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Citadel Group
Major Shareholding Notification • Aug 26, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 6998W
Citadel Group
26 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 |
25 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: | 1,174,665 | 0.98 | 666,331 | 0.56 |
| (2) Cash-settled derivatives: | 0 | 0.00 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 223,200 | 0.18 | 612,300 | 0.51 |
| TOTAL: | 1,397,865 | 1.17 | 1,278,631 | 1.07 |
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 | 14 | 5.7707 USD |
| Common | Buy Transaction | 7 | 5.7757 USD |
| Common | Buy Transaction | 4,039 | 5.7800 USD |
| Common | Buy Transaction | 780 | 5.7827 USD |
| Common | Buy Transaction | 763 | 5.7831 USD |
| Common | Buy Transaction | 1 | 5.7853 USD |
| Common | Buy Transaction | 110 | 5.7882 USD |
| Common | Buy Transaction | 5,000 | 5.7900 USD |
| Common | Buy Transaction | 112 | 5.7914 USD |
| Common | Buy Transaction | 1,589 | 5.7945 USD |
| Common | Buy Transaction | 110 | 5.7950 USD |
| Common | Buy Transaction | 522 | 5.7964 USD |
| Common | Buy Transaction | 305 | 5.7984 USD |
| Common | Buy Transaction | 354 | 5.7985 USD |
| Common | Buy Transaction | 939 | 5.7988 USD |
| Common | Buy Transaction | 715 | 5.7989 USD |
| Common | Buy Transaction | 1,064 | 5.8000 USD |
| Common | Buy Transaction | 779 | 5.8023 USD |
| Common | Buy Transaction | 1,500 | 5.8030 USD |
| Common | Buy Transaction | 600 | 5.8033 USD |
| Common | Buy Transaction | 1,009 | 5.8036 USD |
| Common | Buy Transaction | 1,728 | 5.8045 USD |
| Common | Buy Transaction | 200 | 5.8050 USD |
| Common | Buy Transaction | 128 | 5.8056 USD |
| Common | Buy Transaction | 500 | 5.8060 USD |
| Common | Buy Transaction | 410 | 5.8074 USD |
| Common | Buy Transaction | 317 | 5.8074 USD |
| Common | Buy Transaction | 1,000 | 5.8080 USD |
| Common | Buy Transaction | 1,251 | 5.8083 USD |
| Common | Buy Transaction | 202 | 5.8097 USD |
| Common | Buy Transaction | 9,173 | 5.8100 USD |
| Common | Buy Transaction | 50 | 5.8108 USD |
| Common | Buy Transaction | 2,400 | 5.8108 USD |
| Common | Buy Transaction | 3,000 | 5.8109 USD |
| Common | Buy Transaction | 280 | 5.8111 USD |
| Common | Buy Transaction | 410 | 5.8150 USD |
| Common | Buy Transaction | 27 | 5.8152 USD |
| Common | Buy Transaction | 800 | 5.8156 USD |
| Common | Buy Transaction | 219 | 5.8162 USD |
| Common | Buy Transaction | 500 | 5.8175 USD |
| Common | Buy Transaction | 1,157 | 5.8194 USD |
| Common | Buy Transaction | 507 | 5.8194 USD |
| Common | Buy Transaction | 1,640 | 5.8198 USD |
| Common | Buy Transaction | 3,082 | 5.8200 USD |
| Common | Buy Transaction | 778 | 5.8216 USD |
| Common | Buy Transaction | 660 | 5.8229 USD |
| Common | Buy Transaction | 2,969 | 5.8257 USD |
| Common | Buy Transaction | 2,103 | 5.8300 USD |
| Common | Buy Transaction | 1,100 | 5.8318 USD |
| Common | Buy Transaction | 400 | 5.8325 USD |
| Common | Buy Transaction | 1 | 5.8344 USD |
| Common | Buy Transaction | 36 | 5.8400 USD |
| Common | Buy Transaction | 1 | 5.8407 USD |
| Common | Buy Transaction | 1,134 | 5.8421 USD |
| Common | Buy Transaction | 221 | 5.8421 USD |
| Common | Buy Transaction | 750 | 5.8430 USD |
| Common | Buy Transaction | 629 | 5.8468 USD |
| Common | Buy Transaction | 1,307 | 5.8473 USD |
| Common | Buy Transaction | 914 | 5.8475 USD |
| Common | Buy Transaction | 274 | 5.8545 USD |
| Common | Buy Transaction | 1,740 | 5.8577 USD |
| Common | Buy Transaction | 800 | 5.8700 USD |
| Common | Buy Transaction | 900 | 5.8711 USD |
| Common | Buy Transaction | 1,447 | 5.8746 USD |
| Common | Buy Transaction | 1,035 | 5.8792 USD |
| Common | Buy Transaction | 12,860 | 5.8800 USD |
| Common | Buy Transaction | 1,200 | 5.8833 USD |
| Common | Buy Transaction | 2,770 | 5.8872 USD |
| Common | Buy Transaction | 1,534 | 5.8900 USD |
| Common | Buy Transaction | 539 | 5.8928 USD |
| Common | Buy Transaction | 1,666 | 5.8935 USD |
| Common | Buy Transaction | 1,650 | 5.8942 USD |
| Common | Buy Transaction | 755 | 5.9000 USD |
| Common | Buy Transaction | 22 | 5.9009 USD |
| Common | Buy Transaction | 104 | 5.9100 USD |
| Common | Buy Transaction | 100 | 5.9113 USD |
| Common | Buy Transaction | 2,300 | 5.9250 USD |
| Common | Buy Transaction | 7 | 6.0100 USD |
| Common | Sell Transaction | 7 | 5.7800 USD |
| Common | Sell Transaction | 65 | 5.7817 USD |
| Common | Sell Transaction | 21 | 5.7852 USD |
| Common | Sell Transaction | 4,861 | 5.7900 USD |
| Common | Sell Transaction | 340 | 5.7903 USD |
| Common | Sell Transaction | 7,461 | 5.7930 USD |
| Common | Sell Transaction | 8 | 5.7938 USD |
| Common | Sell Transaction | 19 | 5.7963 USD |
| Common | Sell Transaction | 300 | 5.7967 USD |
| Common | Sell Transaction | 500 | 5.7980 USD |
| Common | Sell Transaction | 97 | 5.8000 USD |
| Common | Sell Transaction | 117 | 5.8012 USD |
| Common | Sell Transaction | 1,242 | 5.8055 USD |
| Common | Sell Transaction | 609 | 5.8079 USD |
| Common | Sell Transaction | 501 | 5.8080 USD |
| Common | Sell Transaction | 971 | 5.8090 USD |
| Common | Sell Transaction | 6,827 | 5.8099 USD |
| Common | Sell Transaction | 3,176 | 5.8099 USD |
| Common | Sell Transaction | 1,254 | 5.8100 USD |
| Common | Sell Transaction | 1,500 | 5.8109 USD |
| Common | Sell Transaction | 11 | 5.8118 USD |
| Common | Sell Transaction | 1,972 | 5.8121 USD |
| Common | Sell Transaction | 1,922 | 5.8121 USD |
| Common | Sell Transaction | 301 | 5.8130 USD |
| Common | Sell Transaction | 500 | 5.8140 USD |
| Common | Sell Transaction | 50 | 5.8144 USD |
| Common | Sell Transaction | 759 | 5.8150 USD |
| Common | Sell Transaction | 259 | 5.8150 USD |
| Common | Sell Transaction | 313 | 5.8160 USD |
| Common | Sell Transaction | 82 | 5.8166 USD |
| Common | Sell Transaction | 300 | 5.8167 USD |
| Common | Sell Transaction | 38 | 5.8171 USD |
| Common | Sell Transaction | 36 | 5.8178 USD |
| Common | Sell Transaction | 1,003 | 5.8191 USD |
| Common | Sell Transaction | 662 | 5.8200 USD |
| Common | Sell Transaction | 3 | 5.8233 USD |
| Common | Sell Transaction | 452 | 5.8236 USD |
| Common | Sell Transaction | 1,900 | 5.8250 USD |
| Common | Sell Transaction | 3 | 5.8267 USD |
| Common | Sell Transaction | 1,273 | 5.8275 USD |
| Common | Sell Transaction | 30 | 5.8280 USD |
| Common | Sell Transaction | 10 | 5.8290 USD |
| Common | Sell Transaction | 580 | 5.8294 USD |
| Common | Sell Transaction | 2,059 | 5.8300 USD |
| Common | Sell Transaction | 853 | 5.8306 USD |
| Common | Sell Transaction | 1,227 | 5.8307 USD |
| Common | Sell Transaction | 1,100 | 5.8336 USD |
| Common | Sell Transaction | 258 | 5.8348 USD |
| Common | Sell Transaction | 1,731 | 5.8354 USD |
| Common | Sell Transaction | 144 | 5.8356 USD |
| Common | Sell Transaction | 800 | 5.8375 USD |
| Common | Sell Transaction | 8 | 5.8388 USD |
| Common | Sell Transaction | 1,502 | 5.8433 USD |
| Common | Sell Transaction | 1,900 | 5.8447 USD |
| Common | Sell Transaction | 3,500 | 5.8449 USD |
| Common | Sell Transaction | 1 | 5.8457 USD |
| Common | Sell Transaction | 1 | 5.8500 USD |
| Common | Sell Transaction | 800 | 5.8513 USD |
| Common | Sell Transaction | 36 | 5.8528 USD |
| Common | Sell Transaction | 3 | 5.8600 USD |
| Common | Sell Transaction | 1,100 | 5.8627 USD |
| Common | Sell Transaction | 1,700 | 5.8640 USD |
| Common | Sell Transaction | 100 | 5.8700 USD |
| Common | Sell Transaction | 2,200 | 5.8750 USD |
| Common | Sell Transaction | 10 | 5.8760 USD |
| Common | Sell Transaction | 2,269 | 5.8765 USD |
| Common | Sell Transaction | 20,688 | 5.8800 USD |
| Common | Sell Transaction | 180 | 5.8809 USD |
| Common | Sell Transaction | 10 | 5.8820 USD |
| Common | Sell Transaction | 225 | 5.8820 USD |
| Common | Sell Transaction | 801 | 5.8831 USD |
| Common | Sell Transaction | 12 | 5.8842 USD |
| Common | Sell Transaction | 17 | 5.8850 USD |
| Common | Sell Transaction | 392 | 5.8855 USD |
| Common | Sell Transaction | 10 | 5.8860 USD |
| Common | Sell Transaction | 2,200 | 5.8864 USD |
| Common | Sell Transaction | 224 | 5.8874 USD |
| Common | Sell Transaction | 112 | 5.8875 USD |
| Common | Sell Transaction | 1,102 | 5.8877 USD |
| Common | Sell Transaction | 10 | 5.8880 USD |
| Common | Sell Transaction | 7,725 | 5.8900 USD |
| Common | Sell Transaction | 314 | 5.8903 USD |
| Common | Sell Transaction | 40 | 5.8920 USD |
| Common | Sell Transaction | 3,786 | 5.8926 USD |
| Common | Sell Transaction | 237 | 5.8931 USD |
| Common | Sell Transaction | 274 | 5.8950 USD |
| Common | Sell Transaction | 103 | 5.8950 USD |
| Common | Sell Transaction | 5,631 | 5.8964 USD |
| Common | Sell Transaction | 174 | 5.8993 USD |
| Common | Sell Transaction | 7,980 | 5.9000 USD |
| Common | Sell Transaction | 329 | 5.9073 USD |
| Common | Sell Transaction | 350 | 6.0100 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 | 100 | 10.0000 USD | American | 2026-07-17 | 0.3500 USD |
| Common | Put Option | Buy Transaction | 100 | 7.0000 USD | American | 2026-01-16 | 1.4800 USD |
| Common | Put Option | Sell Transaction | 1,000 | 5.0000 USD | American | 2025-09-19 | 0.1000 USD |
| Common | Put Option | Sell Transaction | 100 | 7.0000 USD | American | 2025-10-17 | 1.2100 USD |
| Common | Put Option | Sell Transaction | 100 | 7.0000 USD | American | 2026-01-16 | 1.4100 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: | 26 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 | 300 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 15,700 | 4.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -1,200 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -10,700 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 1,000 | 8.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -8,200 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -215,600 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -17,200 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -500 | 3.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 1,000 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 3,000 | 10.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 1,400 | 5.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 7,100 | 6.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 800 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 22,000 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 39,700 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 100 | 8.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 100 | 4.0 USD | American | 19/09/2025 |
| Common | Put Option | Purchased | -400 | 5.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 35,900 | 6.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -6,200 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -107,600 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -12,500 | 15.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 92,800 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -54,100 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -41,600 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -1,200 | 10.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -130,400 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -1,000 | 7.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 100 | 6.0 USD | American | 17/10/2025 |
| 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 | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -900 | 4.0 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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