Citadel Group

Major Shareholding Notification • Aug 22, 2025

National Storage Mechanism | Additional information

RNS Number : 4274W

Citadel Group

22 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	21 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:	1,089,944	0.91	668,698	0.56
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	224,200	0.18	614,100	0.51
TOTAL:	1,314,144	1.10	1,282,798	1.08

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	5.4700 USD
Common	Buy Transaction	4,500	5.5000 USD
Common	Buy Transaction	200	5.5150 USD
Common	Buy Transaction	484	5.5200 USD
Common	Buy Transaction	100	5.5250 USD
Common	Buy Transaction	3,472	5.5300 USD
Common	Buy Transaction	1,000	5.5350 USD
Common	Buy Transaction	2,199	5.5357 USD
Common	Buy Transaction	400	5.5362 USD
Common	Buy Transaction	451	5.5367 USD
Common	Buy Transaction	150	5.5390 USD
Common	Buy Transaction	4,999	5.5400 USD
Common	Buy Transaction	383	5.5413 USD
Common	Buy Transaction	42,994	5.5423 USD
Common	Buy Transaction	750	5.5440 USD
Common	Buy Transaction	453	5.5459 USD
Common	Buy Transaction	2,061	5.5521 USD
Common	Buy Transaction	610	5.5523 USD
Common	Buy Transaction	800	5.5525 USD
Common	Buy Transaction	651	5.5562 USD
Common	Buy Transaction	2,500	5.5576 USD
Common	Buy Transaction	728	5.5591 USD
Common	Buy Transaction	1,864	5.5593 USD
Common	Buy Transaction	900	5.5611 USD
Common	Buy Transaction	3,581	5.5693 USD
Common	Buy Transaction	3,764	5.5735 USD
Common	Buy Transaction	689	5.5857 USD
Common	Buy Transaction	1	5.5858 USD
Common	Buy Transaction	4,800	5.5883 USD
Common	Buy Transaction	1	5.5924 USD
Common	Buy Transaction	950	5.5950 USD
Common	Buy Transaction	151	5.5956 USD
Common	Buy Transaction	6,500	5.5964 USD
Common	Buy Transaction	1,568	5.5973 USD
Common	Buy Transaction	1,700	5.5988 USD
Common	Buy Transaction	30	5.5997 USD
Common	Buy Transaction	4,248	5.6000 USD
Common	Buy Transaction	6,580	5.6038 USD
Common	Buy Transaction	1,051	5.6042 USD
Common	Buy Transaction	14,496	5.6057 USD
Common	Buy Transaction	6,405	5.6081 USD
Common	Buy Transaction	5,046	5.6100 USD
Common	Buy Transaction	88,958	5.6120 USD
Common	Buy Transaction	24,066	5.6122 USD
Common	Buy Transaction	9,486	5.6147 USD
Common	Buy Transaction	7,103	5.6152 USD
Common	Buy Transaction	1,500	5.6207 USD
Common	Buy Transaction	373	5.6225 USD
Common	Buy Transaction	661	5.6234 USD
Common	Buy Transaction	3,300	5.6270 USD
Common	Buy Transaction	2,730	5.6352 USD
Common	Buy Transaction	548	5.6395 USD
Common	Buy Transaction	2,500	5.6416 USD
Common	Buy Transaction	3,400	5.6424 USD
Common	Buy Transaction	1,398	5.6433 USD
Common	Buy Transaction	754	5.6456 USD
Common	Buy Transaction	1,794	5.6475 USD
Common	Buy Transaction	4,521	5.6504 USD
Common	Buy Transaction	2,233	5.6511 USD
Common	Buy Transaction	1,201	5.6536 USD
Common	Buy Transaction	151	5.6544 USD
Common	Buy Transaction	1,600	5.6550 USD
Common	Buy Transaction	4,438	5.6579 USD
Common	Buy Transaction	2,513	5.6624 USD
Common	Buy Transaction	1,400	5.6650 USD
Common	Buy Transaction	2,533	5.6703 USD
Common	Buy Transaction	10,070	5.6850 USD
Common	Buy Transaction	455	5.6850 USD
Common	Buy Transaction	77	5.6851 USD
Common	Buy Transaction	1,393	5.6879 USD
Common	Buy Transaction	1,218	5.6896 USD
Common	Buy Transaction	589	5.6900 USD
Common	Buy Transaction	428	5.6924 USD
Common	Buy Transaction	15	5.6947 USD
Common	Buy Transaction	5,102	5.6947 USD
Common	Buy Transaction	200	5.6950 USD
Common	Buy Transaction	694	5.6957 USD
Common	Buy Transaction	430	5.6975 USD
Common	Buy Transaction	36,655	5.7000 USD
Common	Buy Transaction	411	5.7040 USD
Common	Buy Transaction	106	5.7050 USD
Common	Buy Transaction	127	5.7084 USD
Common	Buy Transaction	243	5.7090 USD
Common	Buy Transaction	30	5.7093 USD
Common	Buy Transaction	1,123	5.7100 USD
Common	Buy Transaction	100	5.7150 USD
Common	Buy Transaction	135	5.7150 USD
Common	Sell Transaction	1,600	5.4600 USD
Common	Sell Transaction	7,209	5.5000 USD
Common	Sell Transaction	939	5.5094 USD
Common	Sell Transaction	800	5.5100 USD
Common	Sell Transaction	64	5.5126 USD
Common	Sell Transaction	497	5.5210 USD
Common	Sell Transaction	101	5.5260 USD
Common	Sell Transaction	800	5.5271 USD
Common	Sell Transaction	11,260	5.5300 USD
Common	Sell Transaction	101	5.5311 USD
Common	Sell Transaction	706	5.5316 USD
Common	Sell Transaction	6,049	5.5351 USD
Common	Sell Transaction	8,400	5.5357 USD
Common	Sell Transaction	500	5.5380 USD
Common	Sell Transaction	42,651	5.5399 USD
Common	Sell Transaction	110	5.5400 USD
Common	Sell Transaction	2,000	5.5531 USD
Common	Sell Transaction	390	5.5540 USD
Common	Sell Transaction	300	5.5550 USD
Common	Sell Transaction	1,900	5.5579 USD
Common	Sell Transaction	861	5.5582 USD
Common	Sell Transaction	1,508	5.5586 USD
Common	Sell Transaction	2,900	5.5603 USD
Common	Sell Transaction	377	5.5700 USD
Common	Sell Transaction	1,595	5.5723 USD
Common	Sell Transaction	510	5.5725 USD
Common	Sell Transaction	900	5.5733 USD
Common	Sell Transaction	400	5.5775 USD
Common	Sell Transaction	6,400	5.5794 USD
Common	Sell Transaction	1,782	5.5800 USD
Common	Sell Transaction	2,141	5.5839 USD
Common	Sell Transaction	300	5.5867 USD
Common	Sell Transaction	212	5.5883 USD
Common	Sell Transaction	800	5.5888 USD
Common	Sell Transaction	1,335	5.5900 USD
Common	Sell Transaction	2,462	5.5911 USD
Common	Sell Transaction	200	5.5925 USD
Common	Sell Transaction	300	5.5967 USD
Common	Sell Transaction	545	5.5980 USD
Common	Sell Transaction	1,907	5.5986 USD
Common	Sell Transaction	1,000	5.5990 USD
Common	Sell Transaction	6,899	5.5999 USD
Common	Sell Transaction	1,144	5.6000 USD
Common	Sell Transaction	2,800	5.6004 USD
Common	Sell Transaction	2,350	5.6004 USD
Common	Sell Transaction	660	5.6006 USD
Common	Sell Transaction	9	5.6011 USD
Common	Sell Transaction	699	5.6014 USD
Common	Sell Transaction	638	5.6016 USD
Common	Sell Transaction	400	5.6025 USD
Common	Sell Transaction	300	5.6033 USD
Common	Sell Transaction	773	5.6033 USD
Common	Sell Transaction	1,432	5.6035 USD
Common	Sell Transaction	1,455	5.6044 USD
Common	Sell Transaction	2,185	5.6063 USD
Common	Sell Transaction	6,579	5.6066 USD
Common	Sell Transaction	1,115	5.6066 USD
Common	Sell Transaction	1,141	5.6069 USD
Common	Sell Transaction	800	5.6075 USD
Common	Sell Transaction	3,331	5.6082 USD
Common	Sell Transaction	31,237	5.6082 USD
Common	Sell Transaction	1,001	5.6100 USD
Common	Sell Transaction	2,059	5.6106 USD
Common	Sell Transaction	739	5.6107 USD
Common	Sell Transaction	1,400	5.6114 USD
Common	Sell Transaction	88,958	5.6120 USD
Common	Sell Transaction	14,100	5.6133 USD
Common	Sell Transaction	5,396	5.6138 USD
Common	Sell Transaction	1,128	5.6141 USD
Common	Sell Transaction	1,368	5.6149 USD
Common	Sell Transaction	860	5.6150 USD
Common	Sell Transaction	310	5.6161 USD
Common	Sell Transaction	13,999	5.6174 USD
Common	Sell Transaction	767	5.6176 USD
Common	Sell Transaction	1,451	5.6180 USD
Common	Sell Transaction	501	5.6180 USD
Common	Sell Transaction	30	5.6183 USD
Common	Sell Transaction	2	5.6191 USD
Common	Sell Transaction	37	5.6200 USD
Common	Sell Transaction	1,308	5.6208 USD
Common	Sell Transaction	800	5.6212 USD
Common	Sell Transaction	1,612	5.6213 USD
Common	Sell Transaction	430	5.6214 USD
Common	Sell Transaction	77	5.6214 USD
Common	Sell Transaction	693	5.6227 USD
Common	Sell Transaction	600	5.6233 USD
Common	Sell Transaction	7,075	5.6245 USD
Common	Sell Transaction	18,383	5.6263 USD
Common	Sell Transaction	300	5.6267 USD
Common	Sell Transaction	12,418	5.6311 USD
Common	Sell Transaction	1,800	5.6311 USD
Common	Sell Transaction	1,408	5.6340 USD
Common	Sell Transaction	700	5.6343 USD
Common	Sell Transaction	1,700	5.6347 USD
Common	Sell Transaction	511	5.6352 USD
Common	Sell Transaction	2,900	5.6359 USD
Common	Sell Transaction	1,838	5.6361 USD
Common	Sell Transaction	1,698	5.6371 USD
Common	Sell Transaction	5,856	5.6372 USD
Common	Sell Transaction	1,462	5.6379 USD
Common	Sell Transaction	91	5.6400 USD
Common	Sell Transaction	501	5.6448 USD
Common	Sell Transaction	712	5.6479 USD
Common	Sell Transaction	69	5.6500 USD
Common	Sell Transaction	1,004	5.6519 USD
Common	Sell Transaction	800	5.6550 USD
Common	Sell Transaction	3,255	5.6554 USD
Common	Sell Transaction	800	5.6562 USD
Common	Sell Transaction	204	5.6616 USD
Common	Sell Transaction	5,510	5.6616 USD
Common	Sell Transaction	2,000	5.6620 USD
Common	Sell Transaction	8,026	5.6640 USD
Common	Sell Transaction	407	5.6646 USD
Common	Sell Transaction	500	5.6650 USD
Common	Sell Transaction	5,467	5.6664 USD
Common	Sell Transaction	108	5.6675 USD
Common	Sell Transaction	3,220	5.6680 USD
Common	Sell Transaction	14	5.6700 USD
Common	Sell Transaction	9,048	5.6707 USD
Common	Sell Transaction	2,064	5.6710 USD
Common	Sell Transaction	1,301	5.6719 USD
Common	Sell Transaction	58	5.6736 USD
Common	Sell Transaction	96	5.6742 USD
Common	Sell Transaction	160	5.6751 USD
Common	Sell Transaction	654	5.6764 USD
Common	Sell Transaction	603	5.6780 USD
Common	Sell Transaction	40	5.6785 USD
Common	Sell Transaction	134	5.6797 USD
Common	Sell Transaction	43	5.6800 USD
Common	Sell Transaction	217	5.6811 USD
Common	Sell Transaction	372	5.6813 USD
Common	Sell Transaction	65	5.6826 USD
Common	Sell Transaction	389	5.6850 USD
Common	Sell Transaction	17	5.6853 USD
Common	Sell Transaction	84	5.6900 USD
Common	Sell Transaction	3,736	5.6909 USD
Common	Sell Transaction	3,100	5.6923 USD
Common	Sell Transaction	40	5.6950 USD
Common	Sell Transaction	81	5.6979 USD
Common	Sell Transaction	2,840	5.6996 USD
Common	Sell Transaction	26,712	5.7000 USD
Common	Sell Transaction	937	5.7026 USD
Common	Sell Transaction	1,300	5.7058 USD
Common	Sell Transaction	326	5.7069 USD
Common	Sell Transaction	6,312	5.7100 USD
Common	Sell Transaction	258	5.7200 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	Buy Transaction	400	6.0000 USD	American	2025-09-19	0.1700 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2025-10-17	0.3000 USD
Common	Call Option	Buy Transaction	1,000	5.0000 USD	American	2025-10-17	0.7500 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-10-17	0.8400 USD
Common	Call Option	Buy Transaction	200	5.0000 USD	American	2025-10-17	0.9000 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-09-19	0.1200 USD
Common	Call Option	Sell Transaction	200	6.0000 USD	American	2025-09-19	0.2000 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-10-17	0.2300 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2025-09-19	0.6200 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2025-10-17	0.7800 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:	22 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	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	35,900	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	22,000	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-10,700	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	100	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	1,400	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-1,400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-215,100	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	6,300	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	41,900	6.0 USD	American	16/01/2026
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Put Option	Sold	500	6.0 USD	American	19/09/2025
Common	Put Option	Sold	92,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-54,100	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-107,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-41,600	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-130,300	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,700	3.0 USD	American	17/10/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	3.0 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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