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Citadel Group
Major Shareholding Notification • Oct 20, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 0477E
Citadel Group
20 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 |
17 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: | 874,976 | 0.73 | 153,970 | 0.12 |
| (2) Cash-settled derivatives: | 0 | 0.00 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 304,400 | 0.25 | 1,086,100 | 0.91 |
| TOTAL: | 1,179,376 | 0.99 | 1,240,070 | 1.04 |
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 | 244 | 5.3700 USD |
| Common | Buy Transaction | 228 | 5.3849 USD |
| Common | Buy Transaction | 357 | 5.3857 USD |
| Common | Buy Transaction | 9,100 | 5.3998 USD |
| Common | Buy Transaction | 232 | 5.4009 USD |
| Common | Buy Transaction | 49 | 5.4016 USD |
| Common | Buy Transaction | 100 | 5.4050 USD |
| Common | Buy Transaction | 625 | 5.4058 USD |
| Common | Buy Transaction | 1,575 | 5.4083 USD |
| Common | Buy Transaction | 526 | 5.4100 USD |
| Common | Buy Transaction | 441 | 5.4104 USD |
| Common | Buy Transaction | 782 | 5.4147 USD |
| Common | Buy Transaction | 1,667 | 5.4150 USD |
| Common | Buy Transaction | 792 | 5.4153 USD |
| Common | Buy Transaction | 661 | 5.4156 USD |
| Common | Buy Transaction | 3 | 5.4167 USD |
| Common | Buy Transaction | 284 | 5.4168 USD |
| Common | Buy Transaction | 4 | 5.4175 USD |
| Common | Buy Transaction | 3,056 | 5.4183 USD |
| Common | Buy Transaction | 75 | 5.4196 USD |
| Common | Buy Transaction | 5,300 | 5.4200 USD |
| Common | Buy Transaction | 960 | 5.4223 USD |
| Common | Buy Transaction | 345 | 5.4232 USD |
| Common | Buy Transaction | 9,482 | 5.4248 USD |
| Common | Buy Transaction | 1,575 | 5.4249 USD |
| Common | Buy Transaction | 3,609 | 5.4250 USD |
| Common | Buy Transaction | 1,277 | 5.4256 USD |
| Common | Buy Transaction | 930 | 5.4262 USD |
| Common | Buy Transaction | 238 | 5.4264 USD |
| Common | Buy Transaction | 28 | 5.4271 USD |
| Common | Buy Transaction | 318 | 5.4286 USD |
| Common | Buy Transaction | 7,500 | 5.4295 USD |
| Common | Buy Transaction | 9,992 | 5.4300 USD |
| Common | Buy Transaction | 100,780 | 5.4300 USD |
| Common | Buy Transaction | 267 | 5.4307 USD |
| Common | Buy Transaction | 260 | 5.4308 USD |
| Common | Buy Transaction | 758 | 5.4316 USD |
| Common | Buy Transaction | 247 | 5.4321 USD |
| Common | Buy Transaction | 18,000 | 5.4325 USD |
| Common | Buy Transaction | 300 | 5.4333 USD |
| Common | Buy Transaction | 1,810 | 5.4338 USD |
| Common | Buy Transaction | 500 | 5.4350 USD |
| Common | Buy Transaction | 192 | 5.4351 USD |
| Common | Buy Transaction | 4,398 | 5.4364 USD |
| Common | Buy Transaction | 688 | 5.4377 USD |
| Common | Buy Transaction | 1,703 | 5.4380 USD |
| Common | Buy Transaction | 535 | 5.4380 USD |
| Common | Buy Transaction | 1,211 | 5.4380 USD |
| Common | Buy Transaction | 1,649 | 5.4385 USD |
| Common | Buy Transaction | 750 | 5.4392 USD |
| Common | Buy Transaction | 52 | 5.4400 USD |
| Common | Buy Transaction | 612 | 5.4402 USD |
| Common | Buy Transaction | 1,910 | 5.4417 USD |
| Common | Buy Transaction | 3,771 | 5.4425 USD |
| Common | Buy Transaction | 350 | 5.4426 USD |
| Common | Buy Transaction | 275 | 5.4429 USD |
| Common | Buy Transaction | 685 | 5.4431 USD |
| Common | Buy Transaction | 3,074 | 5.4434 USD |
| Common | Buy Transaction | 12,364 | 5.4442 USD |
| Common | Buy Transaction | 518 | 5.4469 USD |
| Common | Buy Transaction | 519 | 5.4478 USD |
| Common | Buy Transaction | 91 | 5.4480 USD |
| Common | Buy Transaction | 1,020 | 5.4500 USD |
| Common | Buy Transaction | 1,001 | 5.4502 USD |
| Common | Buy Transaction | 427 | 5.4523 USD |
| Common | Buy Transaction | 2,214 | 5.4539 USD |
| Common | Buy Transaction | 13 | 5.4554 USD |
| Common | Buy Transaction | 3,527 | 5.4584 USD |
| Common | Buy Transaction | 130 | 5.4631 USD |
| Common | Buy Transaction | 700 | 5.4700 USD |
| Common | Buy Transaction | 200 | 5.4900 USD |
| Common | Sell Transaction | 10 | 5.3900 USD |
| Common | Sell Transaction | 1 | 5.3950 USD |
| Common | Sell Transaction | 16 | 5.3969 USD |
| Common | Sell Transaction | 80 | 5.3985 USD |
| Common | Sell Transaction | 32 | 5.4000 USD |
| Common | Sell Transaction | 10 | 5.4010 USD |
| Common | Sell Transaction | 585 | 5.4043 USD |
| Common | Sell Transaction | 5,600 | 5.4150 USD |
| Common | Sell Transaction | 620 | 5.4172 USD |
| Common | Sell Transaction | 46 | 5.4187 USD |
| Common | Sell Transaction | 176 | 5.4200 USD |
| Common | Sell Transaction | 1,589 | 5.4232 USD |
| Common | Sell Transaction | 1,634 | 5.4236 USD |
| Common | Sell Transaction | 7,400 | 5.4245 USD |
| Common | Sell Transaction | 5,400 | 5.4251 USD |
| Common | Sell Transaction | 1,585 | 5.4275 USD |
| Common | Sell Transaction | 1,838 | 5.4280 USD |
| Common | Sell Transaction | 13,489 | 5.4285 USD |
| Common | Sell Transaction | 861 | 5.4286 USD |
| Common | Sell Transaction | 1,024 | 5.4292 USD |
| Common | Sell Transaction | 4,029 | 5.4293 USD |
| Common | Sell Transaction | 164 | 5.4295 USD |
| Common | Sell Transaction | 590 | 5.4299 USD |
| Common | Sell Transaction | 106,013 | 5.4300 USD |
| Common | Sell Transaction | 213 | 5.4303 USD |
| Common | Sell Transaction | 235 | 5.4309 USD |
| Common | Sell Transaction | 43 | 5.4309 USD |
| Common | Sell Transaction | 1,369 | 5.4314 USD |
| Common | Sell Transaction | 3,795 | 5.4328 USD |
| Common | Sell Transaction | 30 | 5.4350 USD |
| Common | Sell Transaction | 420 | 5.4359 USD |
| Common | Sell Transaction | 1,776 | 5.4366 USD |
| Common | Sell Transaction | 2,063 | 5.4380 USD |
| Common | Sell Transaction | 2,013 | 5.4383 USD |
| Common | Sell Transaction | 240 | 5.4383 USD |
| Common | Sell Transaction | 125 | 5.4389 USD |
| Common | Sell Transaction | 970 | 5.4389 USD |
| Common | Sell Transaction | 7,686 | 5.4390 USD |
| Common | Sell Transaction | 38,792 | 5.4397 USD |
| Common | Sell Transaction | 1,675 | 5.4400 USD |
| Common | Sell Transaction | 33,369 | 5.4402 USD |
| Common | Sell Transaction | 238 | 5.4405 USD |
| Common | Sell Transaction | 200 | 5.4417 USD |
| Common | Sell Transaction | 6,100 | 5.4418 USD |
| Common | Sell Transaction | 2,924 | 5.4423 USD |
| Common | Sell Transaction | 483 | 5.4425 USD |
| Common | Sell Transaction | 85 | 5.4427 USD |
| Common | Sell Transaction | 6,092 | 5.4430 USD |
| Common | Sell Transaction | 2,405 | 5.4433 USD |
| Common | Sell Transaction | 735 | 5.4441 USD |
| Common | Sell Transaction | 511 | 5.4441 USD |
| Common | Sell Transaction | 231 | 5.4448 USD |
| Common | Sell Transaction | 640 | 5.4450 USD |
| Common | Sell Transaction | 109 | 5.4452 USD |
| Common | Sell Transaction | 1,056 | 5.4466 USD |
| Common | Sell Transaction | 944 | 5.4473 USD |
| Common | Sell Transaction | 762 | 5.4479 USD |
| Common | Sell Transaction | 6,313 | 5.4488 USD |
| Common | Sell Transaction | 201 | 5.4500 USD |
| Common | Sell Transaction | 1,591 | 5.4501 USD |
| Common | Sell Transaction | 101 | 5.4501 USD |
| Common | Sell Transaction | 3,378 | 5.4505 USD |
| Common | Sell Transaction | 2,143 | 5.4507 USD |
| Common | Sell Transaction | 1,100 | 5.4527 USD |
| Common | Sell Transaction | 81 | 5.4542 USD |
| Common | Sell Transaction | 163 | 5.4547 USD |
| Common | Sell Transaction | 204 | 5.4550 USD |
| Common | Sell Transaction | 586 | 5.4562 USD |
| Common | Sell Transaction | 412 | 5.4582 USD |
| Common | Sell Transaction | 1,330 | 5.4600 USD |
| Common | Sell Transaction | 3,367 | 5.4600 USD |
| Common | Sell Transaction | 469 | 5.4614 USD |
| Common | Sell Transaction | 1,200 | 5.4617 USD |
| Common | Sell Transaction | 72 | 5.4625 USD |
| Common | Sell Transaction | 821 | 5.4642 USD |
| Common | Sell Transaction | 71 | 5.4700 USD |
| Common | Sell Transaction | 369 | 5.4759 USD |
| Common | Sell Transaction | 3,201 | 5.4800 USD |
| Common | Sell Transaction | 4,000 | 5.4900 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 | Block Tx | 40,000 | 5.0000 USD | American | 2025-10-17 | 0.3700 USD |
| Common | Call Option | Block Tx | 80,000 | 6.0000 USD | American | 2026-04-17 | 0.6700 USD |
| Common | Call Option | Block Tx | 40,000 | 5.0000 USD | American | 2026-04-17 | 1.0800 USD |
| Common | Call Option | Buy Transaction | 40,000 | 5.0000 USD | American | 2025-10-17 | 0.3700 USD |
| Common | Call Option | Buy Transaction | 200 | 5.0000 USD | American | 2025-10-17 | 0.4000 USD |
| Common | Put Option | Buy Transaction | 100 | 5.0000 USD | American | 2026-01-16 | 0.4200 USD |
| Common | Call Option | Buy Transaction | 80,000 | 6.0000 USD | American | 2026-04-17 | 0.6700 USD |
| Common | Call Option | Buy Transaction | 100 | 4.0000 USD | American | 2025-10-17 | 1.5400 USD |
| Common | Put Option | Sell Transaction | 100 | 5.0000 USD | American | 2026-01-16 | 0.3100 USD |
| Common | Call Option | Sell Transaction | 100 | 7.0000 USD | American | 2026-07-17 | 0.6000 USD |
| Common | Call Option | Sell Transaction | 100 | 5.0000 USD | American | 2025-11-21 | 0.6300 USD |
| Common | Call Option | Sell Transaction | 400 | 5.0000 USD | American | 2026-01-16 | 0.9000 USD |
| Common | Call Option | Sell Transaction | 40,000 | 5.0000 USD | American | 2026-04-17 | 1.0800 USD |
(ii) Exercise
| Class of relevant security | Product description e.g. call option |
Exercising/ exercised against | Number of securities | Exercise price per unit |
| Common | Put Option | Exercised against | 300 | 6.0000 USD |
| Common | Call Option | Exercising | 300 | 2.0000 USD |
| Common | Call Option | Exercising | 300 | 3.0000 USD |
| Common | Call Option | Exercising | 15,800 | 4.0000 USD |
| Common | Call Option | Exercising | 216,200 | 5.0000 USD |
| Common | Put Option | Exercising | 900 | 7.0000 USD |
(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: | 20 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 | 200 | 11.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 200 | 8.0 USD | American | 21/11/2025 |
| Common | Put Option | Purchased | -400 | 4.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -17,200 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -218,800 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 102,900 | 6.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -100 | 6.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -1,000 | 3.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 800 | 3.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -2,100 | 5.0 USD | American | 21/11/2025 |
| Common | Put Option | Purchased | -10,900 | 5.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -2,200 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 2,700 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 3,100 | 10.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -500 | 3.0 USD | American | 18/12/2026 |
| Common | Call Option | Purchased | 35,000 | 10.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -3,300 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -300 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 5,400 | 7.0 USD | American | 18/12/2026 |
| Common | Put Option | Purchased | -4,400 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -12,500 | 15.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 5.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -300 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -37,500 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -39,400 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 9.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -400 | 5.0 USD | American | 18/12/2026 |
| Common | Put Option | Sold | 100 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -6,200 | 12.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 300 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -1,200 | 7.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -100 | 10.0 USD | American | 18/12/2026 |
| Common | Put Option | Sold | 62,200 | 4.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 91,400 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -200 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -200 | 7.0 USD | American | 21/01/2028 |
| Common | Call Option | Sold | -9,000 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -151,300 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -200 | 10.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -400 | 8.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -52,900 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -508,700 | 7.0 USD | American | 17/04/2026 |
| Common | Put Option | Sold | 100 | 5.0 USD | American | 18/12/2026 |
| Common | Call Option | Sold | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,000 | 5.0 USD | American | 21/01/2028 |
| Common | Call Option | Sold | -200 | 8.0 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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