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RNS Number : 9593J

Citadel Group

23 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	22 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:	1,008,143	0.84	98,283	0.08
(2) Cash-settled derivatives:	892,327	0.75	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	1,981,400	1.66	988,200	0.83
TOTAL:	3,881,870	3.27	1,086,483	0.91

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	50	4.3300 USD
Common	Buy Transaction	1	4.3694 USD
Common	Buy Transaction	1,312	4.3750 USD
Common	Buy Transaction	2,300	4.3750 USD
Common	Buy Transaction	56,131	4.3800 USD
Common	Buy Transaction	592	4.3801 USD
Common	Buy Transaction	120	4.3830 USD
Common	Buy Transaction	958	4.3838 USD
Common	Buy Transaction	63	4.3840 USD
Common	Buy Transaction	202	4.3848 USD
Common	Buy Transaction	151	4.3864 USD
Common	Buy Transaction	643	4.3873 USD
Common	Buy Transaction	400	4.3875 USD
Common	Buy Transaction	3,691	4.3900 USD
Common	Buy Transaction	4,988	4.3918 USD
Common	Buy Transaction	9,051	4.3922 USD
Common	Buy Transaction	1,112	4.3948 USD
Common	Buy Transaction	800	4.3950 USD
Common	Buy Transaction	445	4.3951 USD
Common	Buy Transaction	38	4.3974 USD
Common	Buy Transaction	545	4.3977 USD
Common	Buy Transaction	30	4.3983 USD
Common	Buy Transaction	626	4.3988 USD
Common	Buy Transaction	541	4.3992 USD
Common	Buy Transaction	411	4.4000 USD
Common	Buy Transaction	208	4.4004 USD
Common	Buy Transaction	5,064	4.4010 USD
Common	Buy Transaction	339	4.4012 USD
Common	Buy Transaction	400	4.4025 USD
Common	Buy Transaction	300	4.4033 USD
Common	Buy Transaction	292	4.4034 USD
Common	Buy Transaction	1,457	4.4040 USD
Common	Buy Transaction	167	4.4041 USD
Common	Buy Transaction	1,061	4.4041 USD
Common	Buy Transaction	150	4.4043 USD
Common	Buy Transaction	468	4.4050 USD
Common	Buy Transaction	1,300	4.4054 USD
Common	Buy Transaction	472	4.4058 USD
Common	Buy Transaction	1,000	4.4060 USD
Common	Buy Transaction	409	4.4061 USD
Common	Buy Transaction	900	4.4078 USD
Common	Buy Transaction	1,604	4.4081 USD
Common	Buy Transaction	1,277	4.4082 USD
Common	Buy Transaction	1,800	4.4083 USD
Common	Buy Transaction	700	4.4086 USD
Common	Buy Transaction	1,221	4.4088 USD
Common	Buy Transaction	5,461	4.4089 USD
Common	Buy Transaction	4,493	4.4091 USD
Common	Buy Transaction	881	4.4099 USD
Common	Buy Transaction	13,313	4.4100 USD
Common	Buy Transaction	273	4.4102 USD
Common	Buy Transaction	158	4.4105 USD
Common	Buy Transaction	320	4.4106 USD
Common	Buy Transaction	12,231	4.4107 USD
Common	Buy Transaction	102	4.4109 USD
Common	Buy Transaction	1,000	4.4130 USD
Common	Buy Transaction	13	4.4131 USD
Common	Buy Transaction	245	4.4141 USD
Common	Buy Transaction	385	4.4145 USD
Common	Buy Transaction	19,389	4.4146 USD
Common	Buy Transaction	144	4.4155 USD
Common	Buy Transaction	2,511	4.4156 USD
Common	Buy Transaction	30,586	4.4171 USD
Common	Buy Transaction	7	4.4171 USD
Common	Buy Transaction	1,599	4.4173 USD
Common	Buy Transaction	100	4.4190 USD
Common	Buy Transaction	225	4.4200 USD
Common	Buy Transaction	3,000	4.4228 USD
Common	Buy Transaction	653	4.4300 USD
Common	Buy Transaction	310	4.4400 USD
Common	DVP Transaction	10	4.3300 USD
Common	DVP Transaction	48	4.3600 USD
Common	DVP Transaction	7	4.3700 USD
Common	DVP Transaction	41,734	4.3800 USD
Common	DVP Transaction	23	4.3896 USD
Common	DVP Transaction	242	4.3950 USD
Common	DVP Transaction	25	4.4028 USD
Common	DVP Transaction	392	4.4035 USD
Common	DVP Transaction	236	4.4046 USD
Common	DVP Transaction	288	4.4050 USD
Common	DVP Transaction	112	4.4064 USD
Common	DVP Transaction	84	4.4077 USD
Common	DVP Transaction	4	4.4100 USD
Common	DVP Transaction	384	4.4150 USD
Common	DVP Transaction	586	4.4175 USD
Common	DVP Transaction	31,500	4.4189 USD
Common	DVP Transaction	102	4.4200 USD
Common	DVP Transaction	525	4.4206 USD
Common	DVP Transaction	152	4.4263 USD
Common	RVP Transaction	10	4.3300 USD
Common	RVP Transaction	48	4.3600 USD
Common	RVP Transaction	1	4.3700 USD
Common	RVP Transaction	41,734	4.3800 USD
Common	RVP Transaction	50	4.3950 USD
Common	RVP Transaction	1,210	4.3952 USD
Common	RVP Transaction	403	4.3999 USD
Common	RVP Transaction	35	4.4066 USD
Common	RVP Transaction	1,000	4.4110 USD
Common	RVP Transaction	3,415	4.4116 USD
Common	RVP Transaction	3,053	4.4121 USD
Common	RVP Transaction	502	4.4131 USD
Common	RVP Transaction	800	4.4138 USD
Common	RVP Transaction	1,000	4.4150 USD
Common	RVP Transaction	400	4.4175 USD
Common	RVP Transaction	800	4.4188 USD
Common	RVP Transaction	500	4.4190 USD
Common	RVP Transaction	1,300	4.4200 USD
Common	RVP Transaction	565	4.4204 USD
Common	RVP Transaction	6,928	4.4207 USD
Common	RVP Transaction	3,196	4.4219 USD
Common	RVP Transaction	2,301	4.4221 USD
Common	RVP Transaction	2,495	4.4226 USD
Common	RVP Transaction	432	4.4249 USD
Common	RVP Transaction	554	4.4250 USD
Common	RVP Transaction	2,727	4.4258 USD
Common	RVP Transaction	954	4.4334 USD
Common	RVP Transaction	41	4.4451 USD
Common	Sell Transaction	10	4.3300 USD
Common	Sell Transaction	5	4.3600 USD
Common	Sell Transaction	111	4.3700 USD
Common	Sell Transaction	2,000	4.3799 USD
Common	Sell Transaction	71,184	4.3800 USD
Common	Sell Transaction	500	4.3820 USD
Common	Sell Transaction	500	4.3840 USD
Common	Sell Transaction	1,628	4.3841 USD
Common	Sell Transaction	12,370	4.3848 USD
Common	Sell Transaction	10,742	4.3848 USD
Common	Sell Transaction	1,400	4.3850 USD
Common	Sell Transaction	3,547	4.3852 USD
Common	Sell Transaction	934	4.3857 USD
Common	Sell Transaction	1,987	4.3870 USD
Common	Sell Transaction	4	4.3875 USD
Common	Sell Transaction	11	4.3891 USD
Common	Sell Transaction	297	4.3900 USD
Common	Sell Transaction	215	4.3914 USD
Common	Sell Transaction	183	4.3927 USD
Common	Sell Transaction	140	4.3943 USD
Common	Sell Transaction	714	4.3945 USD
Common	Sell Transaction	2	4.3954 USD
Common	Sell Transaction	214	4.3960 USD
Common	Sell Transaction	3	4.3967 USD
Common	Sell Transaction	965	4.3990 USD
Common	Sell Transaction	89	4.3990 USD
Common	Sell Transaction	12,711	4.3996 USD
Common	Sell Transaction	380	4.4000 USD
Common	Sell Transaction	716	4.4016 USD
Common	Sell Transaction	5,176	4.4029 USD
Common	Sell Transaction	200	4.4050 USD
Common	Sell Transaction	2,006	4.4056 USD
Common	Sell Transaction	601	4.4066 USD
Common	Sell Transaction	780	4.4072 USD
Common	Sell Transaction	400	4.4075 USD
Common	Sell Transaction	879	4.4077 USD
Common	Sell Transaction	636	4.4083 USD
Common	Sell Transaction	186	4.4089 USD
Common	Sell Transaction	900	4.4094 USD
Common	Sell Transaction	5,674	4.4100 USD
Common	Sell Transaction	1,896	4.4106 USD
Common	Sell Transaction	449	4.4109 USD
Common	Sell Transaction	1,749	4.4112 USD
Common	Sell Transaction	3,626	4.4118 USD
Common	Sell Transaction	400	4.4125 USD
Common	Sell Transaction	583	4.4127 USD
Common	Sell Transaction	926	4.4132 USD
Common	Sell Transaction	300	4.4133 USD
Common	Sell Transaction	2,026	4.4140 USD
Common	Sell Transaction	71	4.4144 USD
Common	Sell Transaction	19,389	4.4146 USD
Common	Sell Transaction	800	4.4150 USD
Common	Sell Transaction	91	4.4151 USD
Common	Sell Transaction	771	4.4152 USD
Common	Sell Transaction	149	4.4166 USD
Common	Sell Transaction	6,798	4.4167 USD
Common	Sell Transaction	290	4.4169 USD
Common	Sell Transaction	751	4.4172 USD
Common	Sell Transaction	22,812	4.4173 USD
Common	Sell Transaction	280	4.4175 USD
Common	Sell Transaction	309	4.4177 USD
Common	Sell Transaction	249	4.4180 USD
Common	Sell Transaction	1,100	4.4182 USD
Common	Sell Transaction	1,804	4.4186 USD
Common	Sell Transaction	694	4.4186 USD
Common	Sell Transaction	5,490	4.4190 USD
Common	Sell Transaction	1,000	4.4190 USD
Common	Sell Transaction	2,349	4.4197 USD
Common	Sell Transaction	2,573	4.4200 USD
Common	Sell Transaction	5,386	4.4208 USD
Common	Sell Transaction	1,829	4.4210 USD
Common	Sell Transaction	1,734	4.4218 USD
Common	Sell Transaction	1,762	4.4226 USD
Common	Sell Transaction	3,073	4.4230 USD
Common	Sell Transaction	3,919	4.4241 USD
Common	Sell Transaction	900	4.4244 USD
Common	Sell Transaction	1,410	4.4250 USD
Common	Sell Transaction	405	4.4262 USD
Common	Sell Transaction	2,974	4.4270 USD
Common	Sell Transaction	405	4.4274 USD
Common	Sell Transaction	400	4.4275 USD
Common	Sell Transaction	34	4.4279 USD
Common	Sell Transaction	1,120	4.4280 USD
Common	Sell Transaction	843	4.4300 USD
Common	Sell Transaction	1,600	4.4311 USD
Common	Sell Transaction	50	4.4394 USD
Common	Sell Transaction	310	4.4399 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

Reducing long position

300

4.3750 USD

Common

CFD

Reducing long position

25,967

4.3877 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	2	7.0000 USD	American	2026-Jan-16	0.3000 USD
Common	Call Option	Buy Transaction	4	4.0000 USD	American	2025-Jun-20	0.5500 USD
Common	Call Option	DVP Transaction	2	7.0000 USD	American	2026-Jan-16	0.3000 USD
Common	Call Option	DVP Transaction	1	6.0000 USD	American	2025-Oct-17	0.3200 USD
Common	Call Option	DVP Transaction	4	4.0000 USD	American	2025-Jun-20	0.5500 USD
Common	Call Option	DVP Transaction	3	5.0000 USD	American	2025-Oct-17	0.6500 USD
Common	Call Option	DVP Transaction	1	4.0000 USD	American	2025-Oct-17	1.0000 USD
Common	Call Option	RVP Transaction	2	7.0000 USD	American	2026-Jan-16	0.3000 USD
Common	Call Option	RVP Transaction	1	6.0000 USD	American	2025-Oct-17	0.3200 USD
Common	Call Option	RVP Transaction	4	4.0000 USD	American	2025-Jun-20	0.5500 USD
Common	Call Option	RVP Transaction	3	5.0000 USD	American	2025-Oct-17	0.6500 USD
Common	Call Option	RVP Transaction	1	4.0000 USD	American	2025-Oct-17	1.0000 USD
Common	Call Option	Sell Transaction	1	6.0000 USD	American	2025-Oct-17	0.3200 USD
Common	Call Option	Sell Transaction	3	5.0000 USD	American	2025-Oct-17	0.6500 USD
Common	Call Option	Sell Transaction	1	4.0000 USD	American	2025-Oct-17	1.0000 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:	23 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	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Call Option	Purchased	1,000,000	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-1,400	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,300	5.0 USD	American	20/06/2025
Common	Call Option	Purchased	300	8.0 USD	American	20/06/2025
Common	Put Option	Purchased	-13,000	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	9,200	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-6,000	4.0 USD	American	18/07/2025
Common	Put Option	Purchased	-700	7.0 USD	American	18/07/2025
Common	Call Option	Purchased	1,000	6.0 USD	American	20/06/2025
Common	Put Option	Purchased	-300	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	600,000	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	7,900	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	1,000	3.0 USD	American	18/07/2025
Common	Put Option	Purchased	-8,500	5.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,000	7.0 USD	American	20/06/2025
Common	Call Option	Purchased	700	6.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,600	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	256,300	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	300	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-8,000	4.0 USD	American	20/06/2025
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025
Common	Call Option	Sold	-800	6.0 USD	American	16/01/2026
Common	Call Option	Sold	-95,400	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,700	5.0 USD	American	20/06/2025
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-8,200	4.0 USD	American	18/07/2025
Common	Put Option	Sold	100	5.0 USD	American	18/07/2025
Common	Put Option	Sold	98,900	8.0 USD	American	20/06/2025
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	-3,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-117,900	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-645,200	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-29,400	8.0 USD	American	18/07/2025
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Put Option	Sold	100	3.0 USD	American	20/06/2025
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,900	4.0 USD	American	20/06/2025
Common	Call Option	Sold	-200	3.0 USD	American	20/06/2025
Common	Call Option	Sold	-500	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-400	3.0 USD	American	17/07/2026

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

RETPKNBPOBKKBPB

Form 8.3 - American Axle & Manufacturing Holdings.

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