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RNS Number : 5811J

Citadel Group

21 May 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	20 May 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:	1,084,786	0.91	11,559	0.00
(2) Cash-settled derivatives:	852,008	0.71	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	1,970,600	1.66	982,100	0.82
TOTAL:	3,907,394	3.29	993,659	0.83

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	300	4.4800 USD
Common	Buy Transaction	201	4.4825 USD
Common	Buy Transaction	100	4.4850 USD
Common	Buy Transaction	435	4.4865 USD
Common	Buy Transaction	9	4.4900 USD
Common	Buy Transaction	538	4.4906 USD
Common	Buy Transaction	278	4.4992 USD
Common	Buy Transaction	335	4.5000 USD
Common	Buy Transaction	400	4.5025 USD
Common	Buy Transaction	900	4.5033 USD
Common	Buy Transaction	42	4.5074 USD
Common	Buy Transaction	401	4.5100 USD
Common	Buy Transaction	2,500	4.5108 USD
Common	Buy Transaction	1,200	4.5150 USD
Common	Buy Transaction	148	4.5162 USD
Common	Buy Transaction	926	4.5200 USD
Common	Buy Transaction	1,320	4.5209 USD
Common	Buy Transaction	1,500	4.5233 USD
Common	Buy Transaction	201	4.5247 USD
Common	Buy Transaction	700	4.5257 USD
Common	Buy Transaction	400	4.5275 USD
Common	Buy Transaction	172	4.5278 USD
Common	Buy Transaction	2,000	4.5290 USD
Common	Buy Transaction	4,280	4.5297 USD
Common	Buy Transaction	11,864	4.5300 USD
Common	Buy Transaction	246	4.5310 USD
Common	Buy Transaction	329	4.5315 USD
Common	Buy Transaction	7,061	4.5322 USD
Common	Buy Transaction	1	4.5331 USD
Common	Buy Transaction	4,295	4.5357 USD
Common	Buy Transaction	78	4.5362 USD
Common	Buy Transaction	1,152	4.5371 USD
Common	Buy Transaction	1,795	4.5390 USD
Common	Buy Transaction	4,093	4.5400 USD
Common	Buy Transaction	900	4.5401 USD
Common	Buy Transaction	379	4.5403 USD
Common	Buy Transaction	234	4.5415 USD
Common	Buy Transaction	500	4.5420 USD
Common	Buy Transaction	2,426	4.5421 USD
Common	Buy Transaction	13,742	4.5432 USD
Common	Buy Transaction	2,100	4.5445 USD
Common	Buy Transaction	1,079	4.5448 USD
Common	Buy Transaction	708	4.5450 USD
Common	Buy Transaction	174	4.5451 USD
Common	Buy Transaction	643	4.5462 USD
Common	Buy Transaction	2,472	4.5471 USD
Common	Buy Transaction	277	4.5482 USD
Common	Buy Transaction	106	4.5483 USD
Common	Buy Transaction	1,633	4.5491 USD
Common	Buy Transaction	1,653	4.5500 USD
Common	Buy Transaction	624	4.5521 USD
Common	Buy Transaction	1,300	4.5535 USD
Common	Buy Transaction	200	4.5550 USD
Common	Buy Transaction	850	4.5583 USD
Common	Buy Transaction	17,290	4.5598 USD
Common	Buy Transaction	2,082	4.5600 USD
Common	Buy Transaction	68	4.5650 USD
Common	Buy Transaction	31,505	4.5700 USD
Common	DVP Transaction	781	4.5000 USD
Common	DVP Transaction	192	4.5100 USD
Common	DVP Transaction	294	4.5253 USD
Common	DVP Transaction	196	4.5281 USD
Common	DVP Transaction	615	4.5287 USD
Common	DVP Transaction	100	4.5300 USD
Common	DVP Transaction	35	4.5354 USD
Common	DVP Transaction	3	4.5367 USD
Common	DVP Transaction	484	4.5395 USD
Common	DVP Transaction	300	4.5400 USD
Common	DVP Transaction	1,236	4.5454 USD
Common	DVP Transaction	4,854	4.5490 USD
Common	DVP Transaction	1,092	4.5550 USD
Common	DVP Transaction	77	4.5551 USD
Common	DVP Transaction	170	4.5552 USD
Common	DVP Transaction	13	4.5554 USD
Common	DVP Transaction	30,780	4.5700 USD
Common	RVP Transaction	781	4.5000 USD
Common	RVP Transaction	38	4.5355 USD
Common	RVP Transaction	3,892	4.5383 USD
Common	RVP Transaction	630	4.5484 USD
Common	RVP Transaction	1,524	4.5490 USD
Common	RVP Transaction	3,200	4.5500 USD
Common	RVP Transaction	300	4.5550 USD
Common	RVP Transaction	77	4.5551 USD
Common	RVP Transaction	30,780	4.5700 USD
Common	Sell Transaction	100	4.4800 USD
Common	Sell Transaction	1,156	4.5000 USD
Common	Sell Transaction	1,100	4.5055 USD
Common	Sell Transaction	346	4.5100 USD
Common	Sell Transaction	470	4.5145 USD
Common	Sell Transaction	400	4.5150 USD
Common	Sell Transaction	890	4.5169 USD
Common	Sell Transaction	700	4.5171 USD
Common	Sell Transaction	1,525	4.5189 USD
Common	Sell Transaction	69	4.5191 USD
Common	Sell Transaction	196	4.5191 USD
Common	Sell Transaction	1,500	4.5193 USD
Common	Sell Transaction	1,412	4.5200 USD
Common	Sell Transaction	289	4.5206 USD
Common	Sell Transaction	638	4.5208 USD
Common	Sell Transaction	56	4.5239 USD
Common	Sell Transaction	200	4.5250 USD
Common	Sell Transaction	339	4.5258 USD
Common	Sell Transaction	181	4.5266 USD
Common	Sell Transaction	5,067	4.5270 USD
Common	Sell Transaction	1,000	4.5291 USD
Common	Sell Transaction	2,356	4.5295 USD
Common	Sell Transaction	3,742	4.5297 USD
Common	Sell Transaction	5,424	4.5297 USD
Common	Sell Transaction	2,807	4.5300 USD
Common	Sell Transaction	180	4.5301 USD
Common	Sell Transaction	1,628	4.5302 USD
Common	Sell Transaction	594	4.5304 USD
Common	Sell Transaction	3,445	4.5307 USD
Common	Sell Transaction	908	4.5317 USD
Common	Sell Transaction	1,029	4.5324 USD
Common	Sell Transaction	314	4.5333 USD
Common	Sell Transaction	1,600	4.5338 USD
Common	Sell Transaction	153	4.5340 USD
Common	Sell Transaction	157	4.5341 USD
Common	Sell Transaction	600	4.5346 USD
Common	Sell Transaction	750	4.5353 USD
Common	Sell Transaction	2,230	4.5355 USD
Common	Sell Transaction	1,169	4.5358 USD
Common	Sell Transaction	1,234	4.5359 USD
Common	Sell Transaction	412	4.5363 USD
Common	Sell Transaction	586	4.5367 USD
Common	Sell Transaction	839	4.5376 USD
Common	Sell Transaction	7,209	4.5386 USD
Common	Sell Transaction	446	4.5391 USD
Common	Sell Transaction	340	4.5395 USD
Common	Sell Transaction	1,632	4.5398 USD
Common	Sell Transaction	242	4.5400 USD
Common	Sell Transaction	575	4.5400 USD
Common	Sell Transaction	581	4.5402 USD
Common	Sell Transaction	155	4.5403 USD
Common	Sell Transaction	5,703	4.5403 USD
Common	Sell Transaction	550	4.5409 USD
Common	Sell Transaction	1,282	4.5410 USD
Common	Sell Transaction	6,274	4.5410 USD
Common	Sell Transaction	646	4.5414 USD
Common	Sell Transaction	700	4.5414 USD
Common	Sell Transaction	1,375	4.5420 USD
Common	Sell Transaction	1,895	4.5420 USD
Common	Sell Transaction	6,220	4.5423 USD
Common	Sell Transaction	668	4.5424 USD
Common	Sell Transaction	1,911	4.5425 USD
Common	Sell Transaction	2,568	4.5427 USD
Common	Sell Transaction	243	4.5428 USD
Common	Sell Transaction	938	4.5430 USD
Common	Sell Transaction	131	4.5431 USD
Common	Sell Transaction	6,406	4.5434 USD
Common	Sell Transaction	1,298	4.5442 USD
Common	Sell Transaction	1,206	4.5444 USD
Common	Sell Transaction	10,534	4.5446 USD
Common	Sell Transaction	250	4.5450 USD
Common	Sell Transaction	300	4.5450 USD
Common	Sell Transaction	2,152	4.5465 USD
Common	Sell Transaction	700	4.5471 USD
Common	Sell Transaction	625	4.5472 USD
Common	Sell Transaction	7,146	4.5480 USD
Common	Sell Transaction	373	4.5486 USD
Common	Sell Transaction	4,000	4.5491 USD
Common	Sell Transaction	1,461	4.5492 USD
Common	Sell Transaction	311	4.5495 USD
Common	Sell Transaction	200	4.5500 USD
Common	Sell Transaction	20,413	4.5510 USD
Common	Sell Transaction	1,800	4.5511 USD
Common	Sell Transaction	1,583	4.5517 USD
Common	Sell Transaction	63	4.5527 USD
Common	Sell Transaction	322	4.5531 USD
Common	Sell Transaction	3,034	4.5541 USD
Common	Sell Transaction	1,130	4.5546 USD
Common	Sell Transaction	329	4.5546 USD
Common	Sell Transaction	565	4.5546 USD
Common	Sell Transaction	100	4.5550 USD
Common	Sell Transaction	1	4.5588 USD
Common	Sell Transaction	5,084	4.5591 USD
Common	Sell Transaction	486	4.5593 USD
Common	Sell Transaction	3,152	4.5600 USD
Common	Sell Transaction	2,421	4.5606 USD
Common	Sell Transaction	21,218	4.5645 USD
Common	Sell Transaction	263	4.5650 USD
Common	Sell Transaction	161	4.5650 USD
Common	Sell Transaction	444	4.5655 USD
Common	Sell Transaction	248	4.5664 USD
Common	Sell Transaction	700	4.5690 USD
Common	Sell Transaction	37,791	4.5700 USD
Common	Sell Transaction	1	4.5800 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
Common	CFD	Increasing long position	25,849	4.5217 USD
Common	CFD	Increasing long position	16,771	4.5300 USD
Common	CFD	Increasing long position	6,769	4.5350 USD
Common	CFD	Increasing long position	600	4.5550 USD

(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	6.0000 USD	American	2025-Jul-18	0.1000 USD
Common	Put Option	Buy Transaction	15	5.0000 USD	American	2025-Jun-20	0.6000 USD
Common	Put Option	DVP Transaction	1	4.0000 USD	American	2025-Jun-20	0.1000 USD
Common	Call Option	DVP Transaction	1	6.0000 USD	American	2025-Jul-18	0.1000 USD
Common	Call Option	DVP Transaction	5	5.0000 USD	American	2025-Jul-18	0.3000 USD
Common	Call Option	DVP Transaction	2	5.0000 USD	American	2025-Jul-18	0.3300 USD
Common	Put Option	DVP Transaction	15	5.0000 USD	American	2025-Jun-20	0.6000 USD
Common	Call Option	DVP Transaction	3	4.0000 USD	American	2025-Oct-17	1.0500 USD
Common	Put Option	RVP Transaction	1	4.0000 USD	American	2025-Jun-20	0.1000 USD
Common	Call Option	RVP Transaction	1	6.0000 USD	American	2025-Jul-18	0.1000 USD
Common	Call Option	RVP Transaction	5	5.0000 USD	American	2025-Jul-18	0.3000 USD
Common	Call Option	RVP Transaction	2	5.0000 USD	American	2025-Jul-18	0.3300 USD
Common	Put Option	RVP Transaction	15	5.0000 USD	American	2025-Jun-20	0.6000 USD
Common	Call Option	RVP Transaction	3	4.0000 USD	American	2025-Oct-17	1.0500 USD
Common	Call Option	Sell Transaction	333	5.0000 USD	American	2025-Jul-18	0.3000 USD
Common	Call Option	Sell Transaction	3	4.0000 USD	American	2025-Oct-17	1.0500 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

Is a Supplemental Form 8 (Open Positions) attached?

YES

Date of disclosure:	21 May 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	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-13,000	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	8.0 USD	American	20/06/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	7,600	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	245,700	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	1,000	6.0 USD	American	20/06/2025
Common	Call Option	Purchased	600,000	6.0 USD	American	18/07/2025
Common	Put Option	Purchased	-6,000	4.0 USD	American	18/07/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,900	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-8,000	4.0 USD	American	20/06/2025
Common	Put Option	Purchased	-300	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,000	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	800	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Call Option	Purchased	9,200	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-700	7.0 USD	American	18/07/2025
Common	Call Option	Purchased	1,000,000	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-8,500	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,600	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	3.0 USD	American	18/07/2025
Common	Put Option	Sold	100	3.0 USD	American	20/06/2025
Common	Call Option	Sold	-118,100	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,300	5.0 USD	American	20/06/2025
Common	Call Option	Sold	-200	3.0 USD	American	20/06/2025
Common	Call Option	Sold	-800	6.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,300	4.0 USD	American	20/06/2025
Common	Call Option	Sold	-8,300	4.0 USD	American	18/07/2025
Common	Call Option	Sold	-400	3.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-36,100	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-800	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-29,400	8.0 USD	American	18/07/2025
Common	Call Option	Sold	-638,400	5.0 USD	American	18/07/2025
Common	Put Option	Sold	98,900	8.0 USD	American	20/06/2025
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-95,200	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-3,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Put Option	Sold	100	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-500	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025

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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END

RETPKDBKFBKKFPB

Form 8.3 - American Axle & Manufacturing Holdings.

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