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Citadel Group

Major Shareholding Notification Oct 2, 2025

10454_rns_2025-10-02_d4267177-f7a9-4f36-8bfe-a09fdf189b7c.html

Major Shareholding Notification

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National Storage Mechanism | Additional information

RNS Number : 8514B

Citadel Group

02 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
1 October 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: 1,188,134 1.00 21,514 0.01
(2) Cash-settled derivatives: 0 0.00 0 0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: 428,000 0.36 1,038,500 0.87
TOTAL: 1,616,134 1.36 1,060,014 0.89

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 4 5.9050 USD
Common Buy Transaction 36,180 5.9100 USD
Common Buy Transaction 4,320 5.9195 USD
Common Buy Transaction 929 5.9200 USD
Common Buy Transaction 18,433 5.9212 USD
Common Buy Transaction 701 5.9223 USD
Common Buy Transaction 859 5.9251 USD
Common Buy Transaction 3,567 5.9286 USD
Common Buy Transaction 532 5.9294 USD
Common Buy Transaction 4,914 5.9300 USD
Common Buy Transaction 18 5.9317 USD
Common Buy Transaction 252 5.9342 USD
Common Buy Transaction 7,644 5.9347 USD
Common Buy Transaction 2,620 5.9374 USD
Common Buy Transaction 2 5.9400 USD
Common Buy Transaction 1,253 5.9411 USD
Common Buy Transaction 1,479 5.9425 USD
Common Buy Transaction 160 5.9426 USD
Common Buy Transaction 340 5.9429 USD
Common Buy Transaction 1,453 5.9432 USD
Common Buy Transaction 2,200 5.9445 USD
Common Buy Transaction 322 5.9449 USD
Common Buy Transaction 620 5.9450 USD
Common Buy Transaction 13,053 5.9452 USD
Common Buy Transaction 792 5.9452 USD
Common Buy Transaction 1,032 5.9460 USD
Common Buy Transaction 462 5.9461 USD
Common Buy Transaction 2,083 5.9480 USD
Common Buy Transaction 1,600 5.9481 USD
Common Buy Transaction 20 5.9485 USD
Common Buy Transaction 1,709 5.9495 USD
Common Buy Transaction 43 5.9498 USD
Common Buy Transaction 3,387 5.9500 USD
Common Buy Transaction 1,768 5.9503 USD
Common Buy Transaction 761 5.9503 USD
Common Buy Transaction 488 5.9506 USD
Common Buy Transaction 10 5.9512 USD
Common Buy Transaction 1,730 5.9532 USD
Common Buy Transaction 265 5.9554 USD
Common Buy Transaction 526 5.9554 USD
Common Buy Transaction 149 5.9559 USD
Common Buy Transaction 273 5.9563 USD
Common Buy Transaction 147 5.9567 USD
Common Buy Transaction 6,416 5.9576 USD
Common Buy Transaction 20,277 5.9579 USD
Common Buy Transaction 1,706 5.9579 USD
Common Buy Transaction 102 5.9592 USD
Common Buy Transaction 549 5.9600 USD
Common Buy Transaction 25,754 5.9615 USD
Common Buy Transaction 501 5.9644 USD
Common Buy Transaction 203 5.9649 USD
Common Buy Transaction 40 5.9650 USD
Common Buy Transaction 18 5.9700 USD
Common Buy Transaction 15 5.9707 USD
Common Buy Transaction 486 5.9749 USD
Common Buy Transaction 30 5.9773 USD
Common Buy Transaction 1,110 5.9782 USD
Common Buy Transaction 21 5.9800 USD
Common Buy Transaction 2,000 5.9801 USD
Common Buy Transaction 305 5.9809 USD
Common Buy Transaction 6,875 5.9886 USD
Common Buy Transaction 8,054 5.9900 USD
Common Buy Transaction 4,900 5.9901 USD
Common Buy Transaction 541 5.9933 USD
Common Buy Transaction 2,132 5.9967 USD
Common Buy Transaction 31 6.0094 USD
Common Buy Transaction 355 6.0145 USD
Common Buy Transaction 1,362 6.0407 USD
Common Buy Transaction 21 6.0414 USD
Common Buy Transaction 100 6.0500 USD
Common Sell Transaction 797 5.9000 USD
Common Sell Transaction 49,833 5.9100 USD
Common Sell Transaction 23 5.9165 USD
Common Sell Transaction 1,102 5.9200 USD
Common Sell Transaction 3,302 5.9300 USD
Common Sell Transaction 22 5.9391 USD
Common Sell Transaction 11,849 5.9400 USD
Common Sell Transaction 1,304 5.9415 USD
Common Sell Transaction 2,688 5.9419 USD
Common Sell Transaction 9,894 5.9427 USD
Common Sell Transaction 200 5.9450 USD
Common Sell Transaction 67 5.9475 USD
Common Sell Transaction 897 5.9477 USD
Common Sell Transaction 2,908 5.9491 USD
Common Sell Transaction 2,557 5.9500 USD
Common Sell Transaction 1,743 5.9505 USD
Common Sell Transaction 42,105 5.9506 USD
Common Sell Transaction 1,481 5.9515 USD
Common Sell Transaction 5,457 5.9531 USD
Common Sell Transaction 599 5.9535 USD
Common Sell Transaction 3,017 5.9551 USD
Common Sell Transaction 335 5.9555 USD
Common Sell Transaction 421 5.9557 USD
Common Sell Transaction 1,622 5.9560 USD
Common Sell Transaction 723 5.9572 USD
Common Sell Transaction 106 5.9582 USD
Common Sell Transaction 20 5.9590 USD
Common Sell Transaction 602 5.9591 USD
Common Sell Transaction 110 5.9600 USD
Common Sell Transaction 1,178 5.9610 USD
Common Sell Transaction 349 5.9615 USD
Common Sell Transaction 873 5.9620 USD
Common Sell Transaction 286 5.9626 USD
Common Sell Transaction 538 5.9632 USD
Common Sell Transaction 900 5.9633 USD
Common Sell Transaction 19 5.9642 USD
Common Sell Transaction 20 5.9650 USD
Common Sell Transaction 604 5.9658 USD
Common Sell Transaction 1,349 5.9664 USD
Common Sell Transaction 32,051 5.9665 USD
Common Sell Transaction 3,432 5.9667 USD
Common Sell Transaction 133 5.9674 USD
Common Sell Transaction 9,418 5.9680 USD
Common Sell Transaction 6,123 5.9700 USD
Common Sell Transaction 1,847 5.9701 USD
Common Sell Transaction 418 5.9739 USD
Common Sell Transaction 1,560 5.9740 USD
Common Sell Transaction 264 5.9748 USD
Common Sell Transaction 1,900 5.9750 USD
Common Sell Transaction 1,037 5.9751 USD
Common Sell Transaction 69 5.9755 USD
Common Sell Transaction 399 5.9774 USD
Common Sell Transaction 2,041 5.9800 USD
Common Sell Transaction 1,689 5.9805 USD
Common Sell Transaction 163 5.9850 USD
Common Sell Transaction 1,218 5.9868 USD
Common Sell Transaction 772 5.9875 USD
Common Sell Transaction 27 5.9889 USD
Common Sell Transaction 7,150 5.9895 USD
Common Sell Transaction 749 5.9895 USD
Common Sell Transaction 6 5.9900 USD
Common Sell Transaction 47 5.9911 USD
Common Sell Transaction 106 5.9938 USD
Common Sell Transaction 312 5.9956 USD
Common Sell Transaction 660 6.0000 USD
Common Sell Transaction 54 6.0006 USD
Common Sell Transaction 180 6.0011 USD
Common Sell Transaction 646 6.0081 USD
Common Sell Transaction 13 6.0100 USD
Common Sell Transaction 38 6.0300 USD
Common Sell Transaction 1,100 6.0400 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 3.0000 USD American 2026-04-17 0.1200 USD
Common Put Option Buy Transaction 700 4.0000 USD American 2026-04-17 0.1700 USD
Common Call Option Buy Transaction 100 10.0000 USD American 2026-04-17 0.1700 USD
Common Call Option Buy Transaction 100 10.0000 USD American 2026-04-17 0.2000 USD
Common Put Option Buy Transaction 200 5.0000 USD American 2026-01-16 0.2600 USD
Common Put Option Buy Transaction 700 5.0000 USD American 2026-01-16 0.2700 USD
Common Call Option Buy Transaction 100 9.0000 USD American 2026-04-17 0.2800 USD
Common Call Option Buy Transaction 200 7.0000 USD American 2026-01-16 0.3900 USD
Common Put Option Buy Transaction 100 5.0000 USD American 2026-04-17 0.4000 USD
Common Call Option Buy Transaction 100 8.0000 USD American 2026-04-17 0.4000 USD
Common Put Option Buy Transaction 600 5.0000 USD American 2026-04-17 0.4100 USD
Common Put Option Buy Transaction 300 5.0000 USD American 2026-04-17 0.4200 USD
Common Call Option Buy Transaction 200 6.0000 USD American 2025-11-21 0.5300 USD
Common Call Option Buy Transaction 100 7.0000 USD American 2026-04-17 0.6100 USD
Common Call Option Buy Transaction 200 6.0000 USD American 2026-01-16 0.7400 USD
Common Call Option Buy Transaction 100 5.0000 USD American 2026-01-16 1.2900 USD
Common Call Option Sell Transaction 200 10.0000 USD American 2026-04-17 0.1200 USD
Common Put Option Sell Transaction 1,300 4.0000 USD American 2026-04-17 0.1300 USD
Common Call Option Sell Transaction 100 10.0000 USD American 2026-04-17 0.1400 USD
Common Call Option Sell Transaction 100 8.0000 USD American 2026-01-16 0.1700 USD
Common Call Option Sell Transaction 100 7.0000 USD American 2025-11-21 0.1800 USD
Common Call Option Sell Transaction 100 9.0000 USD American 2026-04-17 0.2100 USD
Common Call Option Sell Transaction 100 6.0000 USD American 2025-10-17 0.2200 USD
Common Put Option Sell Transaction 800 5.0000 USD American 2026-01-16 0.2300 USD
Common Put Option Sell Transaction 100 5.0000 USD American 2026-01-16 0.2700 USD
Common Call Option Sell Transaction 100 7.0000 USD American 2026-01-16 0.3200 USD
Common Call Option Sell Transaction 200 8.0000 USD American 2026-04-17 0.3200 USD
Common Call Option Sell Transaction 200 8.0000 USD American 2026-04-17 0.3500 USD
Common Put Option Sell Transaction 600 5.0000 USD American 2026-04-17 0.3800 USD
Common Put Option Sell Transaction 100 5.0000 USD American 2026-04-17 0.4000 USD
Common Put Option Sell Transaction 400 5.0000 USD American 2026-04-17 0.4100 USD
Common Call Option Sell Transaction 100 6.0000 USD American 2025-11-21 0.4600 USD
Common Call Option Sell Transaction 100 7.0000 USD American 2026-04-17 0.5200 USD
Common Call Option Sell Transaction 200 6.0000 USD American 2025-11-21 0.5500 USD
Common Call Option Sell Transaction 100 6.0000 USD American 2026-01-16 0.6800 USD
Common Call Option Sell Transaction 100 6.0000 USD American 2026-04-17 0.8900 USD
Common Call Option Sell Transaction 100 5.0000 USD American 2026-01-16 1.2300 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: 2 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 300 3.0 USD American 17/10/2025
Common Call Option Purchased 49,800 6.0 USD American 17/10/2025
Common Call Option Purchased 38,100 10.0 USD American 17/07/2026
Common Call Option Purchased 176,200 5.0 USD American 17/10/2025
Common Call Option Purchased 100 6.0 USD American 21/11/2025
Common Put Option Purchased -10,800 5.0 USD American 17/04/2026
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 Put Option Purchased -8,200 6.0 USD American 16/01/2026
Common Call Option Purchased 10,800 6.0 USD American 16/01/2026
Common Put Option Purchased -700 7.0 USD American 17/10/2025
Common Put Option Purchased -2,700 5.0 USD American 17/07/2026
Common Call Option Purchased 15,700 4.0 USD American 17/10/2025
Common Call Option Purchased 200 11.0 USD American 17/04/2026
Common Put Option Purchased -600 3.0 USD American 17/04/2026
Common Call Option Purchased 14,900 6.0 USD American 17/04/2026
Common Call Option Purchased 9,500 7.0 USD American 17/10/2025
Common Call Option Purchased 6,000 7.0 USD American 18/12/2026
Common Call Option Purchased 2,600 5.0 USD American 17/04/2026
Common Put Option Purchased -500 3.0 USD American 18/12/2026
Common Put Option Purchased -200 7.0 USD American 16/01/2026
Common Put Option Purchased -2,200 7.0 USD American 17/07/2026
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 2,700 7.0 USD American 17/07/2026
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 300 2.0 USD American 17/10/2025
Common Call Option Sold -1,200 7.0 USD American 21/11/2025
Common Call Option Sold -200 8.0 USD American 16/01/2026
Common Put Option Sold 600 6.0 USD American 21/11/2025
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 Put Option Sold 100 4.0 USD American 17/07/2026
Common Call Option Sold -52,500 5.0 USD American 16/01/2026
Common Put Option Sold 700 4.0 USD American 17/04/2026
Common Call Option Sold -39,400 5.0 USD American 17/07/2026
Common Call Option Sold -300 8.0 USD American 17/04/2026
Common Put Option Sold 100 5.0 USD American 18/12/2026
Common Put Option Sold 1,700 5.0 USD American 17/10/2025
Common Call Option Sold -100 9.0 USD American 17/04/2026
Common Call Option Sold -400 5.0 USD American 18/12/2026
Common Put Option Sold 91,700 5.0 USD American 16/01/2026
Common Call Option Sold -200 10.0 USD American 17/04/2026
Common Put Option Sold 200 6.0 USD American 17/10/2025
Common Call Option Sold -6,200 12.0 USD American 16/01/2026
Common Put Option Sold 600 3.0 USD American 17/10/2025
Common Call Option Sold -153,800 7.0 USD American 16/01/2026
Common Call Option Sold -508,800 7.0 USD American 17/04/2026
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 -1,400 4.0 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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