Citadel Group

Major Shareholding Notification • Sep 17, 2025

National Storage Mechanism | Additional information

RNS Number : 7316Z

Citadel Group

17 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	16 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:	1,081,420	0.91	99,818	0.08
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	418,300	0.35	994,800	0.83
TOTAL:	1,499,720	1.26	1,094,618	0.92

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	494	6.1100 USD
Common	Buy Transaction	400	6.1175 USD
Common	Buy Transaction	356	6.1200 USD
Common	Buy Transaction	6,014	6.1220 USD
Common	Buy Transaction	88	6.1300 USD
Common	Buy Transaction	521	6.1330 USD
Common	Buy Transaction	18,137	6.1339 USD
Common	Buy Transaction	1,098	6.1380 USD
Common	Buy Transaction	447	6.1389 USD
Common	Buy Transaction	3,025	6.1400 USD
Common	Buy Transaction	226	6.1447 USD
Common	Buy Transaction	107	6.1450 USD
Common	Buy Transaction	576	6.1451 USD
Common	Buy Transaction	2,168	6.1452 USD
Common	Buy Transaction	5	6.1460 USD
Common	Buy Transaction	513	6.1473 USD
Common	Buy Transaction	356	6.1488 USD
Common	Buy Transaction	87	6.1491 USD
Common	Buy Transaction	464	6.1500 USD
Common	Buy Transaction	62	6.1510 USD
Common	Buy Transaction	630	6.1524 USD
Common	Buy Transaction	566	6.1568 USD
Common	Buy Transaction	517	6.1573 USD
Common	Buy Transaction	926	6.1604 USD
Common	Buy Transaction	3,048	6.1610 USD
Common	Buy Transaction	85	6.1611 USD
Common	Buy Transaction	1,304	6.1619 USD
Common	Buy Transaction	356	6.1619 USD
Common	Buy Transaction	1,501	6.1632 USD
Common	Buy Transaction	1,624	6.1637 USD
Common	Buy Transaction	100	6.1650 USD
Common	Buy Transaction	5,972	6.1652 USD
Common	Buy Transaction	6	6.1683 USD
Common	Buy Transaction	358	6.1697 USD
Common	Buy Transaction	324	6.1700 USD
Common	Buy Transaction	2,318	6.1707 USD
Common	Buy Transaction	828	6.1707 USD
Common	Buy Transaction	2,260	6.1710 USD
Common	Buy Transaction	1,940	6.1715 USD
Common	Buy Transaction	3,209	6.1728 USD
Common	Buy Transaction	8,634	6.1743 USD
Common	Buy Transaction	266	6.1745 USD
Common	Buy Transaction	457	6.1746 USD
Common	Buy Transaction	6,792	6.1748 USD
Common	Buy Transaction	4,627	6.1749 USD
Common	Buy Transaction	160	6.1750 USD
Common	Buy Transaction	806	6.1752 USD
Common	Buy Transaction	6,972	6.1753 USD
Common	Buy Transaction	5,861	6.1766 USD
Common	Buy Transaction	3	6.1767 USD
Common	Buy Transaction	2,334	6.1775 USD
Common	Buy Transaction	313	6.1775 USD
Common	Buy Transaction	263	6.1780 USD
Common	Buy Transaction	3	6.1783 USD
Common	Buy Transaction	296	6.1792 USD
Common	Buy Transaction	1,548	6.1796 USD
Common	Buy Transaction	1,603	6.1800 USD
Common	Buy Transaction	337	6.1809 USD
Common	Buy Transaction	912	6.1809 USD
Common	Buy Transaction	340	6.1824 USD
Common	Buy Transaction	120	6.1826 USD
Common	Buy Transaction	507	6.1836 USD
Common	Buy Transaction	1,132	6.1842 USD
Common	Buy Transaction	58	6.1845 USD
Common	Buy Transaction	300	6.1850 USD
Common	Buy Transaction	175	6.1851 USD
Common	Buy Transaction	634	6.1861 USD
Common	Buy Transaction	1,150	6.1863 USD
Common	Buy Transaction	3,300	6.1864 USD
Common	Buy Transaction	200	6.1880 USD
Common	Buy Transaction	3,356	6.1890 USD
Common	Buy Transaction	115	6.1894 USD
Common	Buy Transaction	8,178	6.1900 USD
Common	Buy Transaction	2,624	6.1906 USD
Common	Buy Transaction	12	6.1908 USD
Common	Buy Transaction	619	6.1919 USD
Common	Buy Transaction	1	6.1924 USD
Common	Buy Transaction	1,702	6.1935 USD
Common	Buy Transaction	1,499	6.1936 USD
Common	Buy Transaction	1,284	6.1940 USD
Common	Buy Transaction	528	6.1943 USD
Common	Buy Transaction	100	6.1950 USD
Common	Buy Transaction	17	6.1965 USD
Common	Buy Transaction	483	6.1966 USD
Common	Buy Transaction	1	6.1980 USD
Common	Buy Transaction	20	6.1980 USD
Common	Buy Transaction	800	6.1992 USD
Common	Buy Transaction	160	6.1992 USD
Common	Buy Transaction	3,927	6.1997 USD
Common	Buy Transaction	2,790	6.2000 USD
Common	Buy Transaction	220	6.2023 USD
Common	Buy Transaction	3,722	6.2034 USD
Common	Buy Transaction	3,476	6.2036 USD
Common	Buy Transaction	1,389	6.2040 USD
Common	Buy Transaction	19	6.2053 USD
Common	Buy Transaction	3,358	6.2054 USD
Common	Buy Transaction	87	6.2068 USD
Common	Buy Transaction	700	6.2100 USD
Common	Buy Transaction	157	6.2106 USD
Common	Buy Transaction	2	6.2107 USD
Common	Buy Transaction	1,584	6.2126 USD
Common	Buy Transaction	1,197	6.2175 USD
Common	Buy Transaction	1,100	6.2200 USD
Common	Buy Transaction	1	6.2300 USD
Common	Buy Transaction	63	6.2322 USD
Common	Buy Transaction	500	6.2500 USD
Common	Buy Transaction	11,598	6.2521 USD
Common	Buy Transaction	569	6.2539 USD
Common	Buy Transaction	39,301	6.2600 USD
Common	Buy Transaction	7,100	6.2629 USD
Common	Buy Transaction	14	6.2700 USD
Common	Sell Transaction	30	6.0900 USD
Common	Sell Transaction	3,400	6.1100 USD
Common	Sell Transaction	6,000	6.1150 USD
Common	Sell Transaction	1,229	6.1200 USD
Common	Sell Transaction	1,512	6.1211 USD
Common	Sell Transaction	400	6.1225 USD
Common	Sell Transaction	970	6.1229 USD
Common	Sell Transaction	310	6.1247 USD
Common	Sell Transaction	490	6.1250 USD
Common	Sell Transaction	1,207	6.1258 USD
Common	Sell Transaction	229	6.1287 USD
Common	Sell Transaction	608	6.1290 USD
Common	Sell Transaction	72	6.1293 USD
Common	Sell Transaction	1,842	6.1297 USD
Common	Sell Transaction	310	6.1297 USD
Common	Sell Transaction	10	6.1300 USD
Common	Sell Transaction	122	6.1308 USD
Common	Sell Transaction	2,836	6.1318 USD
Common	Sell Transaction	300	6.1350 USD
Common	Sell Transaction	5,557	6.1352 USD
Common	Sell Transaction	3,855	6.1355 USD
Common	Sell Transaction	463	6.1370 USD
Common	Sell Transaction	7,246	6.1400 USD
Common	Sell Transaction	812	6.1431 USD
Common	Sell Transaction	2,645	6.1433 USD
Common	Sell Transaction	1,348	6.1433 USD
Common	Sell Transaction	4,800	6.1463 USD
Common	Sell Transaction	365	6.1473 USD
Common	Sell Transaction	404	6.1475 USD
Common	Sell Transaction	126	6.1479 USD
Common	Sell Transaction	2,520	6.1500 USD
Common	Sell Transaction	2,825	6.1510 USD
Common	Sell Transaction	410	6.1512 USD
Common	Sell Transaction	5,608	6.1522 USD
Common	Sell Transaction	2,408	6.1546 USD
Common	Sell Transaction	780	6.1550 USD
Common	Sell Transaction	511	6.1563 USD
Common	Sell Transaction	913	6.1578 USD
Common	Sell Transaction	701	6.1600 USD
Common	Sell Transaction	1,365	6.1600 USD
Common	Sell Transaction	1,196	6.1608 USD
Common	Sell Transaction	1,100	6.1645 USD
Common	Sell Transaction	100	6.1700 USD
Common	Sell Transaction	757	6.1721 USD
Common	Sell Transaction	9,410	6.1723 USD
Common	Sell Transaction	1,171	6.1724 USD
Common	Sell Transaction	48	6.1729 USD
Common	Sell Transaction	7,061	6.1731 USD
Common	Sell Transaction	712	6.1732 USD
Common	Sell Transaction	600	6.1733 USD
Common	Sell Transaction	3,229	6.1742 USD
Common	Sell Transaction	1,069	6.1793 USD
Common	Sell Transaction	100	6.1800 USD
Common	Sell Transaction	2,689	6.1822 USD
Common	Sell Transaction	200	6.1850 USD
Common	Sell Transaction	537	6.1875 USD
Common	Sell Transaction	11,458	6.1900 USD
Common	Sell Transaction	810	6.1915 USD
Common	Sell Transaction	620	6.1959 USD
Common	Sell Transaction	3,150	6.1975 USD
Common	Sell Transaction	548	6.1980 USD
Common	Sell Transaction	127	6.1984 USD
Common	Sell Transaction	670	6.2000 USD
Common	Sell Transaction	10	6.2090 USD
Common	Sell Transaction	205	6.2094 USD
Common	Sell Transaction	1,392	6.2099 USD
Common	Sell Transaction	3	6.2100 USD
Common	Sell Transaction	149	6.2132 USD
Common	Sell Transaction	2	6.2138 USD
Common	Sell Transaction	565	6.2165 USD
Common	Sell Transaction	415	6.2236 USD
Common	Sell Transaction	805	6.2239 USD
Common	Sell Transaction	2,096	6.2277 USD
Common	Sell Transaction	112	6.2281 USD
Common	Sell Transaction	1	6.2300 USD
Common	Sell Transaction	500	6.2340 USD
Common	Sell Transaction	312	6.2350 USD
Common	Sell Transaction	400	6.2400 USD
Common	Sell Transaction	168	6.2433 USD
Common	Sell Transaction	100	6.2450 USD
Common	Sell Transaction	780	6.2500 USD
Common	Sell Transaction	3,014	6.2534 USD
Common	Sell Transaction	1,049	6.2588 USD
Common	Sell Transaction	16,753	6.2600 USD
Common	Sell Transaction	9,748	6.2639 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	500	3.0000 USD	American	2026-12-18	0.1600 USD
Common	Call Option	Buy Transaction	200	6.0000 USD	American	2026-04-17	1.0700 USD
Common	Call Option	Buy Transaction	2,500	6.0000 USD	American	2026-04-17	1.1000 USD
Common	Call Option	Buy Transaction	300,000	5.0000 USD	American	2025-10-17	1.1500 USD
Common	Put Option	Buy Transaction	1,100	7.0000 USD	American	2026-01-16	1.2000 USD
Common	Call Option	Sell Transaction	500,000	7.0000 USD	American	2026-04-17	0.6900 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.8300 USD
Common	Call Option	Sell Transaction	1,200	5.0000 USD	American	2025-10-17	1.2900 USD
Common	Call Option	Sell Transaction	400	5.0000 USD	American	2025-10-17	1.3000 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:	17 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	-800	7.0 USD	American	17/07/2026
Common	Put Option	Purchased	-400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,000	7.0 USD	American	16/01/2026
Common	Call Option	Purchased	43,300	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	16,200	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-500	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	10,100	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	44,700	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Call Option	Purchased	5,400	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	169,700	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-215,700	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,500	5.0 USD	American	19/09/2025
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	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	10,600	6.0 USD	American	17/04/2026
Common	Call Option	Sold	-54,300	5.0 USD	American	16/01/2026
Common	Put Option	Sold	89,700	5.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Put Option	Sold	700	6.0 USD	American	19/09/2025
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-111,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-508,400	7.0 USD	American	17/04/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	19/09/2025
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
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	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	300	6.0 USD	American	17/10/2025

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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