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Citadel Group Major Shareholding Notification 2025

May 15, 2025

10454_mrq_2025-05-15_2cf60ec3-2053-4d64-bb31-0fb601b9f3fa.html

Major Shareholding Notification

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National Storage Mechanism | Additional information

RNS Number : 8460I

Citadel Group

15 May 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
14 May 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: 1,510,241 1.27 0 0.00
(2) Cash-settled derivatives: 667,746 0.56 0 0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: 1,989,100 1.68 953,300 0.80
TOTAL: 4,167,087 3.52 953,300 0.80

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 400 4.6600 USD
Common Buy Transaction 2 4.6800 USD
Common Buy Transaction 154 4.6834 USD
Common Buy Transaction 100 4.6850 USD
Common Buy Transaction 167 4.6880 USD
Common Buy Transaction 281 4.6897 USD
Common Buy Transaction 1,856 4.6900 USD
Common Buy Transaction 754 4.6902 USD
Common Buy Transaction 1,146 4.6908 USD
Common Buy Transaction 238 4.6958 USD
Common Buy Transaction 1,300 4.6962 USD
Common Buy Transaction 600 4.6967 USD
Common Buy Transaction 2,270 4.6973 USD
Common Buy Transaction 420 4.6976 USD
Common Buy Transaction 1,425 4.6989 USD
Common Buy Transaction 215 4.6996 USD
Common Buy Transaction 1,415 4.7000 USD
Common Buy Transaction 35 4.7009 USD
Common Buy Transaction 480 4.7010 USD
Common Buy Transaction 3,184 4.7026 USD
Common Buy Transaction 9,695 4.7045 USD
Common Buy Transaction 1,248 4.7052 USD
Common Buy Transaction 578 4.7062 USD
Common Buy Transaction 1,956 4.7062 USD
Common Buy Transaction 1,119 4.7064 USD
Common Buy Transaction 1,879 4.7071 USD
Common Buy Transaction 1,489 4.7075 USD
Common Buy Transaction 422 4.7085 USD
Common Buy Transaction 1 4.7094 USD
Common Buy Transaction 7,715 4.7098 USD
Common Buy Transaction 4,227 4.7098 USD
Common Buy Transaction 2,050 4.7099 USD
Common Buy Transaction 1,216 4.7100 USD
Common Buy Transaction 1,336 4.7101 USD
Common Buy Transaction 416 4.7104 USD
Common Buy Transaction 308 4.7125 USD
Common Buy Transaction 300 4.7129 USD
Common Buy Transaction 994 4.7130 USD
Common Buy Transaction 969 4.7132 USD
Common Buy Transaction 1,806 4.7133 USD
Common Buy Transaction 3,467 4.7141 USD
Common Buy Transaction 7,000 4.7150 USD
Common Buy Transaction 1,442 4.7151 USD
Common Buy Transaction 217 4.7165 USD
Common Buy Transaction 300 4.7167 USD
Common Buy Transaction 400 4.7175 USD
Common Buy Transaction 1,195 4.7179 USD
Common Buy Transaction 1,399 4.7181 USD
Common Buy Transaction 1,100 4.7182 USD
Common Buy Transaction 2,933 4.7184 USD
Common Buy Transaction 47,608 4.7189 USD
Common Buy Transaction 1,437 4.7200 USD
Common Buy Transaction 20,064 4.7200 USD
Common Buy Transaction 1 4.7202 USD
Common Buy Transaction 16,990 4.7207 USD
Common Buy Transaction 23 4.7209 USD
Common Buy Transaction 959 4.7217 USD
Common Buy Transaction 1,816 4.7244 USD
Common Buy Transaction 100 4.7250 USD
Common Buy Transaction 672 4.7270 USD
Common Buy Transaction 600 4.7283 USD
Common Buy Transaction 1,000 4.7290 USD
Common Buy Transaction 202 4.7299 USD
Common Buy Transaction 26,640 4.7300 USD
Common Buy Transaction 40 4.7400 USD
Common DVP Transaction 17 4.6800 USD
Common DVP Transaction 11 4.6850 USD
Common DVP Transaction 120 4.6853 USD
Common DVP Transaction 15 4.6953 USD
Common DVP Transaction 1,520 4.7000 USD
Common DVP Transaction 507 4.7015 USD
Common DVP Transaction 45 4.7100 USD
Common DVP Transaction 60 4.7153 USD
Common DVP Transaction 837 4.7200 USD
Common DVP Transaction 17,724 4.7208 USD
Common DVP Transaction 5,086 4.7250 USD
Common DVP Transaction 23,013 4.7300 USD
Common DVP Transaction 1,200 4.7350 USD
Common DVP Transaction 20 4.7400 USD
Common RVP Transaction 17 4.6800 USD
Common RVP Transaction 131 4.6850 USD
Common RVP Transaction 55 4.6900 USD
Common RVP Transaction 25 4.6950 USD
Common RVP Transaction 495 4.7000 USD
Common RVP Transaction 1,144 4.7021 USD
Common RVP Transaction 30 4.7050 USD
Common RVP Transaction 1,621 4.7097 USD
Common RVP Transaction 105 4.7100 USD
Common RVP Transaction 375 4.7150 USD
Common RVP Transaction 771 4.7151 USD
Common RVP Transaction 1,481 4.7159 USD
Common RVP Transaction 741 4.7188 USD
Common RVP Transaction 3,943 4.7195 USD
Common RVP Transaction 1,163 4.7200 USD
Common RVP Transaction 2,126 4.7225 USD
Common RVP Transaction 2,300 4.7250 USD
Common RVP Transaction 699 4.7250 USD
Common RVP Transaction 1,817 4.7258 USD
Common RVP Transaction 2,777 4.7259 USD
Common RVP Transaction 2,076 4.7261 USD
Common RVP Transaction 3,215 4.7270 USD
Common RVP Transaction 700 4.7293 USD
Common RVP Transaction 22,348 4.7300 USD
Common RVP Transaction 20 4.7400 USD
Common Sell Transaction 216 4.6800 USD
Common Sell Transaction 600 4.6900 USD
Common Sell Transaction 62 4.6906 USD
Common Sell Transaction 220 4.6936 USD
Common Sell Transaction 609 4.6947 USD
Common Sell Transaction 204 4.6950 USD
Common Sell Transaction 5 4.6960 USD
Common Sell Transaction 6,869 4.6961 USD
Common Sell Transaction 739 4.7000 USD
Common Sell Transaction 207 4.7003 USD
Common Sell Transaction 838 4.7014 USD
Common Sell Transaction 600 4.7033 USD
Common Sell Transaction 5,732 4.7033 USD
Common Sell Transaction 500 4.7040 USD
Common Sell Transaction 400 4.7050 USD
Common Sell Transaction 449 4.7053 USD
Common Sell Transaction 30 4.7053 USD
Common Sell Transaction 222 4.7055 USD
Common Sell Transaction 580 4.7061 USD
Common Sell Transaction 1,139 4.7061 USD
Common Sell Transaction 431 4.7086 USD
Common Sell Transaction 2,350 4.7091 USD
Common Sell Transaction 418 4.7091 USD
Common Sell Transaction 871 4.7093 USD
Common Sell Transaction 488 4.7095 USD
Common Sell Transaction 310 4.7096 USD
Common Sell Transaction 4,692 4.7097 USD
Common Sell Transaction 270 4.7098 USD
Common Sell Transaction 2,475 4.7100 USD
Common Sell Transaction 1,336 4.7101 USD
Common Sell Transaction 444 4.7101 USD
Common Sell Transaction 51,557 4.7105 USD
Common Sell Transaction 1,600 4.7112 USD
Common Sell Transaction 415 4.7113 USD
Common Sell Transaction 2,300 4.7117 USD
Common Sell Transaction 175 4.7123 USD
Common Sell Transaction 1,986 4.7135 USD
Common Sell Transaction 53 4.7138 USD
Common Sell Transaction 10 4.7140 USD
Common Sell Transaction 2,114 4.7141 USD
Common Sell Transaction 694 4.7146 USD
Common Sell Transaction 202 4.7150 USD
Common Sell Transaction 763 4.7150 USD
Common Sell Transaction 2,206 4.7153 USD
Common Sell Transaction 15 4.7153 USD
Common Sell Transaction 782 4.7154 USD
Common Sell Transaction 883 4.7156 USD
Common Sell Transaction 80 4.7162 USD
Common Sell Transaction 600 4.7167 USD
Common Sell Transaction 4,995 4.7168 USD
Common Sell Transaction 2,203 4.7169 USD
Common Sell Transaction 989 4.7171 USD
Common Sell Transaction 1 4.7173 USD
Common Sell Transaction 5,258 4.7174 USD
Common Sell Transaction 62 4.7177 USD
Common Sell Transaction 373 4.7190 USD
Common Sell Transaction 16,446 4.7200 USD
Common Sell Transaction 14,920 4.7202 USD
Common Sell Transaction 2,016 4.7205 USD
Common Sell Transaction 554 4.7214 USD
Common Sell Transaction 453 4.7215 USD
Common Sell Transaction 1,289 4.7218 USD
Common Sell Transaction 1,864 4.7219 USD
Common Sell Transaction 263 4.7219 USD
Common Sell Transaction 2,267 4.7221 USD
Common Sell Transaction 3,825 4.7234 USD
Common Sell Transaction 4,629 4.7241 USD
Common Sell Transaction 430 4.7256 USD
Common Sell Transaction 3,013 4.7260 USD
Common Sell Transaction 6,500 4.7268 USD
Common Sell Transaction 1,167 4.7298 USD
Common Sell Transaction 46,585 4.7300 USD
Common Sell Transaction 1,676 4.7303 USD
Common Sell Transaction 4,949 4.7399 USD
Common Sell Transaction 103 4.7400 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
Common CFD Increasing long position 7,947 4.7197 USD
Common CFD Increasing long position 287 4.7200 USD
Common CFD Increasing long position 14,480 4.7224 USD
Common CFD Increasing long position 12,100 4.7291 USD

(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 19 6.0000 USD American 2025-Jun-20 0.0500 USD
Common Call Option Buy Transaction 2 5.0000 USD American 2025-Jul-18 0.3500 USD
Common Call Option Buy Transaction 5 4.0000 USD American 2025-Oct-17 1.2000 USD
Common Call Option DVP Transaction 20 6.0000 USD American 2025-Jun-20 0.0500 USD
Common Put Option DVP Transaction 10 5.0000 USD American 2025-Jun-20 0.5200 USD
Common Call Option DVP Transaction 2 6.0000 USD American 2026-Jan-16 0.5900 USD
Common Call Option RVP Transaction 20 6.0000 USD American 2025-Jun-20 0.0500 USD
Common Put Option RVP Transaction 10 5.0000 USD American 2025-Jun-20 0.5200 USD
Common Call Option RVP Transaction 2 6.0000 USD American 2026-Jan-16 0.5900 USD
Common Put Option Sell Transaction 5 5.0000 USD American 2025-Jun-20 0.5200 USD
Common Call Option Sell Transaction 6 5.0000 USD American 2025-Oct-17 0.7000 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: 15 May 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 2,000 7.0 USD American 20/06/2025
Common Put Option Purchased -2,300 5.0 USD American 16/05/2025
Common Put Option Purchased -300 5.0 USD American 17/10/2025
Common Put Option Purchased -500 3.0 USD American 16/05/2025
Common Call Option Purchased 1,000,000 5.0 USD American 20/06/2025
Common Put Option Purchased -900 5.0 USD American 17/07/2026
Common Call Option Purchased 1,000 3.0 USD American 18/07/2025
Common Call Option Purchased 300 15.0 USD American 16/01/2026
Common Call Option Purchased 700 10.0 USD American 18/07/2025
Common Call Option Purchased 2,600 10.0 USD American 16/01/2026
Common Put Option Purchased -1,400 4.0 USD American 16/01/2026
Common Put Option Purchased -600 4.0 USD American 16/05/2025
Common Call Option Purchased 300 2.0 USD American 17/10/2025
Common Put Option Purchased -8,500 5.0 USD American 16/01/2026
Common Put Option Purchased -13,000 3.0 USD American 16/01/2026
Common Call Option Purchased 9,200 5.0 USD American 16/01/2026
Common Call Option Purchased 300 8.0 USD American 20/06/2025
Common Call Option Purchased 600,000 6.0 USD American 18/07/2025
Common Put Option Purchased -3,400 4.0 USD American 20/06/2025
Common Call Option Purchased 1,000 6.0 USD American 20/06/2025
Common Call Option Purchased 7,400 4.0 USD American 17/10/2025
Common Call Option Purchased 900 6.0 USD American 17/10/2025
Common Put Option Purchased -6,000 4.0 USD American 18/07/2025
Common Call Option Purchased 5,400 4.0 USD American 16/05/2025
Common Call Option Purchased 245,600 6.0 USD American 18/07/2025
Common Put Option Purchased -700 7.0 USD American 18/07/2025
Common Put Option Purchased -900 5.0 USD American 20/06/2025
Common Call Option Purchased 12,300 3.0 USD American 16/05/2025
Common Put Option Sold 100 3.0 USD American 20/06/2025
Common Call Option Sold -200 3.0 USD American 20/06/2025
Common Call Option Sold -1,400 3.0 USD American 16/01/2026
Common Call Option Sold -500 4.0 USD American 16/01/2026
Common Call Option Sold -2,300 4.0 USD American 20/06/2025
Common Call Option Sold -29,400 8.0 USD American 18/07/2025
Common Call Option Sold -94,800 5.0 USD American 17/10/2025
Common Call Option Sold -400 3.0 USD American 17/07/2026
Common Call Option Sold -2,000 3.0 USD American 17/10/2025
Common Call Option Sold -3,200 5.0 USD American 20/06/2025
Common Call Option Sold -607,600 5.0 USD American 18/07/2025
Common Call Option Sold -100 2.0 USD American 17/07/2026
Common Call Option Sold -118,100 7.0 USD American 16/01/2026
Common Call Option Sold -200 7.0 USD American 18/07/2025
Common Call Option Sold -2,600 5.0 USD American 16/05/2025
Common Call Option Sold -36,200 5.0 USD American 17/07/2026
Common Call Option Sold -2,500 4.0 USD American 17/07/2026
Common Put Option Sold 99,900 8.0 USD American 20/06/2025
Common Call Option Sold -800 6.0 USD American 16/01/2026
Common Call Option Sold -3,400 10.0 USD American 17/07/2026
Common Call Option Sold -8,300 4.0 USD American 18/07/2025
Common Call Option Sold -800 12.0 USD American 16/01/2026
Common Put Option Sold 100 5.0 USD American 18/07/2025

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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