Citadel Group

Major Shareholding Notification • Oct 7, 2025

National Storage Mechanism | Additional information

RNS Number : 4153C

Citadel Group

07 October 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	6 October 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:	1,230,484	1.03	0	0.00
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	427,400	0.36	1,042,000	0.87
TOTAL:	1,657,884	1.39	1,042,000	0.87

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	3	6.0500 USD
Common	Buy Transaction	4	6.0800 USD
Common	Buy Transaction	72	6.1400 USD
Common	Buy Transaction	129,061	6.1600 USD
Common	Buy Transaction	2	6.1650 USD
Common	Buy Transaction	5,000	6.1698 USD
Common	Buy Transaction	6	6.1800 USD
Common	Buy Transaction	1,594	6.1837 USD
Common	Buy Transaction	469	6.1844 USD
Common	Buy Transaction	1,030	6.1859 USD
Common	Buy Transaction	54	6.1861 USD
Common	Buy Transaction	109	6.1900 USD
Common	Buy Transaction	19	6.1911 USD
Common	Buy Transaction	296	6.1950 USD
Common	Buy Transaction	200	6.1959 USD
Common	Buy Transaction	3,958	6.1968 USD
Common	Buy Transaction	400	6.1988 USD
Common	Buy Transaction	588	6.2000 USD
Common	Buy Transaction	2,761	6.2008 USD
Common	Buy Transaction	1,519	6.2008 USD
Common	Buy Transaction	14,777	6.2010 USD
Common	Buy Transaction	29,639	6.2016 USD
Common	Buy Transaction	2,988	6.2034 USD
Common	Buy Transaction	602	6.2050 USD
Common	Buy Transaction	2,146	6.2072 USD
Common	Buy Transaction	12,192	6.2090 USD
Common	Buy Transaction	1,490	6.2100 USD
Common	Buy Transaction	21,256	6.2102 USD
Common	Buy Transaction	1,326	6.2102 USD
Common	Buy Transaction	1,774	6.2151 USD
Common	Buy Transaction	201	6.2200 USD
Common	Buy Transaction	796	6.2213 USD
Common	Buy Transaction	5	6.2240 USD
Common	Buy Transaction	200	6.2250 USD
Common	Buy Transaction	356	6.2252 USD
Common	Buy Transaction	8	6.2269 USD
Common	Buy Transaction	973	6.2277 USD
Common	Buy Transaction	4,500	6.2283 USD
Common	Buy Transaction	15,493	6.2300 USD
Common	Buy Transaction	133	6.2300 USD
Common	Buy Transaction	622	6.2310 USD
Common	Buy Transaction	1,239	6.2313 USD
Common	Buy Transaction	304	6.2350 USD
Common	Buy Transaction	457	6.2373 USD
Common	Buy Transaction	516	6.2383 USD
Common	Buy Transaction	3	6.2383 USD
Common	Buy Transaction	8	6.2387 USD
Common	Buy Transaction	1,203	6.2392 USD
Common	Buy Transaction	757	6.2399 USD
Common	Buy Transaction	104	6.2400 USD
Common	Buy Transaction	147	6.2406 USD
Common	Buy Transaction	10,990	6.2408 USD
Common	Buy Transaction	262	6.2433 USD
Common	Buy Transaction	5,700	6.2440 USD
Common	Buy Transaction	14,447	6.2496 USD
Common	Buy Transaction	53	6.2500 USD
Common	Buy Transaction	942	6.2550 USD
Common	Buy Transaction	488	6.2554 USD
Common	Buy Transaction	2,613	6.2561 USD
Common	Buy Transaction	55	6.2567 USD
Common	Buy Transaction	205	6.2584 USD
Common	Buy Transaction	900	6.2601 USD
Common	Buy Transaction	3,254	6.2648 USD
Common	Buy Transaction	400	6.2650 USD
Common	Buy Transaction	130	6.2651 USD
Common	Buy Transaction	1,811	6.2668 USD
Common	Buy Transaction	5,012	6.2675 USD
Common	Buy Transaction	4,350	6.2683 USD
Common	Buy Transaction	239	6.2700 USD
Common	Buy Transaction	1,526	6.2761 USD
Common	Buy Transaction	3	6.2800 USD
Common	Buy Transaction	254	6.2816 USD
Common	Buy Transaction	518	6.2845 USD
Common	Buy Transaction	279	6.2846 USD
Common	Buy Transaction	1,644	6.2959 USD
Common	Buy Transaction	473	6.3016 USD
Common	Buy Transaction	15,460	6.3016 USD
Common	Buy Transaction	1,640	6.3045 USD
Common	Buy Transaction	1,341	6.3082 USD
Common	Buy Transaction	458	6.3118 USD
Common	Buy Transaction	188	6.3149 USD
Common	Buy Transaction	712	6.3201 USD
Common	Buy Transaction	589	6.3201 USD
Common	Buy Transaction	1,024	6.3285 USD
Common	Buy Transaction	1,369	6.3315 USD
Common	Buy Transaction	7,513	6.3332 USD
Common	Buy Transaction	828	6.3500 USD
Common	Buy Transaction	567	6.3543 USD
Common	Buy Transaction	500	6.3600 USD
Common	Buy Transaction	949	6.3604 USD
Common	Buy Transaction	1,918	6.3645 USD
Common	Buy Transaction	2,308	6.3655 USD
Common	Buy Transaction	1,645	6.3665 USD
Common	Buy Transaction	4,699	6.3666 USD
Common	Buy Transaction	1,350	6.3700 USD
Common	Buy Transaction	5,811	6.3802 USD
Common	Buy Transaction	3	6.3833 USD
Common	Buy Transaction	285	6.3894 USD
Common	Buy Transaction	847	6.3974 USD
Common	Sell Transaction	114,592	6.1600 USD
Common	Sell Transaction	100	6.1700 USD
Common	Sell Transaction	73	6.1800 USD
Common	Sell Transaction	557	6.1950 USD
Common	Sell Transaction	200	6.1975 USD
Common	Sell Transaction	19,860	6.1981 USD
Common	Sell Transaction	363	6.1987 USD
Common	Sell Transaction	23	6.1996 USD
Common	Sell Transaction	3,006	6.2000 USD
Common	Sell Transaction	102	6.2002 USD
Common	Sell Transaction	2,308	6.2011 USD
Common	Sell Transaction	1,004	6.2011 USD
Common	Sell Transaction	326	6.2012 USD
Common	Sell Transaction	286	6.2063 USD
Common	Sell Transaction	765	6.2084 USD
Common	Sell Transaction	383	6.2091 USD
Common	Sell Transaction	394	6.2092 USD
Common	Sell Transaction	2,004	6.2096 USD
Common	Sell Transaction	6,954	6.2100 USD
Common	Sell Transaction	211	6.2110 USD
Common	Sell Transaction	22	6.2132 USD
Common	Sell Transaction	1,588	6.2150 USD
Common	Sell Transaction	1,072	6.2164 USD
Common	Sell Transaction	16	6.2169 USD
Common	Sell Transaction	728	6.2200 USD
Common	Sell Transaction	1	6.2250 USD
Common	Sell Transaction	201	6.2258 USD
Common	Sell Transaction	818	6.2262 USD
Common	Sell Transaction	1,498	6.2328 USD
Common	Sell Transaction	781	6.2350 USD
Common	Sell Transaction	202	6.2350 USD
Common	Sell Transaction	9,300	6.2354 USD
Common	Sell Transaction	675	6.2358 USD
Common	Sell Transaction	7,107	6.2364 USD
Common	Sell Transaction	846	6.2368 USD
Common	Sell Transaction	906	6.2398 USD
Common	Sell Transaction	3	6.2400 USD
Common	Sell Transaction	492	6.2413 USD
Common	Sell Transaction	271	6.2421 USD
Common	Sell Transaction	7,765	6.2429 USD
Common	Sell Transaction	200	6.2449 USD
Common	Sell Transaction	110	6.2459 USD
Common	Sell Transaction	4	6.2475 USD
Common	Sell Transaction	554	6.2486 USD
Common	Sell Transaction	5,160	6.2521 USD
Common	Sell Transaction	2,411	6.2535 USD
Common	Sell Transaction	108	6.2541 USD
Common	Sell Transaction	3,299	6.2545 USD
Common	Sell Transaction	941	6.2584 USD
Common	Sell Transaction	19	6.2589 USD
Common	Sell Transaction	4,586	6.2590 USD
Common	Sell Transaction	100	6.2590 USD
Common	Sell Transaction	1,656	6.2594 USD
Common	Sell Transaction	183	6.2600 USD
Common	Sell Transaction	967	6.2623 USD
Common	Sell Transaction	265	6.2629 USD
Common	Sell Transaction	793	6.2635 USD
Common	Sell Transaction	42	6.2650 USD
Common	Sell Transaction	554	6.2663 USD
Common	Sell Transaction	1,760	6.2694 USD
Common	Sell Transaction	1,401	6.2700 USD
Common	Sell Transaction	524	6.2750 USD
Common	Sell Transaction	47	6.2791 USD
Common	Sell Transaction	1,000	6.2800 USD
Common	Sell Transaction	835	6.2890 USD
Common	Sell Transaction	6	6.3000 USD
Common	Sell Transaction	33	6.3045 USD
Common	Sell Transaction	3,733	6.3100 USD
Common	Sell Transaction	2,861	6.3154 USD
Common	Sell Transaction	589	6.3200 USD
Common	Sell Transaction	1,667	6.3247 USD
Common	Sell Transaction	405	6.3250 USD
Common	Sell Transaction	1,314	6.3441 USD
Common	Sell Transaction	420	6.3450 USD
Common	Sell Transaction	1,584	6.3500 USD
Common	Sell Transaction	1	6.3600 USD
Common	Sell Transaction	1,350	6.3700 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	Block Tx	12,500	6.0000 USD	American	2026-01-16	0.9500 USD
Common	Put Option	Buy Transaction	200	5.0000 USD	American	2026-01-16	0.2200 USD
Common	Put Option	Buy Transaction	100	6.0000 USD	American	2025-11-21	0.3500 USD
Common	Call Option	Buy Transaction	400	6.0000 USD	American	2025-10-17	0.4000 USD
Common	Call Option	Buy Transaction	800	7.0000 USD	American	2026-01-16	0.4500 USD
Common	Put Option	Buy Transaction	100	5.0000 USD	American	2026-07-17	0.4500 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-01-16	0.4700 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-01-16	0.5200 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-07-17	0.9000 USD
Common	Call Option	Buy Transaction	3,900	6.0000 USD	American	2026-04-17	1.1700 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2025-11-21	0.2900 USD
Common	Put Option	Sell Transaction	300	6.0000 USD	American	2025-11-21	0.3000 USD
Common	Call Option	Sell Transaction	400	7.0000 USD	American	2026-01-16	0.4300 USD
Common	Call Option	Sell Transaction	100	8.0000 USD	American	2026-04-17	0.5500 USD
Common	Call Option	Sell Transaction	500	6.0000 USD	American	2026-01-16	0.8500 USD
Common	Call Option	Sell Transaction	4,800	6.0000 USD	American	2026-01-16	0.9500 USD
Common	Call Option	Sell Transaction	100	5.0000 USD	American	2025-11-21	1.3600 USD
Common	Call Option	Sell Transaction	100	4.0000 USD	American	2026-07-17	2.6000 USD
Common	Call Option	Sell Transaction	1,000	5.0000 USD	American	2028-01-21	2.6500 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:	7 October 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	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Put Option	Purchased	-2,900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	6,000	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	18,800	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-800	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-900	3.0 USD	American	17/04/2026
Common	Put Option	Purchased	-500	3.0 USD	American	18/12/2026
Common	Put Option	Purchased	-200	7.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,800	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,500	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	200	11.0 USD	American	17/04/2026
Common	Call Option	Purchased	38,100	10.0 USD	American	17/07/2026
Common	Call Option	Purchased	200	8.0 USD	American	21/11/2025
Common	Call Option	Purchased	9,500	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-217,400	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	176,700	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-10,300	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-2,200	7.0 USD	American	17/07/2026
Common	Call Option	Purchased	50,200	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-200	8.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	100	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-100	5.0 USD	American	21/11/2025
Common	Call Option	Sold	-400	8.0 USD	American	17/04/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Put Option	Sold	100	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,700	7.0 USD	American	21/11/2025
Common	Call Option	Sold	-800	6.0 USD	American	21/11/2025
Common	Put Option	Sold	1,700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-200	10.0 USD	American	17/04/2026
Common	Call Option	Sold	-153,400	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,000	5.0 USD	American	21/01/2028
Common	Call Option	Sold	-508,400	7.0 USD	American	17/04/2026
Common	Put Option	Sold	91,400	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Put Option	Sold	700	4.0 USD	American	17/04/2026
Common	Put Option	Sold	800	6.0 USD	American	21/11/2025
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-300	9.0 USD	American	17/04/2026
Common	Call Option	Sold	-52,500	5.0 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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