RNS Number : 2743W

Citadel Group

21 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	20 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:	1,127,530	0.95	597,149	0.50
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	224,200	0.18	615,300	0.51
TOTAL:	1,351,730	1.13	1,212,449	1.02

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	31	5.4700 USD
Common	Buy Transaction	1,930	5.5000 USD
Common	Buy Transaction	70	5.5200 USD
Common	Buy Transaction	3,063	5.5216 USD
Common	Buy Transaction	8	5.5300 USD
Common	Buy Transaction	600	5.5309 USD
Common	Buy Transaction	1,429	5.5316 USD
Common	Buy Transaction	200	5.5325 USD
Common	Buy Transaction	1,033	5.5327 USD
Common	Buy Transaction	318	5.5331 USD
Common	Buy Transaction	1,108	5.5337 USD
Common	Buy Transaction	241	5.5347 USD
Common	Buy Transaction	3,887	5.5364 USD
Common	Buy Transaction	528	5.5379 USD
Common	Buy Transaction	1,152	5.5386 USD
Common	Buy Transaction	410	5.5398 USD
Common	Buy Transaction	1,463	5.5400 USD
Common	Buy Transaction	1,470	5.5406 USD
Common	Buy Transaction	1,109	5.5410 USD
Common	Buy Transaction	2,700	5.5430 USD
Common	Buy Transaction	300	5.5433 USD
Common	Buy Transaction	120	5.5450 USD
Common	Buy Transaction	878	5.5462 USD
Common	Buy Transaction	104	5.5463 USD
Common	Buy Transaction	1,384	5.5464 USD
Common	Buy Transaction	506	5.5473 USD
Common	Buy Transaction	200	5.5475 USD
Common	Buy Transaction	725	5.5486 USD
Common	Buy Transaction	30,700	5.5490 USD
Common	Buy Transaction	1,548	5.5500 USD
Common	Buy Transaction	3,924	5.5501 USD
Common	Buy Transaction	1,010	5.5511 USD
Common	Buy Transaction	2,200	5.5523 USD
Common	Buy Transaction	322	5.5531 USD
Common	Buy Transaction	1,400	5.5550 USD
Common	Buy Transaction	30	5.5567 USD
Common	Buy Transaction	2,152	5.5571 USD
Common	Buy Transaction	804	5.5600 USD
Common	Buy Transaction	280	5.5600 USD
Common	Buy Transaction	3,200	5.5603 USD
Common	Buy Transaction	210	5.5605 USD
Common	Buy Transaction	1,653	5.5611 USD
Common	Buy Transaction	1,900	5.5621 USD
Common	Buy Transaction	2,210	5.5624 USD
Common	Buy Transaction	5,605	5.5625 USD
Common	Buy Transaction	600	5.5633 USD
Common	Buy Transaction	1,500	5.5640 USD
Common	Buy Transaction	400	5.5650 USD
Common	Buy Transaction	300	5.5667 USD
Common	Buy Transaction	801	5.5674 USD
Common	Buy Transaction	1,706	5.5677 USD
Common	Buy Transaction	539	5.5679 USD
Common	Buy Transaction	374	5.5683 USD
Common	Buy Transaction	900	5.5697 USD
Common	Buy Transaction	2,168	5.5700 USD
Common	Buy Transaction	4,292	5.5700 USD
Common	Buy Transaction	8,309	5.5707 USD
Common	Buy Transaction	1	5.5733 USD
Common	Buy Transaction	30,784	5.5740 USD
Common	Buy Transaction	43	5.5749 USD
Common	Buy Transaction	2,210	5.5750 USD
Common	Buy Transaction	1	5.5763 USD
Common	Buy Transaction	381	5.5800 USD
Common	Buy Transaction	1,212	5.5801 USD
Common	Buy Transaction	1,900	5.5816 USD
Common	Buy Transaction	35,067	5.5848 USD
Common	Buy Transaction	2,970	5.5855 USD
Common	Buy Transaction	78	5.5860 USD
Common	Buy Transaction	3,571	5.5872 USD
Common	Buy Transaction	100	5.5900 USD
Common	Buy Transaction	5,257	5.5901 USD
Common	Buy Transaction	7,277	5.5909 USD
Common	Buy Transaction	2,431	5.5911 USD
Common	Buy Transaction	802	5.5925 USD
Common	Buy Transaction	1,900	5.6038 USD
Common	Buy Transaction	5,979	5.6100 USD
Common	Buy Transaction	8	5.6150 USD
Common	Sell Transaction	3,722	5.5000 USD
Common	Sell Transaction	1	5.5100 USD
Common	Sell Transaction	3,594	5.5200 USD
Common	Sell Transaction	236	5.5209 USD
Common	Sell Transaction	1,100	5.5232 USD
Common	Sell Transaction	1,411	5.5232 USD
Common	Sell Transaction	900	5.5233 USD
Common	Sell Transaction	502	5.5257 USD
Common	Sell Transaction	2,000	5.5270 USD
Common	Sell Transaction	693	5.5281 USD
Common	Sell Transaction	305	5.5292 USD
Common	Sell Transaction	1,841	5.5292 USD
Common	Sell Transaction	318	5.5294 USD
Common	Sell Transaction	290	5.5296 USD
Common	Sell Transaction	2,139	5.5297 USD
Common	Sell Transaction	2,978	5.5300 USD
Common	Sell Transaction	1,245	5.5301 USD
Common	Sell Transaction	264	5.5303 USD
Common	Sell Transaction	635	5.5306 USD
Common	Sell Transaction	893	5.5311 USD
Common	Sell Transaction	184	5.5311 USD
Common	Sell Transaction	500	5.5315 USD
Common	Sell Transaction	883	5.5316 USD
Common	Sell Transaction	1,260	5.5318 USD
Common	Sell Transaction	11	5.5336 USD
Common	Sell Transaction	1,515	5.5340 USD
Common	Sell Transaction	24	5.5342 USD
Common	Sell Transaction	2,100	5.5343 USD
Common	Sell Transaction	1,675	5.5345 USD
Common	Sell Transaction	21	5.5350 USD
Common	Sell Transaction	90	5.5351 USD
Common	Sell Transaction	86	5.5353 USD
Common	Sell Transaction	2,152	5.5357 USD
Common	Sell Transaction	289	5.5360 USD
Common	Sell Transaction	1,000	5.5360 USD
Common	Sell Transaction	1,252	5.5368 USD
Common	Sell Transaction	1,454	5.5377 USD
Common	Sell Transaction	103	5.5378 USD
Common	Sell Transaction	5,700	5.5381 USD
Common	Sell Transaction	231	5.5391 USD
Common	Sell Transaction	2,500	5.5391 USD
Common	Sell Transaction	299	5.5393 USD
Common	Sell Transaction	458	5.5400 USD
Common	Sell Transaction	237	5.5411 USD
Common	Sell Transaction	400	5.5412 USD
Common	Sell Transaction	1,199	5.5414 USD
Common	Sell Transaction	1,044	5.5420 USD
Common	Sell Transaction	424	5.5424 USD
Common	Sell Transaction	601	5.5424 USD
Common	Sell Transaction	1,742	5.5424 USD
Common	Sell Transaction	1,053	5.5440 USD
Common	Sell Transaction	5,354	5.5441 USD
Common	Sell Transaction	2,243	5.5441 USD
Common	Sell Transaction	1,119	5.5466 USD
Common	Sell Transaction	6	5.5467 USD
Common	Sell Transaction	2,085	5.5471 USD
Common	Sell Transaction	508	5.5474 USD
Common	Sell Transaction	5,762	5.5479 USD
Common	Sell Transaction	34	5.5494 USD
Common	Sell Transaction	280	5.5498 USD
Common	Sell Transaction	2,379	5.5500 USD
Common	Sell Transaction	439	5.5503 USD
Common	Sell Transaction	1,274	5.5506 USD
Common	Sell Transaction	2,974	5.5508 USD
Common	Sell Transaction	1,100	5.5509 USD
Common	Sell Transaction	1,800	5.5511 USD
Common	Sell Transaction	1,243	5.5520 USD
Common	Sell Transaction	632	5.5531 USD
Common	Sell Transaction	900	5.5544 USD
Common	Sell Transaction	2,900	5.5545 USD
Common	Sell Transaction	25,948	5.5548 USD
Common	Sell Transaction	1,000	5.5550 USD
Common	Sell Transaction	217	5.5557 USD
Common	Sell Transaction	116	5.5559 USD
Common	Sell Transaction	2,896	5.5577 USD
Common	Sell Transaction	2,354	5.5580 USD
Common	Sell Transaction	600	5.5583 USD
Common	Sell Transaction	42	5.5586 USD
Common	Sell Transaction	800	5.5586 USD
Common	Sell Transaction	124	5.5587 USD
Common	Sell Transaction	106	5.5589 USD
Common	Sell Transaction	200	5.5589 USD
Common	Sell Transaction	10,100	5.5590 USD
Common	Sell Transaction	8,380	5.5600 USD
Common	Sell Transaction	600	5.5617 USD
Common	Sell Transaction	1,135	5.5626 USD
Common	Sell Transaction	826	5.5633 USD
Common	Sell Transaction	600	5.5633 USD
Common	Sell Transaction	502	5.5638 USD
Common	Sell Transaction	1,700	5.5647 USD
Common	Sell Transaction	50	5.5648 USD
Common	Sell Transaction	400	5.5650 USD
Common	Sell Transaction	5,843	5.5652 USD
Common	Sell Transaction	27	5.5659 USD
Common	Sell Transaction	1,614	5.5663 USD
Common	Sell Transaction	641	5.5668 USD
Common	Sell Transaction	2,173	5.5674 USD
Common	Sell Transaction	1,402	5.5674 USD
Common	Sell Transaction	1,035	5.5694 USD
Common	Sell Transaction	1,518	5.5695 USD
Common	Sell Transaction	199	5.5699 USD
Common	Sell Transaction	152	5.5700 USD
Common	Sell Transaction	2,119	5.5701 USD
Common	Sell Transaction	84	5.5707 USD
Common	Sell Transaction	719	5.5710 USD
Common	Sell Transaction	9,221	5.5745 USD
Common	Sell Transaction	700	5.5757 USD
Common	Sell Transaction	308	5.5764 USD
Common	Sell Transaction	21,800	5.5800 USD
Common	Sell Transaction	3,099	5.5812 USD
Common	Sell Transaction	3,016	5.5814 USD
Common	Sell Transaction	954	5.5815 USD
Common	Sell Transaction	2,172	5.5833 USD
Common	Sell Transaction	1,990	5.5835 USD
Common	Sell Transaction	1,409	5.5850 USD
Common	Sell Transaction	85	5.5851 USD
Common	Sell Transaction	5,480	5.5861 USD
Common	Sell Transaction	321	5.5867 USD
Common	Sell Transaction	932	5.5883 USD
Common	Sell Transaction	1,757	5.5889 USD
Common	Sell Transaction	9,023	5.5900 USD
Common	Sell Transaction	1,825	5.5911 USD
Common	Sell Transaction	253	5.5913 USD
Common	Sell Transaction	2,400	5.5917 USD
Common	Sell Transaction	1,066	5.5918 USD
Common	Sell Transaction	358	5.5922 USD
Common	Sell Transaction	5,000	5.5926 USD
Common	Sell Transaction	1,652	5.5933 USD
Common	Sell Transaction	3	5.5933 USD
Common	Sell Transaction	1	5.5937 USD
Common	Sell Transaction	4,192	5.5944 USD
Common	Sell Transaction	417	5.5950 USD
Common	Sell Transaction	193	5.5950 USD
Common	Sell Transaction	161	5.5950 USD
Common	Sell Transaction	5,082	5.5962 USD
Common	Sell Transaction	1,451	5.5973 USD
Common	Sell Transaction	1,906	5.5977 USD
Common	Sell Transaction	3,735	5.6018 USD
Common	Sell Transaction	246	5.6067 USD
Common	Sell Transaction	13,837	5.6100 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

(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:	21 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	1,500	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	300	2.0 USD	American	17/10/2025
Common	Call Option	Purchased	800	3.0 USD	American	17/07/2026
Common	Call Option	Purchased	1,000	5.0 USD	American	17/04/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,400	5.0 USD	American	19/09/2025
Common	Call Option	Purchased	35,900	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-100	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	41,900	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	3,000	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-215,100	4.0 USD	American	16/01/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-10,700	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	6,200	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	22,000	7.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,000	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,700	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,300	10.0 USD	American	17/07/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-41,600	5.0 USD	American	17/07/2026
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-54,100	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-131,500	5.0 USD	American	17/10/2025
Common	Put Option	Sold	92,800	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-107,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Put Option	Sold	500	6.0 USD	American	19/09/2025

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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