Citadel Group

Major Shareholding Notification • Aug 4, 2025

National Storage Mechanism | Additional information

RNS Number : 8770T

Citadel Group

04 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	1 August 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:	1,511,704	1.27	419,863	0.35
(2) Cash-settled derivatives:	164,040	0.13	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	203,200	0.17	593,900	0.50
TOTAL:	1,878,944	1.58	1,013,763	0.85

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	2,727	4.2872 USD
Common	Buy Transaction	10	4.2900 USD
Common	Buy Transaction	3,151	4.2920 USD
Common	Buy Transaction	685	4.2939 USD
Common	Buy Transaction	2,808	4.2943 USD
Common	Buy Transaction	40	4.3000 USD
Common	Buy Transaction	439	4.3045 USD
Common	Buy Transaction	1,876	4.3053 USD
Common	Buy Transaction	1,448	4.3068 USD
Common	Buy Transaction	400	4.3075 USD
Common	Buy Transaction	1,100	4.3082 USD
Common	Buy Transaction	2,248	4.3095 USD
Common	Buy Transaction	39,690	4.3099 USD
Common	Buy Transaction	29,023	4.3100 USD
Common	Buy Transaction	6,900	4.3101 USD
Common	Buy Transaction	512	4.3103 USD
Common	Buy Transaction	2,730	4.3107 USD
Common	Buy Transaction	1,108	4.3108 USD
Common	Buy Transaction	622	4.3109 USD
Common	Buy Transaction	444	4.3118 USD
Common	Buy Transaction	1,200	4.3125 USD
Common	Buy Transaction	839	4.3125 USD
Common	Buy Transaction	3,456	4.3138 USD
Common	Buy Transaction	1,846	4.3141 USD
Common	Buy Transaction	2,463	4.3141 USD
Common	Buy Transaction	110	4.3141 USD
Common	Buy Transaction	216	4.3141 USD
Common	Buy Transaction	1,392	4.3143 USD
Common	Buy Transaction	2,222	4.3145 USD
Common	Buy Transaction	5,316	4.3150 USD
Common	Buy Transaction	25	4.3152 USD
Common	Buy Transaction	121	4.3154 USD
Common	Buy Transaction	18	4.3156 USD
Common	Buy Transaction	364	4.3165 USD
Common	Buy Transaction	72	4.3165 USD
Common	Buy Transaction	3	4.3167 USD
Common	Buy Transaction	333	4.3171 USD
Common	Buy Transaction	10,484	4.3178 USD
Common	Buy Transaction	217	4.3185 USD
Common	Buy Transaction	695	4.3186 USD
Common	Buy Transaction	14	4.3193 USD
Common	Buy Transaction	43,563	4.3200 USD
Common	Buy Transaction	1,365	4.3201 USD
Common	Buy Transaction	2,855	4.3220 USD
Common	Buy Transaction	700	4.3221 USD
Common	Buy Transaction	2,729	4.3227 USD
Common	Buy Transaction	182	4.3227 USD
Common	Buy Transaction	24,238	4.3229 USD
Common	Buy Transaction	98	4.3235 USD
Common	Buy Transaction	3,105	4.3245 USD
Common	Buy Transaction	10,363	4.3250 USD
Common	Buy Transaction	3,800	4.3250 USD
Common	Buy Transaction	55	4.3251 USD
Common	Buy Transaction	1,038	4.3252 USD
Common	Buy Transaction	2,100	4.3257 USD
Common	Buy Transaction	2,400	4.3258 USD
Common	Buy Transaction	2,218	4.3272 USD
Common	Buy Transaction	2,443	4.3284 USD
Common	Buy Transaction	450	4.3288 USD
Common	Buy Transaction	3,221	4.3300 USD
Common	Buy Transaction	524	4.3303 USD
Common	Buy Transaction	617	4.3307 USD
Common	Buy Transaction	1,949	4.3313 USD
Common	Buy Transaction	272	4.3313 USD
Common	Buy Transaction	1,011	4.3322 USD
Common	Buy Transaction	1,300	4.3323 USD
Common	Buy Transaction	1,200	4.3326 USD
Common	Buy Transaction	975	4.3326 USD
Common	Buy Transaction	700	4.3329 USD
Common	Buy Transaction	2,200	4.3340 USD
Common	Buy Transaction	307	4.3348 USD
Common	Buy Transaction	3,300	4.3350 USD
Common	Buy Transaction	2,700	4.3352 USD
Common	Buy Transaction	1,100	4.3355 USD
Common	Buy Transaction	39,842	4.3358 USD
Common	Buy Transaction	793	4.3366 USD
Common	Buy Transaction	2,505	4.3368 USD
Common	Buy Transaction	447	4.3370 USD
Common	Buy Transaction	1,363	4.3371 USD
Common	Buy Transaction	4,536	4.3375 USD
Common	Buy Transaction	311	4.3389 USD
Common	Buy Transaction	31	4.3394 USD
Common	Buy Transaction	1,892	4.3394 USD
Common	Buy Transaction	2	4.3397 USD
Common	Buy Transaction	109	4.3399 USD
Common	Buy Transaction	470	4.3400 USD
Common	Buy Transaction	438	4.3406 USD
Common	Buy Transaction	51	4.3408 USD
Common	Buy Transaction	2,485	4.3410 USD
Common	Buy Transaction	3,195	4.3425 USD
Common	Buy Transaction	400	4.3425 USD
Common	Buy Transaction	1,889	4.3426 USD
Common	Buy Transaction	800	4.3438 USD
Common	Buy Transaction	2,492	4.3441 USD
Common	Buy Transaction	600	4.3467 USD
Common	Buy Transaction	181	4.3477 USD
Common	Buy Transaction	5,132	4.3486 USD
Common	Buy Transaction	270	4.3500 USD
Common	Buy Transaction	327	4.3509 USD
Common	Buy Transaction	7	4.3600 USD
Common	Buy Transaction	3	4.3633 USD
Common	Buy Transaction	1,339	4.3700 USD
Common	Buy Transaction	724	4.3745 USD
Common	Buy Transaction	842	4.3776 USD
Common	Buy Transaction	1,400	4.3800 USD
Common	Sell Transaction	0	4.2784 USD
Common	Sell Transaction	3	4.2800 USD
Common	Sell Transaction	10	4.2900 USD
Common	Sell Transaction	390	4.3000 USD
Common	Sell Transaction	380	4.3004 USD
Common	Sell Transaction	4,800	4.3050 USD
Common	Sell Transaction	104	4.3062 USD
Common	Sell Transaction	238	4.3062 USD
Common	Sell Transaction	106	4.3075 USD
Common	Sell Transaction	999	4.3080 USD
Common	Sell Transaction	17,210	4.3100 USD
Common	Sell Transaction	352	4.3111 USD
Common	Sell Transaction	1,115	4.3114 USD
Common	Sell Transaction	4,935	4.3128 USD
Common	Sell Transaction	714	4.3131 USD
Common	Sell Transaction	1,534	4.3136 USD
Common	Sell Transaction	400	4.3150 USD
Common	Sell Transaction	377	4.3150 USD
Common	Sell Transaction	341	4.3152 USD
Common	Sell Transaction	6,791	4.3153 USD
Common	Sell Transaction	185	4.3157 USD
Common	Sell Transaction	434	4.3167 USD
Common	Sell Transaction	166	4.3167 USD
Common	Sell Transaction	445	4.3169 USD
Common	Sell Transaction	1,155	4.3169 USD
Common	Sell Transaction	165	4.3170 USD
Common	Sell Transaction	475	4.3176 USD
Common	Sell Transaction	1,236	4.3176 USD
Common	Sell Transaction	84	4.3176 USD
Common	Sell Transaction	235	4.3180 USD
Common	Sell Transaction	100	4.3182 USD
Common	Sell Transaction	100	4.3184 USD
Common	Sell Transaction	101	4.3186 USD
Common	Sell Transaction	90	4.3190 USD
Common	Sell Transaction	501	4.3193 USD
Common	Sell Transaction	2,001	4.3199 USD
Common	Sell Transaction	1,162	4.3199 USD
Common	Sell Transaction	44,467	4.3200 USD
Common	Sell Transaction	1,604	4.3201 USD
Common	Sell Transaction	742	4.3203 USD
Common	Sell Transaction	1,906	4.3203 USD
Common	Sell Transaction	2,350	4.3203 USD
Common	Sell Transaction	3,419	4.3208 USD
Common	Sell Transaction	1,800	4.3211 USD
Common	Sell Transaction	673	4.3221 USD
Common	Sell Transaction	208	4.3227 USD
Common	Sell Transaction	2,200	4.3227 USD
Common	Sell Transaction	736	4.3229 USD
Common	Sell Transaction	118	4.3233 USD
Common	Sell Transaction	303	4.3233 USD
Common	Sell Transaction	558	4.3242 USD
Common	Sell Transaction	980	4.3246 USD
Common	Sell Transaction	1,300	4.3250 USD
Common	Sell Transaction	1,117	4.3254 USD
Common	Sell Transaction	2,939	4.3254 USD
Common	Sell Transaction	887	4.3256 USD
Common	Sell Transaction	501	4.3261 USD
Common	Sell Transaction	31,237	4.3268 USD
Common	Sell Transaction	342	4.3273 USD
Common	Sell Transaction	230	4.3274 USD
Common	Sell Transaction	23,946	4.3277 USD
Common	Sell Transaction	281	4.3282 USD
Common	Sell Transaction	605	4.3282 USD
Common	Sell Transaction	108	4.3285 USD
Common	Sell Transaction	5,776	4.3297 USD
Common	Sell Transaction	2,400	4.3300 USD
Common	Sell Transaction	297	4.3302 USD
Common	Sell Transaction	731	4.3305 USD
Common	Sell Transaction	3,698	4.3310 USD
Common	Sell Transaction	2,051	4.3311 USD
Common	Sell Transaction	1,981	4.3312 USD
Common	Sell Transaction	292	4.3323 USD
Common	Sell Transaction	113	4.3324 USD
Common	Sell Transaction	11,691	4.3338 USD
Common	Sell Transaction	1,065	4.3344 USD
Common	Sell Transaction	3,181	4.3349 USD
Common	Sell Transaction	2,587	4.3359 USD
Common	Sell Transaction	25,596	4.3375 USD
Common	Sell Transaction	575	4.3381 USD
Common	Sell Transaction	62	4.3394 USD
Common	Sell Transaction	9,359	4.3400 USD
Common	Sell Transaction	1,002	4.3430 USD
Common	Sell Transaction	500	4.3450 USD
Common	Sell Transaction	15	4.3453 USD
Common	Sell Transaction	110	4.3468 USD
Common	Sell Transaction	3,400	4.3476 USD
Common	Sell Transaction	500	4.3480 USD
Common	Sell Transaction	7,500	4.3493 USD
Common	Sell Transaction	1,224	4.3500 USD
Common	Sell Transaction	751	4.3513 USD
Common	Sell Transaction	2,373	4.3513 USD
Common	Sell Transaction	500	4.3540 USD
Common	Sell Transaction	350	4.3550 USD
Common	Sell Transaction	1,895	4.3593 USD
Common	Sell Transaction	46	4.3600 USD
Common	Sell Transaction	200	4.3650 USD
Common	Sell Transaction	5,550	4.3700 USD
Common	Sell Transaction	100	4.3750 USD
Common	Sell Transaction	101	4.3800 USD
Common	Sell Transaction	6	4.3900 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	3,110	4.3184 USD
Common	CFD	Reducing long position	38,037	4.3242 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	4.0000 USD	American	2025-08-15	0.3500 USD
Common	Put Option	Sell Transaction	500	4.0000 USD	American	2025-08-15	0.1500 USD
Common	Call Option	Sell Transaction	1,000	4.0000 USD	American	2025-08-15	0.5500 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:	4 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	Put Option	Purchased	-1,000	6.0 USD	American	15/08/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,200	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-1,900	4.0 USD	American	15/08/2025
Common	Call Option	Purchased	36,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	600	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	4,900	5.0 USD	American	15/08/2025
Common	Put Option	Purchased	-600	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,000	3.0 USD	American	15/08/2025
Common	Put Option	Purchased	-13,200	3.0 USD	American	16/01/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	43,300	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-12,000	3.0 USD	American	15/08/2025
Common	Call Option	Purchased	300	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	7.0 USD	American	15/08/2025
Common	Call Option	Purchased	18,800	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-201,400	4.0 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	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-48,500	5.0 USD	American	16/01/2026
Common	Put Option	Sold	88,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-117,000	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	4.0 USD	American	15/08/2025
Common	Call Option	Sold	-36,700	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-300	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-700	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-137,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026

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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