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RNS Number : 7430V

Citadel Group

18 August 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 August 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:	1,272,310	1.07	265,239	0.22
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	222,000	0.18	605,300	0.51
TOTAL:	1,494,310	1.25	870,539	0.73

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	445	5.6851 USD
Common	Buy Transaction	125	5.6900 USD
Common	Buy Transaction	11	5.6909 USD
Common	Buy Transaction	87	5.6951 USD
Common	Buy Transaction	2,155	5.7100 USD
Common	Buy Transaction	201	5.7102 USD
Common	Buy Transaction	875	5.7136 USD
Common	Buy Transaction	200	5.7150 USD
Common	Buy Transaction	207	5.7150 USD
Common	Buy Transaction	558	5.7154 USD
Common	Buy Transaction	7,772	5.7200 USD
Common	Buy Transaction	1,500	5.7250 USD
Common	Buy Transaction	193	5.7269 USD
Common	Buy Transaction	8,845	5.7300 USD
Common	Buy Transaction	1,767	5.7300 USD
Common	Buy Transaction	905	5.7300 USD
Common	Buy Transaction	1,300	5.7301 USD
Common	Buy Transaction	600	5.7350 USD
Common	Buy Transaction	21	5.7352 USD
Common	Buy Transaction	575	5.7369 USD
Common	Buy Transaction	1,200	5.7375 USD
Common	Buy Transaction	500	5.7380 USD
Common	Buy Transaction	1,400	5.7386 USD
Common	Buy Transaction	7,810	5.7400 USD
Common	Buy Transaction	1,700	5.7401 USD
Common	Buy Transaction	300	5.7408 USD
Common	Buy Transaction	7,637	5.7438 USD
Common	Buy Transaction	48	5.7440 USD
Common	Buy Transaction	400	5.7450 USD
Common	Buy Transaction	830	5.7467 USD
Common	Buy Transaction	2,077	5.7471 USD
Common	Buy Transaction	500	5.7500 USD
Common	Buy Transaction	303	5.7535 USD
Common	Buy Transaction	350	5.7546 USD
Common	Buy Transaction	1,200	5.7550 USD
Common	Buy Transaction	2,032	5.7565 USD
Common	Buy Transaction	600	5.7567 USD
Common	Buy Transaction	179	5.7585 USD
Common	Buy Transaction	7,829	5.7598 USD
Common	Buy Transaction	12	5.7600 USD
Common	Buy Transaction	2,446	5.7603 USD
Common	Buy Transaction	6,988	5.7607 USD
Common	Buy Transaction	2,744	5.7612 USD
Common	Buy Transaction	1,142	5.7618 USD
Common	Buy Transaction	539	5.7618 USD
Common	Buy Transaction	103	5.7621 USD
Common	Buy Transaction	904	5.7655 USD
Common	Buy Transaction	13	5.7658 USD
Common	Buy Transaction	3,164	5.7662 USD
Common	Buy Transaction	400	5.7675 USD
Common	Buy Transaction	1	5.7678 USD
Common	Buy Transaction	1,687	5.7706 USD
Common	Buy Transaction	11	5.7709 USD
Common	Buy Transaction	470	5.7711 USD
Common	Buy Transaction	2,660	5.7714 USD
Common	Buy Transaction	511	5.7716 USD
Common	Buy Transaction	2,030	5.7720 USD
Common	Buy Transaction	540	5.7726 USD
Common	Buy Transaction	6,128	5.7730 USD
Common	Buy Transaction	1	5.7744 USD
Common	Buy Transaction	1,179	5.7763 USD
Common	Buy Transaction	2,136	5.7765 USD
Common	Buy Transaction	491	5.7793 USD
Common	Buy Transaction	3	5.7800 USD
Common	Buy Transaction	1,280	5.7804 USD
Common	Buy Transaction	2,400	5.7817 USD
Common	Buy Transaction	900	5.7856 USD
Common	Buy Transaction	1,859	5.7874 USD
Common	Buy Transaction	400	5.7900 USD
Common	Buy Transaction	670	5.7904 USD
Common	Buy Transaction	2,888	5.7968 USD
Common	Buy Transaction	200	5.8000 USD
Common	Buy Transaction	9,700	5.8031 USD
Common	Buy Transaction	300	5.8033 USD
Common	Buy Transaction	1	5.8055 USD
Common	Buy Transaction	1,125	5.8062 USD
Common	Buy Transaction	330	5.8071 USD
Common	Buy Transaction	2,160	5.8082 USD
Common	Buy Transaction	3	5.8200 USD
Common	Buy Transaction	500	5.8400 USD
Common	Sell Transaction	121	5.7100 USD
Common	Sell Transaction	11,300	5.7113 USD
Common	Sell Transaction	908	5.7200 USD
Common	Sell Transaction	121	5.7221 USD
Common	Sell Transaction	3,404	5.7231 USD
Common	Sell Transaction	1,399	5.7300 USD
Common	Sell Transaction	136	5.7337 USD
Common	Sell Transaction	115	5.7339 USD
Common	Sell Transaction	488	5.7350 USD
Common	Sell Transaction	157	5.7350 USD
Common	Sell Transaction	809	5.7373 USD
Common	Sell Transaction	3,266	5.7400 USD
Common	Sell Transaction	300	5.7410 USD
Common	Sell Transaction	796	5.7450 USD
Common	Sell Transaction	1,993	5.7459 USD
Common	Sell Transaction	33,713	5.7459 USD
Common	Sell Transaction	318	5.7465 USD
Common	Sell Transaction	1,697	5.7466 USD
Common	Sell Transaction	1,533	5.7488 USD
Common	Sell Transaction	5,699	5.7500 USD
Common	Sell Transaction	780	5.7509 USD
Common	Sell Transaction	1,300	5.7515 USD
Common	Sell Transaction	600	5.7517 USD
Common	Sell Transaction	400	5.7525 USD
Common	Sell Transaction	410	5.7527 USD
Common	Sell Transaction	3,300	5.7532 USD
Common	Sell Transaction	394	5.7532 USD
Common	Sell Transaction	37	5.7535 USD
Common	Sell Transaction	66	5.7536 USD
Common	Sell Transaction	1,900	5.7537 USD
Common	Sell Transaction	346	5.7549 USD
Common	Sell Transaction	202	5.7550 USD
Common	Sell Transaction	5	5.7560 USD
Common	Sell Transaction	1,600	5.7569 USD
Common	Sell Transaction	72	5.7574 USD
Common	Sell Transaction	400	5.7575 USD
Common	Sell Transaction	1,603	5.7581 USD
Common	Sell Transaction	30	5.7583 USD
Common	Sell Transaction	1,902	5.7589 USD
Common	Sell Transaction	39	5.7590 USD
Common	Sell Transaction	33	5.7591 USD
Common	Sell Transaction	18	5.7594 USD
Common	Sell Transaction	1,027	5.7595 USD
Common	Sell Transaction	2,100	5.7595 USD
Common	Sell Transaction	1,304	5.7600 USD
Common	Sell Transaction	435	5.7608 USD
Common	Sell Transaction	44,555	5.7616 USD
Common	Sell Transaction	2,400	5.7625 USD
Common	Sell Transaction	17	5.7629 USD
Common	Sell Transaction	300	5.7633 USD
Common	Sell Transaction	101	5.7637 USD
Common	Sell Transaction	35	5.7643 USD
Common	Sell Transaction	700	5.7650 USD
Common	Sell Transaction	1,025	5.7653 USD
Common	Sell Transaction	408	5.7658 USD
Common	Sell Transaction	696	5.7660 USD
Common	Sell Transaction	1,100	5.7682 USD
Common	Sell Transaction	117	5.7697 USD
Common	Sell Transaction	2,357	5.7698 USD
Common	Sell Transaction	118	5.7699 USD
Common	Sell Transaction	266	5.7699 USD
Common	Sell Transaction	10,322	5.7700 USD
Common	Sell Transaction	636	5.7701 USD
Common	Sell Transaction	800	5.7713 USD
Common	Sell Transaction	1,149	5.7724 USD
Common	Sell Transaction	1,837	5.7727 USD
Common	Sell Transaction	1,308	5.7738 USD
Common	Sell Transaction	1,010	5.7740 USD
Common	Sell Transaction	2,200	5.7741 USD
Common	Sell Transaction	569	5.7742 USD
Common	Sell Transaction	1,937	5.7749 USD
Common	Sell Transaction	5,050	5.7750 USD
Common	Sell Transaction	14	5.7771 USD
Common	Sell Transaction	2,503	5.7772 USD
Common	Sell Transaction	1,212	5.7773 USD
Common	Sell Transaction	1,408	5.7791 USD
Common	Sell Transaction	189	5.7792 USD
Common	Sell Transaction	1,064	5.7800 USD
Common	Sell Transaction	10,187	5.7803 USD
Common	Sell Transaction	8,029	5.7804 USD
Common	Sell Transaction	1	5.7819 USD
Common	Sell Transaction	2,027	5.7820 USD
Common	Sell Transaction	1,403	5.7821 USD
Common	Sell Transaction	3,557	5.7842 USD
Common	Sell Transaction	1,848	5.7851 USD
Common	Sell Transaction	172	5.7853 USD
Common	Sell Transaction	205	5.7856 USD
Common	Sell Transaction	2,288	5.7856 USD
Common	Sell Transaction	1,305	5.7877 USD
Common	Sell Transaction	360	5.7883 USD
Common	Sell Transaction	200	5.7900 USD
Common	Sell Transaction	414	5.7904 USD
Common	Sell Transaction	490	5.7908 USD
Common	Sell Transaction	4,227	5.7918 USD
Common	Sell Transaction	2,500	5.7944 USD
Common	Sell Transaction	517	5.7947 USD
Common	Sell Transaction	645	5.7951 USD
Common	Sell Transaction	294	5.7959 USD
Common	Sell Transaction	123	5.7969 USD
Common	Sell Transaction	20,784	5.7982 USD
Common	Sell Transaction	6,492	5.7996 USD
Common	Sell Transaction	101	5.8000 USD
Common	Sell Transaction	144	5.8008 USD
Common	Sell Transaction	320	5.8015 USD
Common	Sell Transaction	300	5.8050 USD
Common	Sell Transaction	2,600	5.8082 USD
Common	Sell Transaction	3,211	5.8098 USD
Common	Sell Transaction	521	5.8100 USD
Common	Sell Transaction	518	5.8119 USD
Common	Sell Transaction	900	5.8122 USD
Common	Sell Transaction	363	5.8123 USD
Common	Sell Transaction	166	5.8159 USD
Common	Sell Transaction	164	5.8185 USD
Common	Sell Transaction	2,109	5.8186 USD
Common	Sell Transaction	101	5.8194 USD
Common	Sell Transaction	1,985	5.8200 USD
Common	Sell Transaction	1,416	5.8204 USD
Common	Sell Transaction	307	5.8300 USD
Common	Sell Transaction	300	5.8600 USD
Common	Sell Transaction	1,458	5.8700 USD
Common	Sell Transaction	60	5.8883 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

(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	Put Option	Buy Transaction	200	6.0000 USD	American	2025-08-15	0.3000 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2025-09-19	0.3500 USD
Common	Call Option	Buy Transaction	700	10.0000 USD	American	2026-07-17	0.4000 USD
Common	Call Option	Buy Transaction	500	6.0000 USD	American	2025-10-17	0.4300 USD
Common	Call Option	Buy Transaction	400	5.0000 USD	American	2025-08-15	0.7000 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-08-15	0.7400 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-08-15	0.7800 USD
Common	Call Option	Buy Transaction	100	5.0000 USD	American	2025-08-15	0.7900 USD
Common	Call Option	Buy Transaction	100	7.0000 USD	American	2026-07-17	0.9500 USD

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
Common	Call Option	Exercised against	1,400	4.0000 USD
Common	Call Option	Exercised against	54,100	5.0000 USD
Common	Call Option	Exercising	1,000	3.0000 USD
Common	Put Option	Exercising	1,200	6.0000 USD
Common	Put Option	Exercising	200	7.0000 USD

(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:	18 August 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	100	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,400	5.0 USD	American	19/09/2025
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	22,000	7.0 USD	American	17/10/2025
Common	Put Option	Purchased	-215,000	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,600	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	6,400	6.0 USD	American	19/09/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	35,300	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	41,900	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-132,300	5.0 USD	American	17/10/2025
Common	Put Option	Sold	92,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-54,100	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-107,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-41,600	5.0 USD	American	17/07/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Put Option	Sold	700	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,700	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-900	4.0 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

RETPKFBNKBKDPFD

Form 8.3 - American Axle & Manufacturing Holdings.

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