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RNS Number : 9805K

Citadel Group

02 June 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	30 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:	1,487,987	1.25	0	0.00
(2) Cash-settled derivatives:	805,235	0.67	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	989,800	0.83	996,100	0.83
TOTAL:	3,283,022	2.76	996,100	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	53,266	4.3900 USD
Common	Buy Transaction	8,169	4.3968 USD
Common	Buy Transaction	422	4.4000 USD
Common	Buy Transaction	2,100	4.4021 USD
Common	Buy Transaction	6,421	4.4032 USD
Common	Buy Transaction	324	4.4037 USD
Common	Buy Transaction	60	4.4050 USD
Common	Buy Transaction	2	4.4082 USD
Common	Buy Transaction	19	4.4100 USD
Common	Buy Transaction	712	4.4149 USD
Common	Buy Transaction	400	4.4150 USD
Common	Buy Transaction	1,500	4.4150 USD
Common	Buy Transaction	4,060	4.4153 USD
Common	Buy Transaction	154	4.4157 USD
Common	Buy Transaction	57,850	4.4180 USD
Common	Buy Transaction	200	4.4190 USD
Common	Buy Transaction	4,888	4.4200 USD
Common	Buy Transaction	420	4.4215 USD
Common	Buy Transaction	1	4.4217 USD
Common	Buy Transaction	1,811	4.4223 USD
Common	Buy Transaction	40	4.4225 USD
Common	Buy Transaction	1,795	4.4225 USD
Common	Buy Transaction	637	4.4233 USD
Common	Buy Transaction	6	4.4250 USD
Common	Buy Transaction	2,815	4.4250 USD
Common	Buy Transaction	194	4.4254 USD
Common	Buy Transaction	5,059	4.4260 USD
Common	Buy Transaction	300	4.4267 USD
Common	Buy Transaction	306	4.4267 USD
Common	Buy Transaction	938	4.4268 USD
Common	Buy Transaction	605	4.4270 USD
Common	Buy Transaction	380	4.4274 USD
Common	Buy Transaction	688	4.4284 USD
Common	Buy Transaction	80	4.4287 USD
Common	Buy Transaction	196	4.4297 USD
Common	Buy Transaction	1,309	4.4300 USD
Common	Buy Transaction	2,834	4.4301 USD
Common	Buy Transaction	66	4.4302 USD
Common	Buy Transaction	278	4.4304 USD
Common	Buy Transaction	245	4.4305 USD
Common	Buy Transaction	2,124	4.4306 USD
Common	Buy Transaction	10,500	4.4307 USD
Common	Buy Transaction	2,063	4.4307 USD
Common	Buy Transaction	3,628	4.4313 USD
Common	Buy Transaction	2,196	4.4313 USD
Common	Buy Transaction	439	4.4314 USD
Common	Buy Transaction	1,300	4.4315 USD
Common	Buy Transaction	586	4.4317 USD
Common	Buy Transaction	14,200	4.4318 USD
Common	Buy Transaction	583	4.4319 USD
Common	Buy Transaction	500	4.4320 USD
Common	Buy Transaction	6,943	4.4322 USD
Common	Buy Transaction	2,621	4.4323 USD
Common	Buy Transaction	300	4.4324 USD
Common	Buy Transaction	527	4.4332 USD
Common	Buy Transaction	300	4.4333 USD
Common	Buy Transaction	726	4.4340 USD
Common	Buy Transaction	500	4.4340 USD
Common	Buy Transaction	1,500	4.4350 USD
Common	Buy Transaction	699	4.4350 USD
Common	Buy Transaction	611	4.4351 USD
Common	Buy Transaction	421	4.4359 USD
Common	Buy Transaction	30	4.4367 USD
Common	Buy Transaction	1,900	4.4368 USD
Common	Buy Transaction	1,167	4.4369 USD
Common	Buy Transaction	939	4.4371 USD
Common	Buy Transaction	70	4.4371 USD
Common	Buy Transaction	5,306	4.4374 USD
Common	Buy Transaction	427	4.4377 USD
Common	Buy Transaction	300	4.4383 USD
Common	Buy Transaction	111	4.4390 USD
Common	Buy Transaction	598	4.4394 USD
Common	Buy Transaction	1,827	4.4399 USD
Common	Buy Transaction	11,866	4.4400 USD
Common	Buy Transaction	511	4.4402 USD
Common	Buy Transaction	218	4.4408 USD
Common	Buy Transaction	2,233	4.4409 USD
Common	Buy Transaction	4,291	4.4410 USD
Common	Buy Transaction	36,821	4.4420 USD
Common	Buy Transaction	439	4.4421 USD
Common	Buy Transaction	700	4.4421 USD
Common	Buy Transaction	1,214	4.4428 USD
Common	Buy Transaction	7	4.4429 USD
Common	Buy Transaction	378	4.4435 USD
Common	Buy Transaction	1,128	4.4438 USD
Common	Buy Transaction	1,000	4.4440 USD
Common	Buy Transaction	1,200	4.4442 USD
Common	Buy Transaction	270	4.4450 USD
Common	Buy Transaction	68	4.4457 USD
Common	Buy Transaction	369	4.4464 USD
Common	Buy Transaction	620	4.4468 USD
Common	Buy Transaction	2,702	4.4500 USD
Common	Buy Transaction	100	4.4550 USD
Common	Buy Transaction	5	4.4600 USD
Common	DVP Transaction	447,130	4.3900 USD
Common	DVP Transaction	290	4.4150 USD
Common	DVP Transaction	103	4.4151 USD
Common	DVP Transaction	200	4.4250 USD
Common	DVP Transaction	450	4.4287 USD
Common	DVP Transaction	825	4.4296 USD
Common	DVP Transaction	121	4.4300 USD
Common	DVP Transaction	135	4.4302 USD
Common	DVP Transaction	444	4.4312 USD
Common	DVP Transaction	155	4.4321 USD
Common	DVP Transaction	497	4.4328 USD
Common	DVP Transaction	165	4.4341 USD
Common	DVP Transaction	176	4.4350 USD
Common	DVP Transaction	145	4.4357 USD
Common	DVP Transaction	1,345	4.4359 USD
Common	DVP Transaction	3	4.4367 USD
Common	DVP Transaction	111	4.4400 USD
Common	DVP Transaction	100	4.4450 USD
Common	DVP Transaction	377	4.4500 USD
Common	DVP Transaction	44	4.4550 USD
Common	DVP Transaction	25	4.4552 USD
Common	RVP Transaction	447,130	4.3900 USD
Common	RVP Transaction	16	4.4100 USD
Common	RVP Transaction	6	4.4150 USD
Common	RVP Transaction	8	4.4287 USD
Common	RVP Transaction	140	4.4294 USD
Common	RVP Transaction	3,864	4.4298 USD
Common	RVP Transaction	16	4.4300 USD
Common	RVP Transaction	225	4.4328 USD
Common	RVP Transaction	88	4.4345 USD
Common	RVP Transaction	66	4.4350 USD
Common	RVP Transaction	162	4.4356 USD
Common	RVP Transaction	357	4.4378 USD
Common	RVP Transaction	74	4.4378 USD
Common	RVP Transaction	40	4.4400 USD
Common	RVP Transaction	234	4.4462 USD
Common	RVP Transaction	91	4.4478 USD
Common	RVP Transaction	304	4.4500 USD
Common	RVP Transaction	20	4.4550 USD
Common	Sell Transaction	117	4.3700 USD
Common	Sell Transaction	200	4.3800 USD
Common	Sell Transaction	90	4.3802 USD
Common	Sell Transaction	298	4.3833 USD
Common	Sell Transaction	51,186	4.3900 USD
Common	Sell Transaction	1,300	4.3938 USD
Common	Sell Transaction	2,300	4.3950 USD
Common	Sell Transaction	3,237	4.4000 USD
Common	Sell Transaction	3	4.4033 USD
Common	Sell Transaction	4,647	4.4045 USD
Common	Sell Transaction	377	4.4074 USD
Common	Sell Transaction	21	4.4090 USD
Common	Sell Transaction	629	4.4100 USD
Common	Sell Transaction	3,089	4.4110 USD
Common	Sell Transaction	1,810	4.4123 USD
Common	Sell Transaction	1,162	4.4126 USD
Common	Sell Transaction	1,200	4.4150 USD
Common	Sell Transaction	765	4.4150 USD
Common	Sell Transaction	233	4.4150 USD
Common	Sell Transaction	135	4.4150 USD
Common	Sell Transaction	440	4.4155 USD
Common	Sell Transaction	313	4.4158 USD
Common	Sell Transaction	8,281	4.4169 USD
Common	Sell Transaction	2,605	4.4187 USD
Common	Sell Transaction	1,811	4.4200 USD
Common	Sell Transaction	19,334	4.4206 USD
Common	Sell Transaction	886	4.4211 USD
Common	Sell Transaction	14,663	4.4211 USD
Common	Sell Transaction	942	4.4215 USD
Common	Sell Transaction	163	4.4216 USD
Common	Sell Transaction	232	4.4219 USD
Common	Sell Transaction	2	4.4223 USD
Common	Sell Transaction	300	4.4233 USD
Common	Sell Transaction	4,346	4.4235 USD
Common	Sell Transaction	460	4.4243 USD
Common	Sell Transaction	638	4.4244 USD
Common	Sell Transaction	1,300	4.4250 USD
Common	Sell Transaction	205	4.4254 USD
Common	Sell Transaction	414	4.4255 USD
Common	Sell Transaction	1,705	4.4256 USD
Common	Sell Transaction	1,147	4.4257 USD
Common	Sell Transaction	29,479	4.4270 USD
Common	Sell Transaction	59	4.4273 USD
Common	Sell Transaction	2,845	4.4276 USD
Common	Sell Transaction	629	4.4284 USD
Common	Sell Transaction	500	4.4290 USD
Common	Sell Transaction	483	4.4292 USD
Common	Sell Transaction	2,041	4.4297 USD
Common	Sell Transaction	485	4.4300 USD
Common	Sell Transaction	46	4.4304 USD
Common	Sell Transaction	4,642	4.4305 USD
Common	Sell Transaction	693	4.4305 USD
Common	Sell Transaction	4,751	4.4319 USD
Common	Sell Transaction	2,665	4.4325 USD
Common	Sell Transaction	411	4.4327 USD
Common	Sell Transaction	806	4.4328 USD
Common	Sell Transaction	2,213	4.4332 USD
Common	Sell Transaction	16	4.4350 USD
Common	Sell Transaction	787	4.4351 USD
Common	Sell Transaction	353	4.4354 USD
Common	Sell Transaction	646	4.4354 USD
Common	Sell Transaction	6,371	4.4366 USD
Common	Sell Transaction	1,200	4.4367 USD
Common	Sell Transaction	2,061	4.4370 USD
Common	Sell Transaction	3,248	4.4377 USD
Common	Sell Transaction	2,573	4.4383 USD
Common	Sell Transaction	4,566	4.4386 USD
Common	Sell Transaction	440	4.4393 USD
Common	Sell Transaction	792	4.4393 USD
Common	Sell Transaction	569	4.4394 USD
Common	Sell Transaction	1,568	4.4395 USD
Common	Sell Transaction	922	4.4395 USD
Common	Sell Transaction	177	4.4399 USD
Common	Sell Transaction	4,273	4.4400 USD
Common	Sell Transaction	706	4.4400 USD
Common	Sell Transaction	935	4.4410 USD
Common	Sell Transaction	2,124	4.4416 USD
Common	Sell Transaction	796	4.4418 USD
Common	Sell Transaction	4	4.4425 USD
Common	Sell Transaction	318	4.4426 USD
Common	Sell Transaction	130	4.4438 USD
Common	Sell Transaction	2,310	4.4449 USD
Common	Sell Transaction	97	4.4451 USD
Common	Sell Transaction	339	4.4491 USD
Common	Sell Transaction	67	4.4491 USD
Common	Sell Transaction	3,857	4.4500 USD
Common	Sell Transaction	178	4.4514 USD
Common	Sell Transaction	1,916	4.4526 USD
Common	Sell Transaction	20	4.4550 USD
Common	Sell Transaction	871	4.4550 USD
Common	Sell Transaction	25	4.4552 USD
Common	Sell Transaction	45	4.4553 USD
Common	Sell Transaction	800	4.4600 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	5,966	4.4159 USD
Common	CFD	Reducing long position	7,677	4.4175 USD
Common	CFD	Reducing long position	2,700	4.4222 USD
Common	CFD	Reducing long position	1,300	4.4301 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	5	6.0000 USD	American	2026-Jan-16	0.4300 USD
Common	Call Option	Buy Transaction	10	4.0000 USD	American	2025-Oct-17	0.9700 USD
Common	Call Option	DVP Transaction	10	4.0000 USD	American	2025-Oct-17	0.9700 USD
Common	Call Option	RVP Transaction	10	4.0000 USD	American	2025-Oct-17	0.9700 USD
Common	Call Option	Sell Transaction	5	6.0000 USD	American	2025-Oct-17	0.2800 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:	2 June 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	600,000	6.0 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	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	3.0 USD	American	18/07/2025
Common	Put Option	Purchased	-900	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	13,900	4.0 USD	American	17/10/2025
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	-8,000	4.0 USD	American	20/06/2025
Common	Call Option	Purchased	2,000	7.0 USD	American	20/06/2025
Common	Put Option	Purchased	-300	5.0 USD	American	17/10/2025
Common	Call Option	Purchased	200	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,300	5.0 USD	American	20/06/2025
Common	Put Option	Purchased	-7,200	3.0 USD	American	18/07/2025
Common	Call Option	Purchased	700	10.0 USD	American	18/07/2025
Common	Call Option	Purchased	256,200	6.0 USD	American	18/07/2025
Common	Call Option	Purchased	2,600	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	8.0 USD	American	20/06/2025
Common	Put Option	Purchased	-8,500	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-13,000	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-645,200	5.0 USD	American	18/07/2025
Common	Call Option	Sold	-100	2.0 USD	American	17/07/2026
Common	Call Option	Sold	-200	7.0 USD	American	18/07/2025
Common	Call Option	Sold	-29,400	8.0 USD	American	18/07/2025
Common	Call Option	Sold	-3,400	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	3.0 USD	American	17/07/2026
Common	Put Option	Sold	98,900	8.0 USD	American	20/06/2025
Common	Call Option	Sold	-1,800	4.0 USD	American	20/06/2025
Common	Call Option	Sold	-200	3.0 USD	American	20/06/2025
Common	Put Option	Sold	100	3.0 USD	American	20/06/2025
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	-36,000	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-95,400	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-2,000	5.0 USD	American	20/06/2025
Common	Put Option	Sold	3,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-2,000	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-8,200	4.0 USD	American	18/07/2025
Common	Call Option	Sold	-500	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-300	6.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,100	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-800	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,500	4.0 USD	American	17/07/2026
Common	Put Option	Sold	100	5.0 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

RETPKBBPOBKKCAK

Form 8.3 - American Axle & Manufacturing Holdings.

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