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Citadel Group
Major Shareholding Notification • Aug 27, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 8663W
Citadel Group
27 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 |
26 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: | 1,178,568 | 0.99 | 703,878 | 0.59 |
| (2) Cash-settled derivatives: | 0 | 0.00 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 227,300 | 0.19 | 612,300 | 0.51 |
| TOTAL: | 1,405,868 | 1.18 | 1,316,178 | 1.10 |
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 | 112 | 5.8650 USD |
| Common | Buy Transaction | 169 | 5.8660 USD |
| Common | Buy Transaction | 299 | 5.8700 USD |
| Common | Buy Transaction | 4,400 | 5.8727 USD |
| Common | Buy Transaction | 434 | 5.8739 USD |
| Common | Buy Transaction | 3,428 | 5.8800 USD |
| Common | Buy Transaction | 1,936 | 5.8833 USD |
| Common | Buy Transaction | 1,800 | 5.8850 USD |
| Common | Buy Transaction | 200 | 5.8875 USD |
| Common | Buy Transaction | 662 | 5.8900 USD |
| Common | Buy Transaction | 2,063 | 5.8904 USD |
| Common | Buy Transaction | 344 | 5.8909 USD |
| Common | Buy Transaction | 26 | 5.8912 USD |
| Common | Buy Transaction | 119 | 5.8913 USD |
| Common | Buy Transaction | 309 | 5.8929 USD |
| Common | Buy Transaction | 830 | 5.8943 USD |
| Common | Buy Transaction | 1 | 5.8946 USD |
| Common | Buy Transaction | 210 | 5.8950 USD |
| Common | Buy Transaction | 1,100 | 5.8973 USD |
| Common | Buy Transaction | 208 | 5.8974 USD |
| Common | Buy Transaction | 1,700 | 5.8982 USD |
| Common | Buy Transaction | 346 | 5.8994 USD |
| Common | Buy Transaction | 3,014 | 5.8999 USD |
| Common | Buy Transaction | 67,911 | 5.9000 USD |
| Common | Buy Transaction | 910 | 5.9001 USD |
| Common | Buy Transaction | 1,189 | 5.9004 USD |
| Common | Buy Transaction | 705 | 5.9044 USD |
| Common | Buy Transaction | 1,583 | 5.9047 USD |
| Common | Buy Transaction | 30 | 5.9050 USD |
| Common | Buy Transaction | 87 | 5.9051 USD |
| Common | Buy Transaction | 3,003 | 5.9051 USD |
| Common | Buy Transaction | 29 | 5.9052 USD |
| Common | Buy Transaction | 2,189 | 5.9055 USD |
| Common | Buy Transaction | 5,257 | 5.9085 USD |
| Common | Buy Transaction | 900 | 5.9089 USD |
| Common | Buy Transaction | 6,678 | 5.9100 USD |
| Common | Buy Transaction | 1,455 | 5.9106 USD |
| Common | Buy Transaction | 11,004 | 5.9132 USD |
| Common | Buy Transaction | 300 | 5.9133 USD |
| Common | Buy Transaction | 200 | 5.9150 USD |
| Common | Buy Transaction | 1,311 | 5.9170 USD |
| Common | Buy Transaction | 800 | 5.9200 USD |
| Common | Buy Transaction | 417 | 5.9223 USD |
| Common | Buy Transaction | 1,200 | 5.9225 USD |
| Common | Buy Transaction | 300 | 5.9233 USD |
| Common | Buy Transaction | 396 | 5.9265 USD |
| Common | Buy Transaction | 3 | 5.9267 USD |
| Common | Buy Transaction | 205 | 5.9300 USD |
| Common | Buy Transaction | 6,106 | 5.9328 USD |
| Common | Buy Transaction | 8,900 | 5.9350 USD |
| Common | Buy Transaction | 9,631 | 5.9354 USD |
| Common | Buy Transaction | 130 | 5.9396 USD |
| Common | Sell Transaction | 67 | 5.8600 USD |
| Common | Sell Transaction | 102 | 5.8700 USD |
| Common | Sell Transaction | 20 | 5.8750 USD |
| Common | Sell Transaction | 2,371 | 5.8800 USD |
| Common | Sell Transaction | 4 | 5.8825 USD |
| Common | Sell Transaction | 4,755 | 5.8895 USD |
| Common | Sell Transaction | 445 | 5.8900 USD |
| Common | Sell Transaction | 122 | 5.8908 USD |
| Common | Sell Transaction | 2,072 | 5.8915 USD |
| Common | Sell Transaction | 400 | 5.8925 USD |
| Common | Sell Transaction | 518 | 5.8950 USD |
| Common | Sell Transaction | 6,877 | 5.8954 USD |
| Common | Sell Transaction | 5 | 5.8960 USD |
| Common | Sell Transaction | 709 | 5.8967 USD |
| Common | Sell Transaction | 55 | 5.8991 USD |
| Common | Sell Transaction | 44,955 | 5.9000 USD |
| Common | Sell Transaction | 159 | 5.9004 USD |
| Common | Sell Transaction | 1,203 | 5.9009 USD |
| Common | Sell Transaction | 1,418 | 5.9011 USD |
| Common | Sell Transaction | 289 | 5.9013 USD |
| Common | Sell Transaction | 7 | 5.9014 USD |
| Common | Sell Transaction | 920 | 5.9020 USD |
| Common | Sell Transaction | 546 | 5.9029 USD |
| Common | Sell Transaction | 2,121 | 5.9033 USD |
| Common | Sell Transaction | 600 | 5.9033 USD |
| Common | Sell Transaction | 216 | 5.9037 USD |
| Common | Sell Transaction | 2,526 | 5.9042 USD |
| Common | Sell Transaction | 330 | 5.9042 USD |
| Common | Sell Transaction | 108 | 5.9046 USD |
| Common | Sell Transaction | 2,160 | 5.9050 USD |
| Common | Sell Transaction | 105 | 5.9050 USD |
| Common | Sell Transaction | 105 | 5.9051 USD |
| Common | Sell Transaction | 373 | 5.9064 USD |
| Common | Sell Transaction | 40 | 5.9075 USD |
| Common | Sell Transaction | 700 | 5.9086 USD |
| Common | Sell Transaction | 2,400 | 5.9086 USD |
| Common | Sell Transaction | 1,390 | 5.9088 USD |
| Common | Sell Transaction | 38 | 5.9095 USD |
| Common | Sell Transaction | 104 | 5.9095 USD |
| Common | Sell Transaction | 74 | 5.9096 USD |
| Common | Sell Transaction | 1,616 | 5.9100 USD |
| Common | Sell Transaction | 38 | 5.9105 USD |
| Common | Sell Transaction | 10,500 | 5.9106 USD |
| Common | Sell Transaction | 2,000 | 5.9110 USD |
| Common | Sell Transaction | 1,500 | 5.9113 USD |
| Common | Sell Transaction | 300 | 5.9117 USD |
| Common | Sell Transaction | 238 | 5.9120 USD |
| Common | Sell Transaction | 771 | 5.9129 USD |
| Common | Sell Transaction | 3,533 | 5.9134 USD |
| Common | Sell Transaction | 95 | 5.9138 USD |
| Common | Sell Transaction | 17,400 | 5.9141 USD |
| Common | Sell Transaction | 13,065 | 5.9142 USD |
| Common | Sell Transaction | 518 | 5.9150 USD |
| Common | Sell Transaction | 45 | 5.9151 USD |
| Common | Sell Transaction | 15 | 5.9153 USD |
| Common | Sell Transaction | 1,497 | 5.9157 USD |
| Common | Sell Transaction | 515 | 5.9162 USD |
| Common | Sell Transaction | 800 | 5.9162 USD |
| Common | Sell Transaction | 1,906 | 5.9171 USD |
| Common | Sell Transaction | 2,546 | 5.9175 USD |
| Common | Sell Transaction | 130 | 5.9185 USD |
| Common | Sell Transaction | 3,087 | 5.9185 USD |
| Common | Sell Transaction | 482 | 5.9193 USD |
| Common | Sell Transaction | 1,049 | 5.9199 USD |
| Common | Sell Transaction | 33 | 5.9200 USD |
| Common | Sell Transaction | 244 | 5.9203 USD |
| Common | Sell Transaction | 2,723 | 5.9211 USD |
| Common | Sell Transaction | 1,706 | 5.9211 USD |
| Common | Sell Transaction | 60 | 5.9217 USD |
| Common | Sell Transaction | 500 | 5.9220 USD |
| Common | Sell Transaction | 2,829 | 5.9229 USD |
| Common | Sell Transaction | 14,100 | 5.9232 USD |
| Common | Sell Transaction | 300 | 5.9233 USD |
| Common | Sell Transaction | 1,350 | 5.9245 USD |
| Common | Sell Transaction | 52 | 5.9250 USD |
| Common | Sell Transaction | 136 | 5.9256 USD |
| Common | Sell Transaction | 4,626 | 5.9300 USD |
| Common | Sell Transaction | 2 | 5.9311 USD |
| Common | Sell Transaction | 900 | 5.9333 USD |
| Common | Sell Transaction | 4 | 5.9350 USD |
| Common | Sell Transaction | 41 | 5.9351 USD |
| Common | Sell Transaction | 9,631 | 5.9354 USD |
| Common | Sell Transaction | 5 | 5.9380 USD |
| Common | Sell Transaction | 1,349 | 5.9383 USD |
| Common | Sell Transaction | 270 | 5.9390 USD |
| Common | Sell Transaction | 23 | 5.9396 USD |
| Common | Sell Transaction | 96 | 5.9397 USD |
| Common | Sell Transaction | 3,748 | 5.9400 USD |
| Common | Sell Transaction | 200 | 5.9437 USD |
| Common | Sell Transaction | 200 | 5.9500 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 | Put Option | Buy Transaction | 100 | 5.0000 USD | American | 2026-01-16 | 0.3000 USD |
| Common | Call Option | Buy Transaction | 100 | 10.0000 USD | American | 2026-07-17 | 0.3000 USD |
| Common | Call Option | Buy Transaction | 100 | 10.0000 USD | American | 2026-07-17 | 0.4000 USD |
| Common | Call Option | Buy Transaction | 4,300 | 6.0000 USD | American | 2026-01-16 | 0.7500 USD |
| Common | Call Option | Sell Transaction | 100 | 6.0000 USD | American | 2025-10-17 | 0.4400 USD |
| Common | Call Option | Sell Transaction | 200 | 5.0000 USD | American | 2026-01-16 | 1.3500 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: | 27 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 | -500 | 3.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 3,000 | 10.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 15,700 | 4.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 1,000 | 8.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -17,200 | 3.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 800 | 3.0 USD | American | 17/07/2026 |
| Common | Put Option | Purchased | -8,200 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 7,100 | 6.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 100 | 4.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 300 | 2.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 1,400 | 5.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 44,000 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -10,700 | 5.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -400 | 5.0 USD | American | 19/09/2025 |
| Common | Call Option | Purchased | 1,000 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 100 | 8.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 35,800 | 6.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -100 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -215,600 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -1,200 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 300 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Purchased | 22,000 | 7.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -12,500 | 15.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -41,600 | 5.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 92,700 | 5.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 800 | 5.0 USD | American | 17/10/2025 |
| 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 | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -900 | 4.0 USD | American | 17/07/2026 |
| Common | Put Option | Sold | 500 | 6.0 USD | American | 19/09/2025 |
| Common | Call Option | Sold | -1,000 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -6,200 | 12.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 100 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -130,400 | 5.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -54,300 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,000 | 10.0 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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