Citadel Group

Major Shareholding Notification • Sep 8, 2025

National Storage Mechanism | Additional information

RNS Number : 4484Y

Citadel Group

08 September 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	5 September 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:	1,365,259	1.15	30,980	0.02
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	239,200	0.20	626,500	0.52
TOTAL:	1,604,459	1.35	657,480	0.55

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	1,100	5.8800 USD
Common	Buy Transaction	71,992	5.8801 USD
Common	Buy Transaction	363	5.8900 USD
Common	Buy Transaction	1,574	5.8900 USD
Common	Buy Transaction	4,394	5.8938 USD
Common	Buy Transaction	1,304	5.9000 USD
Common	Buy Transaction	134	5.9051 USD
Common	Buy Transaction	4,400	5.9100 USD
Common	Buy Transaction	74	5.9101 USD
Common	Buy Transaction	4,300	5.9110 USD
Common	Buy Transaction	14,400	5.9117 USD
Common	Buy Transaction	310	5.9133 USD
Common	Buy Transaction	606	5.9134 USD
Common	Buy Transaction	20	5.9160 USD
Common	Buy Transaction	817	5.9200 USD
Common	Buy Transaction	105	5.9219 USD
Common	Buy Transaction	889	5.9239 USD
Common	Buy Transaction	9,602	5.9247 USD
Common	Buy Transaction	300	5.9267 USD
Common	Buy Transaction	1,281	5.9281 USD
Common	Buy Transaction	400	5.9300 USD
Common	Buy Transaction	19	5.9303 USD
Common	Buy Transaction	6	5.9350 USD
Common	Buy Transaction	4,438	5.9372 USD
Common	Buy Transaction	59	5.9400 USD
Common	Buy Transaction	15,638	5.9401 USD
Common	Buy Transaction	800	5.9401 USD
Common	Buy Transaction	7,390	5.9403 USD
Common	Buy Transaction	500	5.9430 USD
Common	Buy Transaction	1	5.9446 USD
Common	Buy Transaction	14	5.9450 USD
Common	Buy Transaction	201	5.9450 USD
Common	Buy Transaction	9	5.9456 USD
Common	Buy Transaction	146	5.9468 USD
Common	Buy Transaction	8,557	5.9474 USD
Common	Buy Transaction	15,934	5.9485 USD
Common	Buy Transaction	576	5.9499 USD
Common	Buy Transaction	50,649	5.9500 USD
Common	Buy Transaction	4,333	5.9504 USD
Common	Buy Transaction	963	5.9506 USD
Common	Buy Transaction	1,621	5.9513 USD
Common	Buy Transaction	2,283	5.9522 USD
Common	Buy Transaction	1,901	5.9540 USD
Common	Buy Transaction	73	5.9545 USD
Common	Buy Transaction	60	5.9550 USD
Common	Buy Transaction	657	5.9556 USD
Common	Buy Transaction	1	5.9559 USD
Common	Buy Transaction	387	5.9564 USD
Common	Buy Transaction	593	5.9594 USD
Common	Buy Transaction	761	5.9600 USD
Common	Buy Transaction	355	5.9618 USD
Common	Buy Transaction	46	5.9624 USD
Common	Buy Transaction	90	5.9633 USD
Common	Buy Transaction	416	5.9679 USD
Common	Buy Transaction	3,752	5.9700 USD
Common	Buy Transaction	4,980	5.9734 USD
Common	Buy Transaction	700	5.9743 USD
Common	Buy Transaction	7,440	5.9797 USD
Common	Buy Transaction	32	5.9800 USD
Common	Buy Transaction	1,461	5.9862 USD
Common	Buy Transaction	300	5.9900 USD
Common	Buy Transaction	20	5.9908 USD
Common	Buy Transaction	57	5.9933 USD
Common	Buy Transaction	31	5.9987 USD
Common	Buy Transaction	1	6.0039 USD
Common	Buy Transaction	4,575	6.0047 USD
Common	Buy Transaction	125	6.0100 USD
Common	Buy Transaction	210	6.0138 USD
Common	Buy Transaction	668	6.0149 USD
Common	Buy Transaction	1,000	6.0200 USD
Common	Buy Transaction	3,257	6.0226 USD
Common	Buy Transaction	812	6.0245 USD
Common	Buy Transaction	100	6.0250 USD
Common	Buy Transaction	996	6.0251 USD
Common	Buy Transaction	121	6.0261 USD
Common	Buy Transaction	98	6.0286 USD
Common	Buy Transaction	200	6.0295 USD
Common	Buy Transaction	1,008	6.0400 USD
Common	Buy Transaction	958	6.0468 USD
Common	Buy Transaction	1,200	6.0500 USD
Common	Buy Transaction	300	6.0550 USD
Common	Buy Transaction	286	6.0612 USD
Common	Buy Transaction	1,080	6.0658 USD
Common	Buy Transaction	3	6.0700 USD
Common	Buy Transaction	774	6.0755 USD
Common	Buy Transaction	100	6.0800 USD
Common	Buy Transaction	3,626	6.0900 USD
Common	Buy Transaction	900	6.0901 USD
Common	Buy Transaction	100	6.1000 USD
Common	Sell Transaction	510	5.8814 USD
Common	Sell Transaction	200	5.8890 USD
Common	Sell Transaction	1,284	5.8900 USD
Common	Sell Transaction	2,241	5.8922 USD
Common	Sell Transaction	6,082	5.8928 USD
Common	Sell Transaction	12,443	5.8934 USD
Common	Sell Transaction	176	5.8950 USD
Common	Sell Transaction	169	5.8950 USD
Common	Sell Transaction	1,436	5.8952 USD
Common	Sell Transaction	2,488	5.8979 USD
Common	Sell Transaction	7,805	5.8998 USD
Common	Sell Transaction	6,600	5.9000 USD
Common	Sell Transaction	101	5.9032 USD
Common	Sell Transaction	600	5.9033 USD
Common	Sell Transaction	211	5.9045 USD
Common	Sell Transaction	429	5.9076 USD
Common	Sell Transaction	500	5.9080 USD
Common	Sell Transaction	737	5.9093 USD
Common	Sell Transaction	268	5.9093 USD
Common	Sell Transaction	4,839	5.9100 USD
Common	Sell Transaction	11,072	5.9110 USD
Common	Sell Transaction	1,326	5.9126 USD
Common	Sell Transaction	426	5.9141 USD
Common	Sell Transaction	4,351	5.9143 USD
Common	Sell Transaction	925	5.9149 USD
Common	Sell Transaction	2,002	5.9150 USD
Common	Sell Transaction	16,441	5.9152 USD
Common	Sell Transaction	179	5.9177 USD
Common	Sell Transaction	8,625	5.9177 USD
Common	Sell Transaction	10	5.9190 USD
Common	Sell Transaction	200	5.9191 USD
Common	Sell Transaction	2,639	5.9199 USD
Common	Sell Transaction	4,545	5.9200 USD
Common	Sell Transaction	438	5.9201 USD
Common	Sell Transaction	550	5.9206 USD
Common	Sell Transaction	665	5.9210 USD
Common	Sell Transaction	2,796	5.9211 USD
Common	Sell Transaction	636	5.9211 USD
Common	Sell Transaction	4,646	5.9242 USD
Common	Sell Transaction	2,807	5.9249 USD
Common	Sell Transaction	1,421	5.9250 USD
Common	Sell Transaction	3,091	5.9255 USD
Common	Sell Transaction	236	5.9258 USD
Common	Sell Transaction	218	5.9267 USD
Common	Sell Transaction	4,609	5.9275 USD
Common	Sell Transaction	992	5.9281 USD
Common	Sell Transaction	599	5.9286 USD
Common	Sell Transaction	11,309	5.9287 USD
Common	Sell Transaction	15	5.9293 USD
Common	Sell Transaction	3,733	5.9300 USD
Common	Sell Transaction	7,584	5.9315 USD
Common	Sell Transaction	4,216	5.9320 USD
Common	Sell Transaction	1,246	5.9328 USD
Common	Sell Transaction	393	5.9334 USD
Common	Sell Transaction	2,383	5.9342 USD
Common	Sell Transaction	12,800	5.9350 USD
Common	Sell Transaction	942	5.9363 USD
Common	Sell Transaction	3,605	5.9378 USD
Common	Sell Transaction	732	5.9388 USD
Common	Sell Transaction	125	5.9390 USD
Common	Sell Transaction	200	5.9390 USD
Common	Sell Transaction	2,980	5.9400 USD
Common	Sell Transaction	195	5.9405 USD
Common	Sell Transaction	1,969	5.9407 USD
Common	Sell Transaction	3,205	5.9413 USD
Common	Sell Transaction	3,559	5.9419 USD
Common	Sell Transaction	400	5.9425 USD
Common	Sell Transaction	8,208	5.9443 USD
Common	Sell Transaction	7,172	5.9444 USD
Common	Sell Transaction	249	5.9447 USD
Common	Sell Transaction	705	5.9455 USD
Common	Sell Transaction	339	5.9458 USD
Common	Sell Transaction	197	5.9461 USD
Common	Sell Transaction	11,888	5.9463 USD
Common	Sell Transaction	1,234	5.9476 USD
Common	Sell Transaction	57	5.9484 USD
Common	Sell Transaction	4,590	5.9486 USD
Common	Sell Transaction	1,259	5.9493 USD
Common	Sell Transaction	425	5.9497 USD
Common	Sell Transaction	5,382	5.9498 USD
Common	Sell Transaction	2,056	5.9499 USD
Common	Sell Transaction	24,255	5.9500 USD
Common	Sell Transaction	56,307	5.9500 USD
Common	Sell Transaction	998	5.9505 USD
Common	Sell Transaction	37,397	5.9525 USD
Common	Sell Transaction	1,554	5.9550 USD
Common	Sell Transaction	291	5.9550 USD
Common	Sell Transaction	83	5.9551 USD
Common	Sell Transaction	9	5.9556 USD
Common	Sell Transaction	3,872	5.9570 USD
Common	Sell Transaction	1,554	5.9587 USD
Common	Sell Transaction	170	5.9588 USD
Common	Sell Transaction	47	5.9589 USD
Common	Sell Transaction	90	5.9590 USD
Common	Sell Transaction	44	5.9591 USD
Common	Sell Transaction	814	5.9591 USD
Common	Sell Transaction	13,910	5.9600 USD
Common	Sell Transaction	82	5.9602 USD
Common	Sell Transaction	222	5.9615 USD
Common	Sell Transaction	1,569	5.9652 USD
Common	Sell Transaction	17,441	5.9682 USD
Common	Sell Transaction	3,567	5.9700 USD
Common	Sell Transaction	1,970	5.9703 USD
Common	Sell Transaction	2,062	5.9722 USD
Common	Sell Transaction	1,750	5.9744 USD
Common	Sell Transaction	1	5.9788 USD
Common	Sell Transaction	371	5.9880 USD
Common	Sell Transaction	170	5.9900 USD
Common	Sell Transaction	1,566	5.9916 USD
Common	Sell Transaction	126	5.9963 USD
Common	Sell Transaction	86	6.0000 USD
Common	Sell Transaction	367	6.0026 USD
Common	Sell Transaction	5	6.0080 USD
Common	Sell Transaction	1,295	6.0113 USD
Common	Sell Transaction	2	6.0150 USD
Common	Sell Transaction	1,263	6.0170 USD
Common	Sell Transaction	9	6.0189 USD
Common	Sell Transaction	191	6.0194 USD
Common	Sell Transaction	900	6.0199 USD
Common	Sell Transaction	117	6.0255 USD
Common	Sell Transaction	431	6.0284 USD
Common	Sell Transaction	608	6.0400 USD
Common	Sell Transaction	342	6.0426 USD
Common	Sell Transaction	400	6.0450 USD
Common	Sell Transaction	1,148	6.0465 USD
Common	Sell Transaction	20,292	6.0500 USD
Common	Sell Transaction	149	6.0507 USD
Common	Sell Transaction	1,092	6.0513 USD
Common	Sell Transaction	410	6.0522 USD
Common	Sell Transaction	525	6.0548 USD
Common	Sell Transaction	2,219	6.0600 USD
Common	Sell Transaction	88	6.0678 USD
Common	Sell Transaction	219	6.0691 USD
Common	Sell Transaction	170	6.0692 USD
Common	Sell Transaction	783	6.0698 USD
Common	Sell Transaction	1,458	6.0700 USD
Common	Sell Transaction	490	6.0707 USD
Common	Sell Transaction	172	6.0726 USD
Common	Sell Transaction	100	6.0800 USD
Common	Sell Transaction	35	6.0823 USD
Common	Sell Transaction	308	6.0887 USD
Common	Sell Transaction	26	6.0900 USD
Common	Sell Transaction	314	6.1000 USD
Common	Sell Transaction	331	6.1100 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	10.0000 USD	American	2026-07-17	0.3600 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-01-16	0.3900 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-04-17	0.5400 USD
Common	Call Option	Buy Transaction	1,500	7.0000 USD	American	2026-01-16	0.5600 USD
Common	Call Option	Buy Transaction	400	6.0000 USD	American	2026-01-16	0.9000 USD
Common	Call Option	Buy Transaction	2,300	6.0000 USD	American	2026-04-17	1.0500 USD
Common	Call Option	Buy Transaction	10,800	6.0000 USD	American	2026-04-17	1.1000 USD
Common	Call Option	Buy Transaction	2,000	6.0000 USD	American	2026-04-17	1.1400 USD
Common	Call Option	Buy Transaction	5,400	6.0000 USD	American	2026-04-17	1.1500 USD
Common	Call Option	Buy Transaction	2,000	5.0000 USD	American	2026-04-17	1.5900 USD
Common	Call Option	Sell Transaction	2,000	6.0000 USD	American	2025-09-19	0.2400 USD
Common	Put Option	Sell Transaction	100	5.0000 USD	American	2026-01-16	0.3000 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2025-10-17	0.3600 USD
Common	Call Option	Sell Transaction	400	5.0000 USD	American	2026-04-17	1.5700 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:	8 September 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	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,100	10.0 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	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	10,500	7.0 USD	American	18/12/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	5,600	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
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	-10,800	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-215,700	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,300	7.0 USD	American	17/04/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	17,500	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,500	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Call Option	Purchased	42,800	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	600	6.0 USD	American	19/09/2025
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Put Option	Sold	100	7.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-13,300	6.0 USD	American	17/04/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-113,200	7.0 USD	American	16/01/2026
Common	Put Option	Sold	89,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-500	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-300	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-54,300	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-128,600	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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