RNS Number : 8032Y

Citadel Group

10 September 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	9 September 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:	1,333,807	1.12	100,869	0.08
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	244,400	0.20	611,700	0.51
TOTAL:	1,578,207	1.32	712,569	0.60

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	920	5.9000 USD
Common	Buy Transaction	3,142	5.9050 USD
Common	Buy Transaction	305	5.9247 USD
Common	Buy Transaction	373	5.9373 USD
Common	Buy Transaction	400	5.9375 USD
Common	Buy Transaction	1,634	5.9400 USD
Common	Buy Transaction	1	5.9413 USD
Common	Buy Transaction	40	5.9440 USD
Common	Buy Transaction	400	5.9450 USD
Common	Buy Transaction	570	5.9480 USD
Common	Buy Transaction	141	5.9488 USD
Common	Buy Transaction	3,928	5.9500 USD
Common	Buy Transaction	7,102	5.9500 USD
Common	Buy Transaction	1	5.9513 USD
Common	Buy Transaction	253	5.9539 USD
Common	Buy Transaction	1,815	5.9557 USD
Common	Buy Transaction	2,600	5.9569 USD
Common	Buy Transaction	314	5.9597 USD
Common	Buy Transaction	5,329	5.9601 USD
Common	Buy Transaction	100	5.9613 USD
Common	Buy Transaction	227	5.9637 USD
Common	Buy Transaction	6,100	5.9642 USD
Common	Buy Transaction	991	5.9648 USD
Common	Buy Transaction	3,800	5.9650 USD
Common	Buy Transaction	3,604	5.9651 USD
Common	Buy Transaction	4,362	5.9653 USD
Common	Buy Transaction	2,851	5.9664 USD
Common	Buy Transaction	22	5.9668 USD
Common	Buy Transaction	404	5.9675 USD
Common	Buy Transaction	560	5.9676 USD
Common	Buy Transaction	133	5.9683 USD
Common	Buy Transaction	1,247	5.9684 USD
Common	Buy Transaction	444	5.9685 USD
Common	Buy Transaction	1,887	5.9686 USD
Common	Buy Transaction	1,600	5.9688 USD
Common	Buy Transaction	1,765	5.9690 USD
Common	Buy Transaction	800	5.9690 USD
Common	Buy Transaction	326	5.9692 USD
Common	Buy Transaction	1,906	5.9695 USD
Common	Buy Transaction	519	5.9698 USD
Common	Buy Transaction	1,757	5.9700 USD
Common	Buy Transaction	60	5.9717 USD
Common	Buy Transaction	8,542	5.9727 USD
Common	Buy Transaction	583	5.9728 USD
Common	Buy Transaction	300	5.9733 USD
Common	Buy Transaction	358	5.9735 USD
Common	Buy Transaction	406	5.9743 USD
Common	Buy Transaction	1,893	5.9748 USD
Common	Buy Transaction	300	5.9750 USD
Common	Buy Transaction	360	5.9756 USD
Common	Buy Transaction	465	5.9757 USD
Common	Buy Transaction	289	5.9763 USD
Common	Buy Transaction	2,657	5.9771 USD
Common	Buy Transaction	240	5.9775 USD
Common	Buy Transaction	971	5.9778 USD
Common	Buy Transaction	491	5.9790 USD
Common	Buy Transaction	1	5.9791 USD
Common	Buy Transaction	223	5.9796 USD
Common	Buy Transaction	14,700	5.9797 USD
Common	Buy Transaction	7,216	5.9800 USD
Common	Buy Transaction	9,569	5.9807 USD
Common	Buy Transaction	2,539	5.9810 USD
Common	Buy Transaction	235	5.9815 USD
Common	Buy Transaction	11,171	5.9846 USD
Common	Buy Transaction	3,077	5.9846 USD
Common	Buy Transaction	4,752	5.9850 USD
Common	Buy Transaction	654	5.9850 USD
Common	Buy Transaction	25,817	5.9858 USD
Common	Buy Transaction	8,443	5.9865 USD
Common	Buy Transaction	149	5.9868 USD
Common	Buy Transaction	611	5.9876 USD
Common	Buy Transaction	2,400	5.9892 USD
Common	Buy Transaction	37,613	5.9900 USD
Common	Buy Transaction	3,600	5.9901 USD
Common	Buy Transaction	494	5.9906 USD
Common	Buy Transaction	402	5.9912 USD
Common	Buy Transaction	1,600	5.9916 USD
Common	Buy Transaction	725	5.9924 USD
Common	Buy Transaction	900	5.9933 USD
Common	Buy Transaction	2,341	5.9934 USD
Common	Buy Transaction	366	5.9937 USD
Common	Buy Transaction	500	5.9940 USD
Common	Buy Transaction	18,146	5.9950 USD
Common	Buy Transaction	602	5.9950 USD
Common	Buy Transaction	200	5.9950 USD
Common	Buy Transaction	3	5.9967 USD
Common	Buy Transaction	435	5.9976 USD
Common	Buy Transaction	1,342	5.9984 USD
Common	Buy Transaction	74	5.9996 USD
Common	Buy Transaction	10	6.0000 USD
Common	Buy Transaction	800	6.0001 USD
Common	Buy Transaction	478	6.0014 USD
Common	Buy Transaction	128	6.0034 USD
Common	Buy Transaction	249	6.0041 USD
Common	Buy Transaction	214	6.0047 USD
Common	Buy Transaction	300	6.0050 USD
Common	Buy Transaction	572	6.0100 USD
Common	Buy Transaction	534	6.0100 USD
Common	Buy Transaction	336	6.0200 USD
Common	Buy Transaction	168	6.0212 USD
Common	Buy Transaction	721	6.0300 USD
Common	Buy Transaction	88	6.0400 USD
Common	Buy Transaction	16	6.0713 USD
Common	Sell Transaction	10	5.9000 USD
Common	Sell Transaction	1,082	5.9257 USD
Common	Sell Transaction	46	5.9291 USD
Common	Sell Transaction	785	5.9292 USD
Common	Sell Transaction	1,600	5.9300 USD
Common	Sell Transaction	506	5.9363 USD
Common	Sell Transaction	3,311	5.9376 USD
Common	Sell Transaction	369	5.9378 USD
Common	Sell Transaction	299	5.9399 USD
Common	Sell Transaction	8	5.9400 USD
Common	Sell Transaction	566	5.9473 USD
Common	Sell Transaction	3,578	5.9500 USD
Common	Sell Transaction	495	5.9511 USD
Common	Sell Transaction	2,700	5.9515 USD
Common	Sell Transaction	19	5.9547 USD
Common	Sell Transaction	2,844	5.9550 USD
Common	Sell Transaction	14	5.9557 USD
Common	Sell Transaction	2,272	5.9562 USD
Common	Sell Transaction	1,319	5.9566 USD
Common	Sell Transaction	910	5.9566 USD
Common	Sell Transaction	94	5.9568 USD
Common	Sell Transaction	130	5.9577 USD
Common	Sell Transaction	431	5.9590 USD
Common	Sell Transaction	15,115	5.9600 USD
Common	Sell Transaction	5,630	5.9604 USD
Common	Sell Transaction	900	5.9606 USD
Common	Sell Transaction	1,743	5.9607 USD
Common	Sell Transaction	300	5.9610 USD
Common	Sell Transaction	8,833	5.9617 USD
Common	Sell Transaction	600	5.9633 USD
Common	Sell Transaction	5,100	5.9635 USD
Common	Sell Transaction	778	5.9644 USD
Common	Sell Transaction	6,116	5.9650 USD
Common	Sell Transaction	457	5.9650 USD
Common	Sell Transaction	433	5.9650 USD
Common	Sell Transaction	446	5.9653 USD
Common	Sell Transaction	122	5.9654 USD
Common	Sell Transaction	943	5.9659 USD
Common	Sell Transaction	5	5.9660 USD
Common	Sell Transaction	1,875	5.9673 USD
Common	Sell Transaction	321	5.9682 USD
Common	Sell Transaction	2,104	5.9685 USD
Common	Sell Transaction	1,102	5.9689 USD
Common	Sell Transaction	20	5.9690 USD
Common	Sell Transaction	6,612	5.9692 USD
Common	Sell Transaction	224	5.9699 USD
Common	Sell Transaction	2,162	5.9700 USD
Common	Sell Transaction	1,169	5.9703 USD
Common	Sell Transaction	524	5.9710 USD
Common	Sell Transaction	8	5.9713 USD
Common	Sell Transaction	222	5.9714 USD
Common	Sell Transaction	7,981	5.9714 USD
Common	Sell Transaction	1,107	5.9715 USD
Common	Sell Transaction	10,805	5.9721 USD
Common	Sell Transaction	4,136	5.9722 USD
Common	Sell Transaction	579	5.9725 USD
Common	Sell Transaction	917	5.9725 USD
Common	Sell Transaction	1,747	5.9729 USD
Common	Sell Transaction	212	5.9730 USD
Common	Sell Transaction	5,600	5.9746 USD
Common	Sell Transaction	397	5.9749 USD
Common	Sell Transaction	614	5.9750 USD
Common	Sell Transaction	122	5.9752 USD
Common	Sell Transaction	1,141	5.9753 USD
Common	Sell Transaction	340	5.9755 USD
Common	Sell Transaction	3,903	5.9756 USD
Common	Sell Transaction	125	5.9756 USD
Common	Sell Transaction	515	5.9758 USD
Common	Sell Transaction	321	5.9760 USD
Common	Sell Transaction	6,756	5.9763 USD
Common	Sell Transaction	303	5.9766 USD
Common	Sell Transaction	1,624	5.9768 USD
Common	Sell Transaction	20,800	5.9775 USD
Common	Sell Transaction	607	5.9780 USD
Common	Sell Transaction	486	5.9781 USD
Common	Sell Transaction	2,100	5.9786 USD
Common	Sell Transaction	218	5.9791 USD
Common	Sell Transaction	427	5.9793 USD
Common	Sell Transaction	8,513	5.9798 USD
Common	Sell Transaction	21,785	5.9800 USD
Common	Sell Transaction	300	5.9817 USD
Common	Sell Transaction	230	5.9820 USD
Common	Sell Transaction	720	5.9821 USD
Common	Sell Transaction	374	5.9823 USD
Common	Sell Transaction	921	5.9824 USD
Common	Sell Transaction	320	5.9825 USD
Common	Sell Transaction	900	5.9833 USD
Common	Sell Transaction	11,721	5.9834 USD
Common	Sell Transaction	346	5.9840 USD
Common	Sell Transaction	1,000	5.9840 USD
Common	Sell Transaction	11,249	5.9843 USD
Common	Sell Transaction	4,964	5.9844 USD
Common	Sell Transaction	1,297	5.9850 USD
Common	Sell Transaction	1,140	5.9860 USD
Common	Sell Transaction	35	5.9866 USD
Common	Sell Transaction	1,029	5.9869 USD
Common	Sell Transaction	110	5.9875 USD
Common	Sell Transaction	1,605	5.9899 USD
Common	Sell Transaction	40,791	5.9900 USD
Common	Sell Transaction	2,594	5.9900 USD
Common	Sell Transaction	776	5.9910 USD
Common	Sell Transaction	1,503	5.9937 USD
Common	Sell Transaction	1,724	5.9943 USD
Common	Sell Transaction	3,010	5.9950 USD
Common	Sell Transaction	1,318	6.0000 USD
Common	Sell Transaction	1,539	6.0099 USD
Common	Sell Transaction	223	6.0100 USD
Common	Sell Transaction	200	6.0200 USD
Common	Sell Transaction	89	6.0300 USD
Common	Sell Transaction	88	6.0400 USD
Common	Sell Transaction	500	6.0699 USD
Common	Sell Transaction	14	6.0700 USD
Common	Sell Transaction	2	6.0800 USD
Common	Sell Transaction	96	6.0900 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
Common	Call Option	Buy Transaction	2,000	7.0000 USD	American	2026-01-16	0.4700 USD
Common	Call Option	Buy Transaction	100	6.0000 USD	American	2026-01-16	0.7900 USD
Common	Call Option	Sell Transaction	100	6.0000 USD	American	2026-01-16	0.8000 USD
Common	Call Option	Sell Transaction	100	7.0000 USD	American	2026-12-18	1.1000 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

(c)        Attachments

Is a Supplemental Form 8 (Open Positions) attached? YES

Date of disclosure:	10 September 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	-500	3.0 USD	American	17/04/2026
Common	Call Option	Purchased	5,800	6.0 USD	American	17/04/2026
Common	Put Option	Purchased	-17,200	3.0 USD	American	16/01/2026
Common	Call Option	Purchased	500	8.0 USD	American	16/01/2026
Common	Call Option	Purchased	15,700	4.0 USD	American	17/10/2025
Common	Call Option	Purchased	17,500	7.0 USD	American	17/10/2025
Common	Call Option	Purchased	5,400	6.0 USD	American	19/09/2025
Common	Put Option	Purchased	-215,700	4.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	4.0 USD	American	19/09/2025
Common	Call Option	Purchased	100	9.0 USD	American	17/04/2026
Common	Put Option	Purchased	-8,200	6.0 USD	American	16/01/2026
Common	Put Option	Purchased	-400	5.0 USD	American	19/09/2025
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	Put Option	Purchased	-10,800	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	10,400	7.0 USD	American	18/12/2026
Common	Call Option	Purchased	1,000	8.0 USD	American	17/10/2025
Common	Call Option	Purchased	42,800	6.0 USD	American	16/01/2026
Common	Call Option	Purchased	2,600	5.0 USD	American	17/04/2026
Common	Call Option	Purchased	300	3.0 USD	American	17/10/2025
Common	Call Option	Purchased	43,400	6.0 USD	American	17/10/2025
Common	Put Option	Purchased	-1,200	5.0 USD	American	17/07/2026
Common	Call Option	Purchased	3,100	10.0 USD	American	16/01/2026
Common	Call Option	Purchased	1,100	7.0 USD	American	17/04/2026
Common	Call Option	Purchased	1,500	5.0 USD	American	19/09/2025
Common	Call Option	Sold	-300	7.0 USD	American	17/07/2026
Common	Call Option	Sold	-111,700	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.0 USD	American	16/01/2026
Common	Call Option	Sold	-128,600	5.0 USD	American	17/10/2025
Common	Put Option	Sold	200	6.0 USD	American	17/10/2025
Common	Call Option	Sold	-1,400	3.0 USD	American	16/01/2026
Common	Put Option	Sold	100	7.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	1.0 USD	American	17/07/2026
Common	Put Option	Sold	600	3.0 USD	American	17/10/2025
Common	Call Option	Sold	-39,400	5.0 USD	American	17/07/2026
Common	Put Option	Sold	89,700	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-1,400	4.0 USD	American	16/01/2026
Common	Call Option	Sold	-54,300	5.0 USD	American	16/01/2026
Common	Put Option	Sold	600	6.0 USD	American	19/09/2025
Common	Put Option	Sold	800	5.0 USD	American	17/10/2025
Common	Call Option	Sold	-12,500	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-900	4.0 USD	American	17/07/2026
Common	Call Option	Sold	-400	5.0 USD	American	18/12/2026
Common	Call Option	Sold	-500	10.0 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

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