell Transaction | 1,028 | 5.9829 USD |
| Common | Sell Transaction | 541 | 5.9837 USD |
| Common | Sell Transaction | 714 | 5.9839 USD |
| Common | Sell Transaction | 202 | 5.9850 USD |
| Common | Sell Transaction | 1,058 | 5.9850 USD |
| Common | Sell Transaction | 55 | 5.9851 USD |
| Common | Sell Transaction | 7,232 | 5.9859 USD |
| Common | Sell Transaction | 12,699 | 5.9860 USD |
| Common | Sell Transaction | 662 | 5.9884 USD |
| Common | Sell Transaction | 44 | 5.9886 USD |
| Common | Sell Transaction | 300 | 5.9888 USD |
| Common | Sell Transaction | 236 | 5.9891 USD |
| Common | Sell Transaction | 3,408 | 5.9898 USD |
| Common | Sell Transaction | 15,000 | 5.9900 USD |
| Common | Sell Transaction | 180 | 5.9904 USD |
| Common | Sell Transaction | 500 | 5.9920 USD |
| Common | Sell Transaction | 2,089 | 5.9928 USD |
| Common | Sell Transaction | 5,244 | 5.9946 USD |
| Common | Sell Transaction | 508 | 5.9950 USD |
| Common | Sell Transaction | 2,400 | 5.9967 USD |
| Common | Sell Transaction | 6,204 | 6.0000 USD |
| Common | Sell Transaction | 2,510 | 6.0033 USD |
| Common | Sell Transaction | 70 | 6.0050 USD |
| Common | Sell Transaction | 600 | 6.0067 USD |
| Common | Sell Transaction | 91 | 6.0079 USD |
| Common | Sell Transaction | 663 | 6.0090 USD |
| Common | Sell Transaction | 26,634 | 6.0100 USD |
| Common | Sell Transaction | 3,100 | 6.0108 USD |
| Common | Sell Transaction | 301 | 6.0115 USD |
| Common | Sell Transaction | 1,023 | 6.0123 USD |
| Common | Sell Transaction | 502 | 6.0141 USD |
| Common | Sell Transaction | 440 | 6.0152 USD |
| Common | Sell Transaction | 9 | 6.0167 USD |
| Common | Sell Transaction | 42 | 6.0188 USD |
| Common | Sell Transaction | 4,612 | 6.0200 USD |
| Common | Sell Transaction | 4,702 | 6.0205 USD |
| Common | Sell Transaction | 295 | 6.0232 USD |
| Common | Sell Transaction | 117 | 6.0296 USD |
| Common | Sell Transaction | 2,155 | 6.0300 USD |
| Common | Sell Transaction | 310 | 6.0305 USD |
| Common | Sell Transaction | 1,130 | 6.0341 USD |
| Common | Sell Transaction | 1,930 | 6.0350 USD |
| Common | Sell Transaction | 344 | 6.0354 USD |
| Common | Sell Transaction | 8 | 6.0400 USD |
| Common | Sell Transaction | 13,200 | 6.0591 USD |
| Common | Sell Transaction | 200 | 6.0600 USD |
| Common | Sell Transaction | 100 | 6.0700 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 | Put Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-11-21 | 0.1600 USD |
| Common | Call Option | Buy Transaction | 200 | 9.0000 USD | American | 2026-04-17 | 0.3000 USD |
| Common | Call Option | Buy Transaction | 100 | 10.0000 USD | American | 2026-07-17 | 0.3100 USD |
| Common | Call Option | Buy Transaction | 6,400 | 7.0000 USD | American | 2026-01-16 | 0.3600 USD |
| Common | Put Option | Buy Transaction | 100 | 7.0000 USD | American | 2025-10-17 | 1.1000 USD |
| Common | Put Option | Sell Transaction | 100 | 5.0000 USD | American | 2025-11-21 | 0.1000 USD |
| Common | Call Option | Sell Transaction | 100 | 10.0000 USD | American | 2026-07-17 | 0.2200 USD |
| Common | Call Option | Sell Transaction | 100 | 6.0000 USD | American | 2025-10-17 | 0.2500 USD |
| Common | Call Option | Sell Transaction | 100 | 6.0000 USD | American | 2025-11-21 | 0.4600 USD |
| Common | Put Option | Sell Transaction | 100 | 6.0000 USD | American | 2025-11-21 | 0.4700 USD |
| Common | Call Option | Sell Transaction | 100 | 6.0000 USD | American | 2025-11-21 | 0.5100 USD |
| Common | Call Option | Sell Transaction | 2,000 | 6.0000 USD | American | 2026-01-16 | 0.7000 USD |
| Common | Call Option | Sell Transaction | 4,300 | 7.0000 USD | American | 2026-12-18 | 1.0000 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: | 1 October 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 | 38,100 | 10.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -2,200 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 0 | 8.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 15,700 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 1,000 | 8.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -8,200 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -700 | 7.0 USD | American | 17/10/2025 |
| 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 | Put Option | Purchased | -200 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 200 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 200 | 8.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 2,600 | 5.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -10,900 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 2,700 | 7.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -17,200 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 9,500 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 300 | 3.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -2,700 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 176,200 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -500 | 3.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 10,700 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 6,000 | 7.0 USD | American | 18/12/2026 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 49,900 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 3,100 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -216,000 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 800 | 3.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -500 | 3.0 USD | American | 18/12/2026 |
| Common | Put Option | Sold | 91,700 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Put Option | Sold | 100 | 5.0 USD | American | 18/12/2026 |
| Common | Put Option | Sold | 100 | 4.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -153,900 | 7.0 USD | American | 16/01/2026 |
| 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 |
| Common | Call Option | Sold | -508,800 | 7.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -100 | 8.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 100 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -52,500 | 5.0 USD | American | 16/01/2026 |
| 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 | Put Option | Sold | 600 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -100 | 10.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -39,400 | 5.0 USD | American | 17/07/2026 |
| 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 | Call Option | Sold | -100 | 9.0 USD | American | 17/04/2026 |
| Common | Put Option | Sold | 200 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -1,100 | 7.0 USD | American | 21/11/2025 |
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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