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Citadel Group
Major Shareholding Notification • Oct 16, 2025
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Major Shareholding Notification
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National Storage Mechanism | Additional information 
RNS Number : 7000D
Citadel Group
16 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 |
15 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: | 774,787 | 0.65 | 172,351 | 0.14 |
| (2) Cash-settled derivatives: | 0 | 0.00 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 480,700 | 0.40 | 1,049,900 | 0.88 |
| TOTAL: | 1,255,487 | 1.05 | 1,222,251 | 1.03 |
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 | 5.4300 USD |
| Common | Buy Transaction | 51 | 5.5700 USD |
| Common | Buy Transaction | 58,398 | 5.5800 USD |
| Common | Buy Transaction | 7 | 5.5814 USD |
| Common | Buy Transaction | 443 | 5.5826 USD |
| Common | Buy Transaction | 149 | 5.5837 USD |
| Common | Buy Transaction | 1,297 | 5.5844 USD |
| Common | Buy Transaction | 31 | 5.5852 USD |
| Common | Buy Transaction | 499 | 5.5900 USD |
| Common | Buy Transaction | 85 | 5.5951 USD |
| Common | Buy Transaction | 4,736 | 5.5954 USD |
| Common | Buy Transaction | 1,128 | 5.5971 USD |
| Common | Buy Transaction | 1,200 | 5.5983 USD |
| Common | Buy Transaction | 853 | 5.6000 USD |
| Common | Buy Transaction | 600 | 5.6017 USD |
| Common | Buy Transaction | 644 | 5.6023 USD |
| Common | Buy Transaction | 1,699 | 5.6050 USD |
| Common | Buy Transaction | 5,513 | 5.6058 USD |
| Common | Buy Transaction | 4,326 | 5.6067 USD |
| Common | Buy Transaction | 398 | 5.6083 USD |
| Common | Buy Transaction | 2,379 | 5.6083 USD |
| Common | Buy Transaction | 7,327 | 5.6100 USD |
| Common | Buy Transaction | 1,653 | 5.6119 USD |
| Common | Buy Transaction | 1,098 | 5.6148 USD |
| Common | Buy Transaction | 4 | 5.6150 USD |
| Common | Buy Transaction | 300 | 5.6167 USD |
| Common | Buy Transaction | 8,069 | 5.6176 USD |
| Common | Buy Transaction | 1,109 | 5.6200 USD |
| Common | Buy Transaction | 20 | 5.6210 USD |
| Common | Buy Transaction | 3,491 | 5.6214 USD |
| Common | Buy Transaction | 3 | 5.6233 USD |
| Common | Buy Transaction | 710 | 5.6245 USD |
| Common | Buy Transaction | 2,396 | 5.6247 USD |
| Common | Buy Transaction | 11 | 5.6255 USD |
| Common | Buy Transaction | 1,707 | 5.6263 USD |
| Common | Buy Transaction | 5 | 5.6280 USD |
| Common | Buy Transaction | 1,662 | 5.6282 USD |
| Common | Buy Transaction | 3,869 | 5.6300 USD |
| Common | Buy Transaction | 526 | 5.6306 USD |
| Common | Buy Transaction | 446 | 5.6308 USD |
| Common | Buy Transaction | 240 | 5.6334 USD |
| Common | Buy Transaction | 3,100 | 5.6335 USD |
| Common | Buy Transaction | 400 | 5.6350 USD |
| Common | Buy Transaction | 25,799 | 5.6379 USD |
| Common | Buy Transaction | 27,372 | 5.6403 USD |
| Common | Buy Transaction | 4,803 | 5.6450 USD |
| Common | Buy Transaction | 201 | 5.6498 USD |
| Common | Buy Transaction | 200 | 5.6500 USD |
| Common | Buy Transaction | 172 | 5.6507 USD |
| Common | Buy Transaction | 1,211 | 5.6515 USD |
| Common | Buy Transaction | 25 | 5.6540 USD |
| Common | Buy Transaction | 1,315 | 5.6571 USD |
| Common | Buy Transaction | 1,624 | 5.6597 USD |
| Common | Buy Transaction | 10,259 | 5.6600 USD |
| Common | Buy Transaction | 9,205 | 5.6600 USD |
| Common | Buy Transaction | 23,452 | 5.6600 USD |
| Common | Buy Transaction | 501 | 5.6600 USD |
| Common | Buy Transaction | 3,145 | 5.6610 USD |
| Common | Buy Transaction | 310 | 5.6616 USD |
| Common | Buy Transaction | 62 | 5.6624 USD |
| Common | Buy Transaction | 98 | 5.6636 USD |
| Common | Buy Transaction | 7,984 | 5.6659 USD |
| Common | Buy Transaction | 1,100 | 5.6700 USD |
| Common | Buy Transaction | 923 | 5.6715 USD |
| Common | Buy Transaction | 19,808 | 5.6740 USD |
| Common | Buy Transaction | 1,143 | 5.6759 USD |
| Common | Buy Transaction | 56 | 5.6782 USD |
| Common | Buy Transaction | 203 | 5.6790 USD |
| Common | Buy Transaction | 33 | 5.6794 USD |
| Common | Buy Transaction | 1,106 | 5.6800 USD |
| Common | Buy Transaction | 1,900 | 5.6853 USD |
| Common | Buy Transaction | 2,207 | 5.6868 USD |
| Common | Buy Transaction | 12 | 5.6900 USD |
| Common | Buy Transaction | 207 | 5.6961 USD |
| Common | Buy Transaction | 829 | 5.7000 USD |
| Common | Buy Transaction | 771 | 5.7031 USD |
| Common | Buy Transaction | 2,100 | 5.7038 USD |
| Common | Buy Transaction | 910 | 5.7056 USD |
| Common | Buy Transaction | 232 | 5.7084 USD |
| Common | Buy Transaction | 2,600 | 5.7100 USD |
| Common | Buy Transaction | 269 | 5.7194 USD |
| Common | Buy Transaction | 50 | 5.7200 USD |
| Common | Buy Transaction | 315 | 5.7300 USD |
| Common | Buy Transaction | 2,406 | 5.7330 USD |
| Common | Buy Transaction | 201 | 5.7400 USD |
| Common | Buy Transaction | 20 | 5.7500 USD |
| Common | Buy Transaction | 323 | 5.7591 USD |
| Common | Buy Transaction | 655 | 5.7651 USD |
| Common | Sell Transaction | 1,024 | 5.5700 USD |
| Common | Sell Transaction | 619 | 5.5732 USD |
| Common | Sell Transaction | 2,961 | 5.5746 USD |
| Common | Sell Transaction | 55,375 | 5.5800 USD |
| Common | Sell Transaction | 1 | 5.5900 USD |
| Common | Sell Transaction | 200 | 5.5950 USD |
| Common | Sell Transaction | 752 | 5.6000 USD |
| Common | Sell Transaction | 232 | 5.6043 USD |
| Common | Sell Transaction | 7,334 | 5.6100 USD |
| Common | Sell Transaction | 9,070 | 5.6103 USD |
| Common | Sell Transaction | 4,884 | 5.6133 USD |
| Common | Sell Transaction | 961 | 5.6148 USD |
| Common | Sell Transaction | 27 | 5.6178 USD |
| Common | Sell Transaction | 1,031 | 5.6200 USD |
| Common | Sell Transaction | 103 | 5.6201 USD |
| Common | Sell Transaction | 1,447 | 5.6213 USD |
| Common | Sell Transaction | 4,139 | 5.6219 USD |
| Common | Sell Transaction | 45 | 5.6234 USD |
| Common | Sell Transaction | 2,850 | 5.6250 USD |
| Common | Sell Transaction | 18 | 5.6272 USD |
| Common | Sell Transaction | 230 | 5.6273 USD |
| Common | Sell Transaction | 3,794 | 5.6274 USD |
| Common | Sell Transaction | 87 | 5.6283 USD |
| Common | Sell Transaction | 5,340 | 5.6290 USD |
| Common | Sell Transaction | 17 | 5.6300 USD |
| Common | Sell Transaction | 3,900 | 5.6333 USD |
| Common | Sell Transaction | 2 | 5.6350 USD |
| Common | Sell Transaction | 1,198 | 5.6377 USD |
| Common | Sell Transaction | 2,201 | 5.6400 USD |
| Common | Sell Transaction | 414 | 5.6450 USD |
| Common | Sell Transaction | 101 | 5.6497 USD |
| Common | Sell Transaction | 900 | 5.6500 USD |
| Common | Sell Transaction | 19,889 | 5.6503 USD |
| Common | Sell Transaction | 2,400 | 5.6521 USD |
| Common | Sell Transaction | 1,207 | 5.6524 USD |
| Common | Sell Transaction | 2,624 | 5.6527 USD |
| Common | Sell Transaction | 1,477 | 5.6533 USD |
| Common | Sell Transaction | 3 | 5.6533 USD |
| Common | Sell Transaction | 8 | 5.6550 USD |
| Common | Sell Transaction | 273 | 5.6573 USD |
| Common | Sell Transaction | 227 | 5.6573 USD |
| Common | Sell Transaction | 301 | 5.6598 USD |
| Common | Sell Transaction | 1 | 5.6600 USD |
| Common | Sell Transaction | 338 | 5.6636 USD |
| Common | Sell Transaction | 4 | 5.6650 USD |
| Common | Sell Transaction | 1,534 | 5.6661 USD |
| Common | Sell Transaction | 503 | 5.6698 USD |
| Common | Sell Transaction | 1 | 5.6700 USD |
| Common | Sell Transaction | 3,521 | 5.6703 USD |
| Common | Sell Transaction | 1,763 | 5.6724 USD |
| Common | Sell Transaction | 11,498 | 5.6728 USD |
| Common | Sell Transaction | 704 | 5.6730 USD |
| Common | Sell Transaction | 17,001 | 5.6763 USD |
| Common | Sell Transaction | 526 | 5.6808 USD |
| Common | Sell Transaction | 100 | 5.6900 USD |
| Common | Sell Transaction | 130 | 5.6923 USD |
| Common | Sell Transaction | 16 | 5.6925 USD |
| Common | Sell Transaction | 685 | 5.6971 USD |
| Common | Sell Transaction | 5,138 | 5.7000 USD |
| Common | Sell Transaction | 264 | 5.7024 USD |
| Common | Sell Transaction | 150 | 5.7113 USD |
| Common | Sell Transaction | 53 | 5.7143 USD |
| Common | Sell Transaction | 250 | 5.7175 USD |
| Common | Sell Transaction | 6 | 5.7500 USD |
| Common | Sell Transaction | 540 | 5.7600 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 | 1,000 | 7.0000 USD | American | 2025-11-21 | 0.1200 USD |
| Common | Put Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-11-21 | 0.2100 USD |
| Common | Put Option | Buy Transaction | 200 | 5.0000 USD | American | 2025-11-21 | 0.2200 USD |
| Common | Call Option | Buy Transaction | 100 | 6.0000 USD | American | 2025-11-21 | 0.3200 USD |
| Common | Call Option | Sell Transaction | 100 | 7.0000 USD | American | 2025-11-21 | 0.1200 USD |
| Common | Put Option | Sell Transaction | 100 | 5.0000 USD | American | 2025-11-21 | 0.1700 USD |
| Common | Put Option | Sell Transaction | 100 | 5.0000 USD | American | 2025-11-21 | 0.2000 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: | 16 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 | 2,500 | 5.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -100 | 6.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 800 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 3,100 | 10.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 300 | 3.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -10,900 | 5.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 15,700 | 4.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -17,200 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Purchased | -900 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -300 | 7.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 35,000 | 10.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 22,600 | 6.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -500 | 3.0 USD | American | 18/12/2026 |
| Common | Put Option | Purchased | -400 | 4.0 USD | American | 17/04/2026 |
| Common | Put Option | Purchased | -3,300 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 48,200 | 6.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -218,200 | 4.0 USD | American | 16/01/2026 |
| 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 | Call Option | Purchased | 9,500 | 7.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -4,400 | 6.0 USD | American | 16/01/2026 |
| Common | Call Option | Purchased | 2,800 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Purchased | 5,400 | 7.0 USD | American | 18/12/2026 |
| Common | Call Option | Purchased | 0 | 5.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 200 | 8.0 USD | American | 21/11/2025 |
| Common | Put Option | Purchased | -2,100 | 5.0 USD | American | 21/11/2025 |
| Common | Call Option | Purchased | 175,900 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -1,000 | 3.0 USD | American | 17/04/2026 |
| Common | Call Option | Purchased | 1,000 | 8.0 USD | American | 17/10/2025 |
| Common | Put Option | Purchased | -2,200 | 7.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 10.0 USD | American | 17/04/2026 |
| Common | Put Option | Sold | 300 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -39,400 | 5.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -800 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -1,100 | 6.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -400 | 5.0 USD | American | 18/12/2026 |
| Common | Call Option | Sold | -151,300 | 7.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 62,200 | 4.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 7.0 USD | American | 21/01/2028 |
| Common | Put Option | Sold | 100 | 5.0 USD | American | 18/12/2026 |
| Common | Call Option | Sold | -400 | 8.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -1,000 | 5.0 USD | American | 21/01/2028 |
| Common | Call Option | Sold | -1,400 | 4.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 91,400 | 5.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 100 | 3.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -1,200 | 7.0 USD | American | 21/11/2025 |
| Common | Call Option | Sold | -6,200 | 12.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -200 | 9.0 USD | American | 17/04/2026 |
| Common | Call Option | Sold | -9,100 | 6.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 600 | 3.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -12,500 | 15.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -100 | 10.0 USD | American | 18/12/2026 |
| Common | Call Option | Sold | -100 | 1.0 USD | American | 17/07/2026 |
| Common | Call Option | Sold | -200 | 8.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -52,500 | 5.0 USD | American | 16/01/2026 |
| Common | Call Option | Sold | -1,400 | 3.0 USD | American | 16/01/2026 |
| Common | Put Option | Sold | 2,200 | 5.0 USD | American | 17/10/2025 |
| Common | Put Option | Sold | 300 | 6.0 USD | American | 17/10/2025 |
| Common | Call Option | Sold | -508,700 | 7.0 USD | American | 17/04/2026 |
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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