Citadel Group

Major Shareholding Notification • Aug 1, 2025

National Storage Mechanism | Additional information

RNS Number : 6616T

Citadel Group

01 August 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	31 July 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:	1,497,343	1.26	462,253	0.38
(2) Cash-settled derivatives:	205,187	0.17	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	203,200	0.17	593,500	0.50
TOTAL:	1,905,730	1.60	1,055,753	0.88

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	81	4.3000 USD
Common	Buy Transaction	382	4.3400 USD
Common	Buy Transaction	940	4.3500 USD
Common	Buy Transaction	3,107	4.3548 USD
Common	Buy Transaction	944	4.3600 USD
Common	Buy Transaction	130	4.3604 USD
Common	Buy Transaction	225	4.3606 USD
Common	Buy Transaction	627	4.3609 USD
Common	Buy Transaction	3,244	4.3654 USD
Common	Buy Transaction	708	4.3669 USD
Common	Buy Transaction	519	4.3681 USD
Common	Buy Transaction	774	4.3700 USD
Common	Buy Transaction	5,293	4.3703 USD
Common	Buy Transaction	5,745	4.3727 USD
Common	Buy Transaction	2,501	4.3728 USD
Common	Buy Transaction	1,436	4.3743 USD
Common	Buy Transaction	2,804	4.3745 USD
Common	Buy Transaction	12	4.3750 USD
Common	Buy Transaction	1,179	4.3752 USD
Common	Buy Transaction	582	4.3756 USD
Common	Buy Transaction	512	4.3758 USD
Common	Buy Transaction	60	4.3767 USD
Common	Buy Transaction	25,112	4.3779 USD
Common	Buy Transaction	5,192	4.3794 USD
Common	Buy Transaction	1,935	4.3795 USD
Common	Buy Transaction	118	4.3800 USD
Common	Buy Transaction	1,719	4.3801 USD
Common	Buy Transaction	4,850	4.3809 USD
Common	Buy Transaction	606	4.3814 USD
Common	Buy Transaction	13,737	4.3815 USD
Common	Buy Transaction	17,246	4.3815 USD
Common	Buy Transaction	3,029	4.3817 USD
Common	Buy Transaction	4,269	4.3822 USD
Common	Buy Transaction	300	4.3833 USD
Common	Buy Transaction	17,368	4.3846 USD
Common	Buy Transaction	6,977	4.3849 USD
Common	Buy Transaction	196	4.3894 USD
Common	Buy Transaction	1,660	4.3900 USD
Common	Buy Transaction	1,000	4.3909 USD
Common	Buy Transaction	1,392	4.3925 USD
Common	Buy Transaction	2,086	4.3933 USD
Common	Buy Transaction	1,037	4.3933 USD
Common	Buy Transaction	1,536	4.3941 USD
Common	Buy Transaction	200	4.3950 USD
Common	Buy Transaction	6,800	4.3968 USD
Common	Buy Transaction	2,072	4.3972 USD
Common	Buy Transaction	2,860	4.3984 USD
Common	Buy Transaction	1	4.3986 USD
Common	Buy Transaction	3,398	4.3988 USD
Common	Buy Transaction	10,365	4.3995 USD
Common	Buy Transaction	1,621	4.3999 USD
Common	Buy Transaction	3,824	4.4000 USD
Common	Buy Transaction	1,965	4.4007 USD
Common	Buy Transaction	408	4.4008 USD
Common	Buy Transaction	3,254	4.4011 USD
Common	Buy Transaction	4,047	4.4015 USD
Common	Buy Transaction	2,090	4.4019 USD
Common	Buy Transaction	307	4.4020 USD
Common	Buy Transaction	500	4.4020 USD
Common	Buy Transaction	2,970	4.4039 USD
Common	Buy Transaction	1,735	4.4042 USD
Common	Buy Transaction	176	4.4055 USD
Common	Buy Transaction	3,038	4.4055 USD
Common	Buy Transaction	799	4.4064 USD
Common	Buy Transaction	2,206	4.4065 USD
Common	Buy Transaction	29	4.4079 USD
Common	Buy Transaction	3,048	4.4083 USD
Common	Buy Transaction	2,416	4.4100 USD
Common	Buy Transaction	322	4.4124 USD
Common	Buy Transaction	600	4.4133 USD
Common	Buy Transaction	218	4.4137 USD
Common	Buy Transaction	316	4.4139 USD
Common	Buy Transaction	520	4.4141 USD
Common	Buy Transaction	160	4.4144 USD
Common	Buy Transaction	1,100	4.4145 USD
Common	Buy Transaction	865	4.4147 USD
Common	Buy Transaction	22,564	4.4154 USD
Common	Buy Transaction	2,047	4.4163 USD
Common	Buy Transaction	296	4.4180 USD
Common	Buy Transaction	114	4.4200 USD
Common	Buy Transaction	2,700	4.4201 USD
Common	Buy Transaction	214	4.4204 USD
Common	Buy Transaction	49	4.4222 USD
Common	Buy Transaction	232	4.4223 USD
Common	Buy Transaction	79	4.4227 USD
Common	Buy Transaction	43	4.4230 USD
Common	Buy Transaction	10,421	4.4230 USD
Common	Buy Transaction	383	4.4236 USD
Common	Buy Transaction	369	4.4240 USD
Common	Buy Transaction	54	4.4244 USD
Common	Buy Transaction	174	4.4251 USD
Common	Buy Transaction	62	4.4252 USD
Common	Buy Transaction	2,100	4.4276 USD
Common	Buy Transaction	5,187	4.4300 USD
Common	Buy Transaction	20,159	4.4301 USD
Common	Buy Transaction	1,900	4.4310 USD
Common	Buy Transaction	1,596	4.4350 USD
Common	Buy Transaction	730	4.4382 USD
Common	Buy Transaction	201	4.4396 USD
Common	Buy Transaction	1,040	4.4400 USD
Common	Buy Transaction	29	4.4450 USD
Common	Buy Transaction	68,966	4.4500 USD
Common	Buy Transaction	400	4.4525 USD
Common	Buy Transaction	100	4.4700 USD
Common	Buy Transaction	4,161	4.4800 USD
Common	Sell Transaction	150	4.3500 USD
Common	Sell Transaction	4,600	4.3570 USD
Common	Sell Transaction	4	4.3575 USD
Common	Sell Transaction	3,774	4.3600 USD
Common	Sell Transaction	642	4.3618 USD
Common	Sell Transaction	1,600	4.3675 USD
Common	Sell Transaction	202	4.3700 USD
Common	Sell Transaction	2,297	4.3700 USD
Common	Sell Transaction	1,700	4.3706 USD
Common	Sell Transaction	243	4.3717 USD
Common	Sell Transaction	12,071	4.3718 USD
Common	Sell Transaction	551	4.3747 USD
Common	Sell Transaction	1,700	4.3747 USD
Common	Sell Transaction	2,944	4.3752 USD
Common	Sell Transaction	7,516	4.3756 USD
Common	Sell Transaction	1,404	4.3759 USD
Common	Sell Transaction	557	4.3759 USD
Common	Sell Transaction	300	4.3767 USD
Common	Sell Transaction	1,100	4.3773 USD
Common	Sell Transaction	600	4.3783 USD
Common	Sell Transaction	2,234	4.3790 USD
Common	Sell Transaction	0	4.3791 USD
Common	Sell Transaction	70	4.3791 USD
Common	Sell Transaction	208	4.3792 USD
Common	Sell Transaction	30	4.3793 USD
Common	Sell Transaction	32	4.3800 USD
Common	Sell Transaction	638	4.3824 USD
Common	Sell Transaction	17,500	4.3832 USD
Common	Sell Transaction	676	4.3837 USD
Common	Sell Transaction	500	4.3840 USD
Common	Sell Transaction	801	4.3842 USD
Common	Sell Transaction	17,368	4.3846 USD
Common	Sell Transaction	2,960	4.3850 USD
Common	Sell Transaction	1,065	4.3862 USD
Common	Sell Transaction	1,014	4.3867 USD
Common	Sell Transaction	1,000	4.3880 USD
Common	Sell Transaction	3,602	4.3887 USD
Common	Sell Transaction	165	4.3900 USD
Common	Sell Transaction	5,300	4.3905 USD
Common	Sell Transaction	1,474	4.3913 USD
Common	Sell Transaction	400	4.3925 USD
Common	Sell Transaction	1,915	4.3937 USD
Common	Sell Transaction	420	4.3938 USD
Common	Sell Transaction	2,715	4.3947 USD
Common	Sell Transaction	4,565	4.3953 USD
Common	Sell Transaction	2,434	4.3960 USD
Common	Sell Transaction	2,713	4.3962 USD
Common	Sell Transaction	4,592	4.3964 USD
Common	Sell Transaction	524	4.3965 USD
Common	Sell Transaction	1,376	4.3965 USD
Common	Sell Transaction	440	4.3995 USD
Common	Sell Transaction	8,821	4.4000 USD
Common	Sell Transaction	1,597	4.4004 USD
Common	Sell Transaction	1,000	4.4030 USD
Common	Sell Transaction	1,257	4.4031 USD
Common	Sell Transaction	555	4.4035 USD
Common	Sell Transaction	865	4.4040 USD
Common	Sell Transaction	1,591	4.4042 USD
Common	Sell Transaction	200	4.4050 USD
Common	Sell Transaction	663	4.4053 USD
Common	Sell Transaction	338	4.4079 USD
Common	Sell Transaction	526	4.4082 USD
Common	Sell Transaction	424	4.4083 USD
Common	Sell Transaction	1,066	4.4087 USD
Common	Sell Transaction	1,100	4.4091 USD
Common	Sell Transaction	504	4.4100 USD
Common	Sell Transaction	0	4.4102 USD
Common	Sell Transaction	608	4.4152 USD
Common	Sell Transaction	246	4.4192 USD
Common	Sell Transaction	2,116	4.4196 USD
Common	Sell Transaction	2,370	4.4199 USD
Common	Sell Transaction	1,905	4.4200 USD
Common	Sell Transaction	660	4.4211 USD
Common	Sell Transaction	255	4.4211 USD
Common	Sell Transaction	13	4.4215 USD
Common	Sell Transaction	106	4.4223 USD
Common	Sell Transaction	1,300	4.4223 USD
Common	Sell Transaction	19,324	4.4242 USD
Common	Sell Transaction	1,160	4.4247 USD
Common	Sell Transaction	101	4.4250 USD
Common	Sell Transaction	77	4.4251 USD
Common	Sell Transaction	229	4.4267 USD
Common	Sell Transaction	553	4.4267 USD
Common	Sell Transaction	222	4.4268 USD
Common	Sell Transaction	578	4.4269 USD
Common	Sell Transaction	1,454	4.4271 USD
Common	Sell Transaction	490	4.4280 USD
Common	Sell Transaction	1,700	4.4285 USD
Common	Sell Transaction	929	4.4287 USD
Common	Sell Transaction	286	4.4288 USD
Common	Sell Transaction	386	4.4291 USD
Common	Sell Transaction	1,608	4.4295 USD
Common	Sell Transaction	11,207	4.4300 USD
Common	Sell Transaction	377	4.4300 USD
Common	Sell Transaction	184	4.4305 USD
Common	Sell Transaction	531	4.4309 USD
Common	Sell Transaction	211	4.4310 USD
Common	Sell Transaction	500	4.4330 USD
Common	Sell Transaction	600	4.4333 USD
Common	Sell Transaction	1,907	4.4348 USD
Common	Sell Transaction	200	4.4350 USD
Common	Sell Transaction	1,640	4.4351 USD
Common	Sell Transaction	2,100	4.4352 USD
Common	Sell Transaction	1,000	4.4360 USD
Common	Sell Transaction	620	4.4365 USD
Common	Sell Transaction	961	4.4365 USD
Common	Sell Transaction	1,289	4.4368 USD
Common	Sell Transaction	554	4.4390 USD
Common	Sell Transaction	423	4.4394 USD
Common	Sell Transaction	699	4.4399 USD
Common	Sell Transaction	5,946	4.4400 USD
Common	Sell Transaction	13,081	4.4432 USD
Common	Sell Transaction	54,818	4.4500 USD
Common	Sell Transaction	5,098	4.4600 USD
Common	Sell Transaction	330	4.4614 USD
Common	Sell Transaction	8,422	4.4800 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	Reducing long position	2,189	4.4002 USD
Common	CFD	Reducing long position	5,747	4.4002 USD
Common	CFD	Reducing long position	35,087	4.4160 USD
Common	CFD	Reducing long position	800	4.4400 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	100	5.0000 USD	American	2026-07-17	0.8800 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2026-07-17	0.8900 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-10-17	0.1500 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 August 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	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,400	4.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Call Option	Purchased	18,800	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	600	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,200	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Put Option	Purchased	-1,000	6.0 USD	American	15/08/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-201,400	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	43,300	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-600	5.0 USD	American	19/09/2025
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-137,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-300	3.0 USD	American	17/07/2026
Common	Put Option	Sold	88,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-36,700	5.0 USD	American	17/07/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-2,000	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-117,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,200	4.0 USD	American	15/08/2025

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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