Citadel Group

Major Shareholding Notification • Oct 3, 2025

National Storage Mechanism | Additional information

RNS Number : 0153C

Citadel Group

03 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	2 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:	1,193,937	1.00	30	0.00
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	428,400	0.36	1,040,800	0.87
TOTAL:	1,622,337	1.36	1,040,830	0.87

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	7	5.9100 USD
Common	Buy Transaction	216	5.9600 USD
Common	Buy Transaction	1,819	5.9747 USD
Common	Buy Transaction	3,029	5.9803 USD
Common	Buy Transaction	2,800	5.9989 USD
Common	Buy Transaction	23,563	6.0000 USD
Common	Buy Transaction	1,546	6.0103 USD
Common	Buy Transaction	1,127	6.0204 USD
Common	Buy Transaction	283	6.0295 USD
Common	Buy Transaction	2,312	6.0383 USD
Common	Buy Transaction	2,551	6.0400 USD
Common	Buy Transaction	12,210	6.0406 USD
Common	Buy Transaction	201	6.0500 USD
Common	Buy Transaction	13	6.0508 USD
Common	Buy Transaction	9	6.0511 USD
Common	Buy Transaction	20	6.0520 USD
Common	Buy Transaction	9	6.0556 USD
Common	Buy Transaction	3,289	6.0600 USD
Common	Buy Transaction	3,500	6.0601 USD
Common	Buy Transaction	1,747	6.0612 USD
Common	Buy Transaction	829	6.0626 USD
Common	Buy Transaction	300	6.0633 USD
Common	Buy Transaction	909	6.0688 USD
Common	Buy Transaction	2,039	6.0700 USD
Common	Buy Transaction	348	6.0702 USD
Common	Buy Transaction	665	6.0710 USD
Common	Buy Transaction	19,661	6.0714 USD
Common	Buy Transaction	249	6.0718 USD
Common	Buy Transaction	665	6.0724 USD
Common	Buy Transaction	278	6.0727 USD
Common	Buy Transaction	7,838	6.0733 USD
Common	Buy Transaction	6,171	6.0738 USD
Common	Buy Transaction	689	6.0748 USD
Common	Buy Transaction	200	6.0750 USD
Common	Buy Transaction	4,687	6.0757 USD
Common	Buy Transaction	15,116	6.0762 USD
Common	Buy Transaction	756	6.0767 USD
Common	Buy Transaction	4,123	6.0788 USD
Common	Buy Transaction	52	6.0790 USD
Common	Buy Transaction	386	6.0794 USD
Common	Buy Transaction	57,204	6.0800 USD
Common	Buy Transaction	200	6.0811 USD
Common	Buy Transaction	139	6.0812 USD
Common	Buy Transaction	3,237	6.0813 USD
Common	Buy Transaction	815	6.0820 USD
Common	Buy Transaction	5,300	6.0825 USD
Common	Buy Transaction	474	6.0826 USD
Common	Buy Transaction	2,752	6.0843 USD
Common	Buy Transaction	20	6.0850 USD
Common	Buy Transaction	12,824	6.0860 USD
Common	Buy Transaction	3,901	6.0897 USD
Common	Buy Transaction	1,130	6.0900 USD
Common	Buy Transaction	2,177	6.0952 USD
Common	Buy Transaction	4,152	6.1004 USD
Common	Buy Transaction	80	6.1117 USD
Common	Buy Transaction	8	6.1250 USD
Common	Buy Transaction	102	6.1300 USD
Common	Buy Transaction	4,083	6.1357 USD
Common	Buy Transaction	2	6.1800 USD
Common	Buy Transaction	8	6.2000 USD
Common	Sell Transaction	2	5.9900 USD
Common	Sell Transaction	2	5.9950 USD
Common	Sell Transaction	2	6.0200 USD
Common	Sell Transaction	458	6.0469 USD
Common	Sell Transaction	209	6.0500 USD
Common	Sell Transaction	5	6.0560 USD
Common	Sell Transaction	4,186	6.0568 USD
Common	Sell Transaction	3,415	6.0591 USD
Common	Sell Transaction	1,776	6.0599 USD
Common	Sell Transaction	5,606	6.0600 USD
Common	Sell Transaction	2,098	6.0600 USD
Common	Sell Transaction	3	6.0633 USD
Common	Sell Transaction	146	6.0647 USD
Common	Sell Transaction	315	6.0650 USD
Common	Sell Transaction	243	6.0657 USD
Common	Sell Transaction	904	6.0663 USD
Common	Sell Transaction	5,122	6.0678 USD
Common	Sell Transaction	1,357	6.0678 USD
Common	Sell Transaction	783	6.0680 USD
Common	Sell Transaction	38	6.0692 USD
Common	Sell Transaction	1,899	6.0693 USD
Common	Sell Transaction	3,600	6.0697 USD
Common	Sell Transaction	5,429	6.0700 USD
Common	Sell Transaction	149	6.0701 USD
Common	Sell Transaction	312	6.0707 USD
Common	Sell Transaction	3,439	6.0709 USD
Common	Sell Transaction	224	6.0714 USD
Common	Sell Transaction	198	6.0731 USD
Common	Sell Transaction	142	6.0732 USD
Common	Sell Transaction	386	6.0740 USD
Common	Sell Transaction	2,278	6.0741 USD
Common	Sell Transaction	15	6.0743 USD
Common	Sell Transaction	126	6.0745 USD
Common	Sell Transaction	1,275	6.0746 USD
Common	Sell Transaction	394	6.0748 USD
Common	Sell Transaction	308	6.0750 USD
Common	Sell Transaction	2,321	6.0752 USD
Common	Sell Transaction	186	6.0754 USD
Common	Sell Transaction	1,730	6.0754 USD
Common	Sell Transaction	1,352	6.0754 USD
Common	Sell Transaction	6,582	6.0762 USD
Common	Sell Transaction	1,162	6.0766 USD
Common	Sell Transaction	338	6.0767 USD
Common	Sell Transaction	1,739	6.0775 USD
Common	Sell Transaction	680	6.0776 USD
Common	Sell Transaction	45	6.0779 USD
Common	Sell Transaction	2,700	6.0781 USD
Common	Sell Transaction	205	6.0782 USD
Common	Sell Transaction	51,868	6.0800 USD
Common	Sell Transaction	1,100	6.0810 USD
Common	Sell Transaction	1,062	6.0810 USD
Common	Sell Transaction	1,535	6.0817 USD
Common	Sell Transaction	1,542	6.0822 USD
Common	Sell Transaction	900	6.0822 USD
Common	Sell Transaction	400	6.0825 USD
Common	Sell Transaction	4,837	6.0826 USD
Common	Sell Transaction	425	6.0835 USD
Common	Sell Transaction	2,559	6.0835 USD
Common	Sell Transaction	8	6.0838 USD
Common	Sell Transaction	199	6.0839 USD
Common	Sell Transaction	506	6.0840 USD
Common	Sell Transaction	1,736	6.0850 USD
Common	Sell Transaction	120	6.0852 USD
Common	Sell Transaction	109	6.0852 USD
Common	Sell Transaction	727	6.0855 USD
Common	Sell Transaction	5	6.0860 USD
Common	Sell Transaction	165	6.0861 USD
Common	Sell Transaction	300	6.0867 USD
Common	Sell Transaction	3,238	6.0878 USD
Common	Sell Transaction	600	6.0883 USD
Common	Sell Transaction	1,165	6.0885 USD
Common	Sell Transaction	59	6.0888 USD
Common	Sell Transaction	103	6.0889 USD
Common	Sell Transaction	144	6.0890 USD
Common	Sell Transaction	3,200	6.0891 USD
Common	Sell Transaction	1,348	6.0900 USD
Common	Sell Transaction	212	6.0905 USD
Common	Sell Transaction	1,050	6.0917 USD
Common	Sell Transaction	2,791	6.0918 USD
Common	Sell Transaction	240	6.0920 USD
Common	Sell Transaction	24,193	6.0921 USD
Common	Sell Transaction	393	6.0929 USD
Common	Sell Transaction	2,108	6.0963 USD
Common	Sell Transaction	700	6.0968 USD
Common	Sell Transaction	2,611	6.1000 USD
Common	Sell Transaction	219	6.1011 USD
Common	Sell Transaction	258	6.1021 USD
Common	Sell Transaction	270	6.1032 USD
Common	Sell Transaction	315	6.1063 USD
Common	Sell Transaction	482	6.1099 USD
Common	Sell Transaction	766	6.1114 USD
Common	Sell Transaction	400	6.1200 USD
Common	Sell Transaction	7,319	6.1234 USD
Common	Sell Transaction	1	6.1300 USD
Common	Sell Transaction	207	6.1332 USD
Common	Sell Transaction	257	6.1475 USD
Common	Sell Transaction	5	6.1560 USD
Common	Sell Transaction	579	6.1600 USD
Common	Sell Transaction	108	6.1636 USD
Common	Sell Transaction	1	6.1700 USD
Common	Sell Transaction	1,112	6.1710 USD
Common	Sell Transaction	225	6.1721 USD
Common	Sell Transaction	310	6.1763 USD
Common	Sell Transaction	630	6.1799 USD
Common	Sell Transaction	455	6.1800 USD
Common	Sell Transaction	1,131	6.1812 USD
Common	Sell Transaction	966	6.1825 USD
Common	Sell Transaction	468	6.1875 USD
Common	Sell Transaction	789	6.1900 USD
Common	Sell Transaction	110	6.1993 USD
Common	Sell Transaction	8	6.2000 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	1,300	4.0000 USD	American	2026-01-16	0.0500 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2025-10-17	0.0600 USD
Common	Put Option	Buy Transaction	300	3.0000 USD	American	2026-04-17	0.0600 USD
Common	Put Option	Buy Transaction	100	4.0000 USD	American	2026-01-16	0.1000 USD
Common	Put Option	Buy Transaction	100	4.0000 USD	American	2026-04-17	0.1500 USD
Common	Put Option	Buy Transaction	600	4.0000 USD	American	2026-04-17	0.1600 USD
Common	Put Option	Buy Transaction	500	4.0000 USD	American	2026-04-17	0.1700 USD
Common	Put Option	Buy Transaction	100	6.0000 USD	American	2025-10-17	0.2100 USD
Common	Put Option	Buy Transaction	200	5.0000 USD	American	2026-01-16	0.2400 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-01-16	0.2500 USD
Common	Put Option	Buy Transaction	500	5.0000 USD	American	2026-01-16	0.2600 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2025-11-21	0.2600 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-01-16	0.2700 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2025-11-21	0.2800 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2025-11-21	0.3100 USD
Common	Call Option	Buy Transaction	100	10.0000 USD	American	2026-07-17	0.3500 USD
Common	Put Option	Buy Transaction	300	5.0000 USD	American	2026-04-17	0.3700 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2025-11-21	0.6100 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2025-11-21	0.6300 USD
Common	Call Option	Buy Transaction	400	7.0000 USD	American	2026-04-17	0.6900 USD
Common	Call Option	Buy Transaction	500	5.0000 USD	American	2025-10-17	1.1000 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-10-17	0.0700 USD
Common	Put Option	Sell Transaction	1,200	4.0000 USD	American	2026-04-17	0.1300 USD
Common	Put Option	Sell Transaction	100	6.0000 USD	American	2025-10-17	0.1600 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-11-21	0.2200 USD
Common	Put Option	Sell Transaction	800	5.0000 USD	American	2026-01-16	0.2300 USD
Common	Call Option	Sell Transaction	100	9.0000 USD	American	2026-04-17	0.2300 USD
Common	Call Option	Sell Transaction	300	7.0000 USD	American	2025-11-21	0.2300 USD
Common	Call Option	Sell Transaction	300	7.0000 USD	American	2025-11-21	0.2500 USD
Common	Put Option	Sell Transaction	800	5.0000 USD	American	2026-04-17	0.3300 USD
Common	Call Option	Sell Transaction	200	7.0000 USD	American	2026-01-16	0.4600 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-11-21	0.5300 USD
Common	Call Option	Sell Transaction	1,000	6.0000 USD	American	2025-11-21	0.5600 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:	3 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	10,800	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-900	3.0 USD	American	17/04/2026
Common	Put Option	Purchased	-700	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Call Option	Purchased	176,700	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	14,900	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
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	Call Option	Purchased	6,000	7.0 USD	American	18/12/2026
Common	Put Option	Purchased	-10,300	5.0 USD	American	17/04/2026
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	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	38,200	10.0 USD	American	17/07/2026
Common	Call Option	Purchased	2,700	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	49,800	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-217,400	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	9,500	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,700	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-200	9.0 USD	American	17/04/2026
Common	Call Option	Sold	-300	8.0 USD	American	17/04/2026
Common	Call Option	Sold	-200	10.0 USD	American	17/04/2026
Common	Put Option	Sold	91,600	5.0 USD	American	16/01/2026
Common	Put Option	Sold	600	6.0 USD	American	21/11/2025
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,600	7.0 USD	American	21/11/2025
Common	Put Option	Sold	100	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-52,500	5.0 USD	American	16/01/2026
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-154,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-200	8.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-800	6.0 USD	American	21/11/2025
Common	Put Option	Sold	100	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
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	-508,400	7.0 USD	American	17/04/2026
Common	Put Option	Sold	700	4.0 USD	American	17/04/2026

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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