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Citadel Group Major Shareholding Notification 2025

Oct 9, 2025

10454_mrq_2025-10-09_69bce014-f2cb-47cb-aa86-42e4400292d8.html

Major Shareholding Notification

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National Storage Mechanism | Additional information

RNS Number : 7424C

Citadel Group

09 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
8 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: 945,704 0.79 103,329 0.08
(2) Cash-settled derivatives: 0 0.00 0 0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: 481,000 0.40 1,047,500 0.88
TOTAL: 1,426,704 1.20 1,150,829 0.96

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 204 5.7600 USD
Common Buy Transaction 1,400 5.7607 USD
Common Buy Transaction 336 5.7649 USD
Common Buy Transaction 200 5.7650 USD
Common Buy Transaction 629 5.7800 USD
Common Buy Transaction 361 5.7900 USD
Common Buy Transaction 841 5.7921 USD
Common Buy Transaction 1 5.8100 USD
Common Buy Transaction 605 5.8131 USD
Common Buy Transaction 580 5.8171 USD
Common Buy Transaction 195 5.8187 USD
Common Buy Transaction 8 5.8200 USD
Common Buy Transaction 200 5.8250 USD
Common Buy Transaction 1,515 5.8284 USD
Common Buy Transaction 888 5.8300 USD
Common Buy Transaction 703 5.8345 USD
Common Buy Transaction 3,031 5.8386 USD
Common Buy Transaction 1,027 5.8389 USD
Common Buy Transaction 671 5.8445 USD
Common Buy Transaction 661 5.8445 USD
Common Buy Transaction 549 5.8451 USD
Common Buy Transaction 625 5.8468 USD
Common Buy Transaction 1,679 5.8471 USD
Common Buy Transaction 2,646 5.8484 USD
Common Buy Transaction 600 5.8486 USD
Common Buy Transaction 319 5.8494 USD
Common Buy Transaction 864 5.8496 USD
Common Buy Transaction 13,702 5.8500 USD
Common Buy Transaction 337 5.8529 USD
Common Buy Transaction 391 5.8531 USD
Common Buy Transaction 5,219 5.8544 USD
Common Buy Transaction 100 5.8550 USD
Common Buy Transaction 375 5.8550 USD
Common Buy Transaction 400 5.8551 USD
Common Buy Transaction 2,221 5.8573 USD
Common Buy Transaction 2,656 5.8579 USD
Common Buy Transaction 2,415 5.8581 USD
Common Buy Transaction 3,389 5.8582 USD
Common Buy Transaction 656 5.8596 USD
Common Buy Transaction 822 5.8598 USD
Common Buy Transaction 2,159 5.8600 USD
Common Buy Transaction 3,011 5.8602 USD
Common Buy Transaction 630 5.8606 USD
Common Buy Transaction 2,169 5.8613 USD
Common Buy Transaction 363 5.8613 USD
Common Buy Transaction 2,348 5.8626 USD
Common Buy Transaction 475 5.8627 USD
Common Buy Transaction 2,501 5.8627 USD
Common Buy Transaction 924 5.8627 USD
Common Buy Transaction 1,531 5.8632 USD
Common Buy Transaction 4,064 5.8641 USD
Common Buy Transaction 109 5.8642 USD
Common Buy Transaction 200 5.8650 USD
Common Buy Transaction 621 5.8661 USD
Common Buy Transaction 247 5.8664 USD
Common Buy Transaction 291 5.8666 USD
Common Buy Transaction 678 5.8667 USD
Common Buy Transaction 1,598 5.8668 USD
Common Buy Transaction 917 5.8678 USD
Common Buy Transaction 168 5.8690 USD
Common Buy Transaction 7,554 5.8693 USD
Common Buy Transaction 2,881 5.8694 USD
Common Buy Transaction 2,677 5.8700 USD
Common Buy Transaction 332 5.8720 USD
Common Buy Transaction 190 5.8721 USD
Common Buy Transaction 677 5.8721 USD
Common Buy Transaction 718 5.8723 USD
Common Buy Transaction 13,353 5.8727 USD
Common Buy Transaction 1,100 5.8727 USD
Common Buy Transaction 687 5.8730 USD
Common Buy Transaction 916 5.8737 USD
Common Buy Transaction 4,083 5.8742 USD
Common Buy Transaction 938 5.8743 USD
Common Buy Transaction 418 5.8763 USD
Common Buy Transaction 118 5.8769 USD
Common Buy Transaction 1,826 5.8779 USD
Common Buy Transaction 2,499 5.8779 USD
Common Buy Transaction 685 5.8787 USD
Common Buy Transaction 168 5.8792 USD
Common Buy Transaction 695 5.8794 USD
Common Buy Transaction 166 5.8796 USD
Common Buy Transaction 18,780 5.8800 USD
Common Buy Transaction 9,931 5.8805 USD
Common Buy Transaction 59 5.8812 USD
Common Buy Transaction 17 5.8818 USD
Common Buy Transaction 1,953 5.8823 USD
Common Buy Transaction 2 5.8825 USD
Common Buy Transaction 9,971 5.8837 USD
Common Buy Transaction 16,915 5.8843 USD
Common Buy Transaction 35,427 5.8900 USD
Common Buy Transaction 363 5.8931 USD
Common Buy Transaction 2,450 5.8935 USD
Common Buy Transaction 80 5.8971 USD
Common Buy Transaction 715 5.8976 USD
Common Buy Transaction 372 5.9000 USD
Common Buy Transaction 3 5.9033 USD
Common Buy Transaction 2,245 5.9037 USD
Common Buy Transaction 101 5.9050 USD
Common Buy Transaction 1,220 5.9199 USD
Common Buy Transaction 1,204 5.9200 USD
Common Buy Transaction 1,200 5.9202 USD
Common Buy Transaction 800 5.9210 USD
Common Buy Transaction 16 5.9300 USD
Common Sell Transaction 1,400 5.7607 USD
Common Sell Transaction 100 5.7850 USD
Common Sell Transaction 133 5.7900 USD
Common Sell Transaction 1,808 5.7950 USD
Common Sell Transaction 20 5.7995 USD
Common Sell Transaction 30,532 5.8000 USD
Common Sell Transaction 3,300 5.8033 USD
Common Sell Transaction 4,300 5.8052 USD
Common Sell Transaction 418 5.8053 USD
Common Sell Transaction 1,300 5.8054 USD
Common Sell Transaction 460 5.8085 USD
Common Sell Transaction 2,400 5.8092 USD
Common Sell Transaction 1,366 5.8099 USD
Common Sell Transaction 2,738 5.8100 USD
Common Sell Transaction 105 5.8138 USD
Common Sell Transaction 101 5.8150 USD
Common Sell Transaction 1,300 5.8288 USD
Common Sell Transaction 1,000 5.8300 USD
Common Sell Transaction 500 5.8350 USD
Common Sell Transaction 2,387 5.8400 USD
Common Sell Transaction 603 5.8438 USD
Common Sell Transaction 19,500 5.8462 USD
Common Sell Transaction 145 5.8464 USD
Common Sell Transaction 791 5.8472 USD
Common Sell Transaction 8,471 5.8500 USD
Common Sell Transaction 5,248 5.8513 USD
Common Sell Transaction 1,049 5.8541 USD
Common Sell Transaction 3,225 5.8542 USD
Common Sell Transaction 200 5.8550 USD
Common Sell Transaction 432 5.8554 USD
Common Sell Transaction 1,200 5.8558 USD
Common Sell Transaction 1,300 5.8581 USD
Common Sell Transaction 421 5.8599 USD
Common Sell Transaction 528 5.8599 USD
Common Sell Transaction 41,323 5.8600 USD
Common Sell Transaction 8,806 5.8613 USD
Common Sell Transaction 3,197 5.8613 USD
Common Sell Transaction 299 5.8614 USD
Common Sell Transaction 300 5.8617 USD
Common Sell Transaction 18,493 5.8617 USD
Common Sell Transaction 66 5.8624 USD
Common Sell Transaction 12,613 5.8627 USD
Common Sell Transaction 162 5.8640 USD
Common Sell Transaction 2,786 5.8647 USD
Common Sell Transaction 102 5.8650 USD
Common Sell Transaction 410 5.8653 USD
Common Sell Transaction 1,861 5.8665 USD
Common Sell Transaction 518 5.8693 USD
Common Sell Transaction 2,076 5.8700 USD
Common Sell Transaction 191 5.8701 USD
Common Sell Transaction 248 5.8702 USD
Common Sell Transaction 28 5.8732 USD
Common Sell Transaction 1,230 5.8734 USD
Common Sell Transaction 573 5.8738 USD
Common Sell Transaction 23 5.8765 USD
Common Sell Transaction 425 5.8774 USD
Common Sell Transaction 21,797 5.8775 USD
Common Sell Transaction 4,490 5.8776 USD
Common Sell Transaction 1,294 5.8782 USD
Common Sell Transaction 296 5.8784 USD
Common Sell Transaction 136 5.8788 USD
Common Sell Transaction 10 5.8790 USD
Common Sell Transaction 1,374 5.8793 USD
Common Sell Transaction 5,085 5.8795 USD
Common Sell Transaction 23,879 5.8800 USD
Common Sell Transaction 660 5.8802 USD
Common Sell Transaction 153 5.8810 USD
Common Sell Transaction 300 5.8817 USD
Common Sell Transaction 4,491 5.8826 USD
Common Sell Transaction 28,591 5.8844 USD
Common Sell Transaction 1,200 5.8850 USD
Common Sell Transaction 109 5.8850 USD
Common Sell Transaction 278 5.8888 USD
Common Sell Transaction 30,369 5.8900 USD
Common Sell Transaction 5,417 5.8922 USD
Common Sell Transaction 1,953 5.8925 USD
Common Sell Transaction 7,140 5.8941 USD
Common Sell Transaction 185 5.8946 USD
Common Sell Transaction 134 5.8949 USD
Common Sell Transaction 5,053 5.8949 USD
Common Sell Transaction 1,318 5.8951 USD
Common Sell Transaction 843 5.8953 USD
Common Sell Transaction 3,700 5.8954 USD
Common Sell Transaction 1,526 5.8954 USD
Common Sell Transaction 606 5.8967 USD
Common Sell Transaction 4,610 5.8990 USD
Common Sell Transaction 274 5.8993 USD
Common Sell Transaction 241 5.8995 USD
Common Sell Transaction 407 5.9003 USD
Common Sell Transaction 1,660 5.9006 USD
Common Sell Transaction 6 5.9033 USD
Common Sell Transaction 212 5.9047 USD
Common Sell Transaction 220 5.9047 USD
Common Sell Transaction 299 5.9100 USD
Common Sell Transaction 702 5.9107 USD
Common Sell Transaction 17 5.9188 USD
Common Sell Transaction 183 5.9189 USD
Common Sell Transaction 830 5.9196 USD
Common Sell Transaction 6,942 5.9199 USD
Common Sell Transaction 185,617 5.9200 USD
Common Sell Transaction 201 5.9201 USD
Common Sell Transaction 1,000 5.9208 USD
Common Sell Transaction 380 5.9297 USD
Common Sell Transaction 418 5.9300 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 0.6933 USD
Common Put Option Buy Transaction 700 5.0000 USD American 2025-11-21 0.1500 USD
Common Put Option Buy Transaction 100 5.0000 USD American 2025-11-21 0.1700 USD
Common Put Option Buy Transaction 100 4.0000 USD American 2026-04-17 0.1900 USD
Common Put Option Buy Transaction 1,500 4.0000 USD American 2026-07-17 0.3000 USD
Common Put Option Buy Transaction 100 5.0000 USD American 2026-04-17 0.4200 USD
Common Put Option Buy Transaction 200 5.0000 USD American 2026-04-17 0.4300 USD
Common Put Option Buy Transaction 100 5.0000 USD American 2026-04-17 0.4400 USD
Common Call Option Buy Transaction 200 6.0000 USD American 2026-04-17 0.8700 USD
Common Put Option Sell Transaction 100 3.0000 USD American 2026-07-17 0.0800 USD
Common Call Option Sell Transaction 400 6.0000 USD American 2025-10-17 0.1400 USD
Common Call Option Sell Transaction 1,100 6.0000 USD American 2025-10-17 0.1500 USD
Common Call Option Sell Transaction 200 7.0000 USD American 2025-11-21 0.2000 USD
Common Put Option Sell Transaction 100 4.0000 USD American 2026-07-17 0.2600 USD
Common Put Option Sell Transaction 65,000 4.0000 USD American 2026-07-17 0.3000 USD
Common Call Option Sell Transaction 100 7.0000 USD American 2026-01-16 0.3100 USD
Common Put Option Sell Transaction 400 5.0000 USD American 2026-04-17 0.3600 USD
Common Call Option Sell Transaction 100 10.0000 USD American 2026-12-18 0.3800 USD
Common Put Option Sell Transaction 100 5.0000 USD American 2026-04-17 0.4300 USD
Common Call Option Sell Transaction 3,300 6.0000 USD American 2026-01-16 0.6900 USD
Common Call Option Sell Transaction 1,100 6.0000 USD American 2026-01-16 0.7000 USD
Common Put Option Sell Transaction 100 6.0000 USD American 2026-01-16 0.7200 USD
Common Put Option Sell Transaction 4,300 6.0000 USD American 2026-01-16 0.8000 USD
Common Call Option Sell Transaction 200 5.0000 USD American 2025-10-17 0.9000 USD
Common Call Option Sell Transaction 200 5.0000 USD American 2025-10-17 0.9100 USD
Common Call Option Sell Transaction 400 5.0000 USD American 2025-10-17 0.9200 USD
Common Call Option Sell Transaction 100 5.0000 USD American 2026-04-17 1.4300 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: 9 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 Put Option Purchased -900 7.0 USD American 17/10/2025
Common Call Option Purchased 9,500 7.0 USD American 17/10/2025
Common Call Option Purchased 800 3.0 USD American 17/07/2026
Common Put Option Purchased -3,300 5.0 USD American 17/07/2026
Common Call Option Purchased 15,700 4.0 USD American 17/10/2025
Common Call Option Purchased 19,000 6.0 USD American 17/04/2026
Common Put Option Purchased -217,400 4.0 USD American 16/01/2026
Common Call Option Purchased 48,500 6.0 USD American 17/10/2025
Common Put Option Purchased -3,800 6.0 USD American 16/01/2026
Common Call Option Purchased 300 3.0 USD American 17/10/2025
Common Call Option Purchased 3,100 10.0 USD American 16/01/2026
Common Call Option Purchased 300 2.0 USD American 17/10/2025
Common Put Option Purchased -900 3.0 USD American 17/04/2026
Common Call Option Purchased 2,800 7.0 USD American 17/07/2026
Common Put Option Purchased -800 5.0 USD American 21/11/2025
Common Call Option Purchased 5,800 7.0 USD American 18/12/2026
Common Put Option Purchased -17,200 3.0 USD American 16/01/2026
Common Put Option Purchased -10,300 5.0 USD American 17/04/2026
Common Put Option Purchased -500 3.0 USD American 18/12/2026
Common Call Option Purchased 200 11.0 USD American 17/04/2026
Common Put Option Purchased -200 7.0 USD American 16/01/2026
Common Call Option Purchased 200 8.0 USD American 21/11/2025
Common Call Option Purchased 1,000 8.0 USD American 17/10/2025
Common Call Option Purchased 2,500 5.0 USD American 17/04/2026
Common Call Option Purchased 38,100 10.0 USD American 17/07/2026
Common Put Option Purchased -2,200 7.0 USD American 17/07/2026
Common Call Option Purchased 175,900 5.0 USD American 17/10/2025
Common Put Option Purchased -100 6.0 USD American 17/04/2026
Common Call Option Sold -508,400 7.0 USD American 17/04/2026
Common Put Option Sold 100 4.0 USD American 17/04/2026
Common Call Option Sold -800 4.0 USD American 17/07/2026
Common Put Option Sold 62,600 4.0 USD American 17/07/2026
Common Call Option Sold -52,500 5.0 USD American 16/01/2026
Common Call Option Sold -12,500 15.0 USD American 16/01/2026
Common Put Option Sold 91,400 5.0 USD American 16/01/2026
Common Call Option Sold -400 8.0 USD American 17/04/2026
Common Call Option Sold -200 10.0 USD American 17/04/2026
Common Put Option Sold 100 5.0 USD American 18/12/2026
Common Put Option Sold 200 6.0 USD American 17/10/2025
Common Put Option Sold 100 3.0 USD American 17/07/2026
Common Put Option Sold 1,700 5.0 USD American 17/10/2025
Common Call Option Sold -39,400 5.0 USD American 17/07/2026
Common Call Option Sold -200 8.0 USD American 16/01/2026
Common Call Option Sold -300 9.0 USD American 17/04/2026
Common Put Option Sold 500 6.0 USD American 21/11/2025
Common Call Option Sold -153,500 7.0 USD American 16/01/2026
Common Call Option Sold -8,400 6.0 USD American 16/01/2026
Common Call Option Sold -6,200 12.0 USD American 16/01/2026
Common Call Option Sold -1,900 7.0 USD American 21/11/2025
Common Put Option Sold 600 3.0 USD American 17/10/2025
Common Call Option Sold -100 1.0 USD American 17/07/2026
Common Call Option Sold -100 10.0 USD American 18/12/2026
Common Call Option Sold -1,400 4.0 USD American 16/01/2026
Common Call Option Sold -1,400 3.0 USD American 16/01/2026
Common Call Option Sold -800 6.0 USD American 21/11/2025
Common Call Option Sold -1,000 5.0 USD American 21/01/2028
Common Call Option Sold -400 5.0 USD American 18/12/2026

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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END

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