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 |
3 October 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: |
1,093,682 |
0.92 |
5,825 |
0.00 |
(2) Cash-settled derivatives:
|
0 |
0.00 |
0 |
0.00 |
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: |
428,300 |
0.36 |
1,041,100 |
0.87 |
TOTAL: |
1,521,982 |
1.28 |
1,046,925 |
0.88 |
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 |
1 |
6.0400 USD |
Common |
Buy Transaction |
9 |
6.0489 USD |
Common |
Buy Transaction |
185 |
6.0626 USD |
Common |
Buy Transaction |
883 |
6.0700 USD |
Common |
Buy Transaction |
414 |
6.0800 USD |
Common |
Buy Transaction |
1,182 |
6.0955 USD |
Common |
Buy Transaction |
8,822 |
6.1000 USD |
Common |
Buy Transaction |
730 |
6.1050 USD |
Common |
Buy Transaction |
894 |
6.1099 USD |
Common |
Buy Transaction |
250 |
6.1100 USD |
Common |
Buy Transaction |
300 |
6.1100 USD |
Common |
Buy Transaction |
1,802 |
6.1137 USD |
Common |
Buy Transaction |
121 |
6.1145 USD |
Common |
Buy Transaction |
7 |
6.1193 USD |
Common |
Buy Transaction |
810 |
6.1200 USD |
Common |
Buy Transaction |
100 |
6.1200 USD |
Common |
Buy Transaction |
2,655 |
6.1257 USD |
Common |
Buy Transaction |
16,613 |
6.1286 USD |
Common |
Buy Transaction |
160 |
6.1305 USD |
Common |
Buy Transaction |
225 |
6.1316 USD |
Common |
Buy Transaction |
20 |
6.1365 USD |
Common |
Buy Transaction |
307 |
6.1367 USD |
Common |
Buy Transaction |
1,359 |
6.1369 USD |
Common |
Buy Transaction |
1,000 |
6.1400 USD |
Common |
Buy Transaction |
910 |
6.1410 USD |
Common |
Buy Transaction |
1,300 |
6.1432 USD |
Common |
Buy Transaction |
20 |
6.1450 USD |
Common |
Buy Transaction |
353 |
6.1462 USD |
Common |
Buy Transaction |
739 |
6.1477 USD |
Common |
Buy Transaction |
1,187 |
6.1486 USD |
Common |
Buy Transaction |
1,359 |
6.1512 USD |
Common |
Buy Transaction |
1,532 |
6.1517 USD |
Common |
Buy Transaction |
111 |
6.1595 USD |
Common |
Buy Transaction |
1 |
6.1600 USD |
Common |
Buy Transaction |
2,032 |
6.1602 USD |
Common |
Buy Transaction |
4,345 |
6.1606 USD |
Common |
Buy Transaction |
912 |
6.1616 USD |
Common |
Buy Transaction |
400 |
6.1650 USD |
Common |
Buy Transaction |
2,454 |
6.1669 USD |
Common |
Buy Transaction |
1,195 |
6.1696 USD |
Common |
Buy Transaction |
444 |
6.1700 USD |
Common |
Buy Transaction |
1,300 |
6.1710 USD |
Common |
Buy Transaction |
4,268 |
6.1750 USD |
Common |
Buy Transaction |
303 |
6.1800 USD |
Common |
Buy Transaction |
1,549 |
6.1826 USD |
Common |
Buy Transaction |
515 |
6.1845 USD |
Common |
Buy Transaction |
426 |
6.1858 USD |
Common |
Buy Transaction |
7 |
6.1864 USD |
Common |
Buy Transaction |
3,400 |
6.1871 USD |
Common |
Buy Transaction |
2 |
6.1900 USD |
Common |
Buy Transaction |
9 |
6.1922 USD |
Common |
Buy Transaction |
95 |
6.1929 USD |
Common |
Buy Transaction |
437 |
6.1932 USD |
Common |
Buy Transaction |
8 |
6.1950 USD |
Common |
Buy Transaction |
680 |
6.2014 USD |
Common |
Buy Transaction |
8,717 |
6.2018 USD |
Common |
Buy Transaction |
2,042 |
6.2079 USD |
Common |
Buy Transaction |
478 |
6.2109 USD |
Common |
Buy Transaction |
16,211 |
6.2154 USD |
Common |
Buy Transaction |
260 |
6.2198 USD |
Common |
Buy Transaction |
51,245 |
6.2200 USD |
Common |
Buy Transaction |
1,840 |
6.2203 USD |
Common |
Buy Transaction |
1,521 |
6.2238 USD |
Common |
Buy Transaction |
94 |
6.2250 USD |
Common |
Buy Transaction |
868 |
6.2289 USD |
Common |
Buy Transaction |
1,633 |
6.2318 USD |
Common |
Buy Transaction |
1 |
6.2350 USD |
Common |
Buy Transaction |
358 |
6.2358 USD |
Common |
Buy Transaction |
450 |
6.2389 USD |
Common |
Buy Transaction |
754 |
6.2400 USD |
Common |
Buy Transaction |
19,432 |
6.2411 USD |
Common |
Buy Transaction |
1,063 |
6.2418 USD |
Common |
Buy Transaction |
317 |
6.2427 USD |
Common |
Buy Transaction |
1,600 |
6.2450 USD |
Common |
Buy Transaction |
2,580 |
6.2500 USD |
Common |
Buy Transaction |
287 |
6.2521 USD |
Common |
Buy Transaction |
5,000 |
6.2550 USD |
Common |
Buy Transaction |
25 |
6.2700 USD |
Common |
Sell Transaction |
348 |
6.0450 USD |
Common |
Sell Transaction |
22 |
6.0500 USD |
Common |
Sell Transaction |
200 |
6.0543 USD |
Common |
Sell Transaction |
300 |
6.0700 USD |
Common |
Sell Transaction |
391 |
6.0726 USD |
Common |
Sell Transaction |
200 |
6.0750 USD |
Common |
Sell Transaction |
190 |
6.0753 USD |
Common |
Sell Transaction |
2,614 |
6.0800 USD |
Common |
Sell Transaction |
200 |
6.0850 USD |
Common |
Sell Transaction |
100 |
6.0938 USD |
Common |
Sell Transaction |
2,111 |
6.0966 USD |
Common |
Sell Transaction |
1,200 |
6.0975 USD |
Common |
Sell Transaction |
1,398 |
6.1000 USD |
Common |
Sell Transaction |
602 |
6.1100 USD |
Common |
Sell Transaction |
14,700 |
6.1200 USD |
Common |
Sell Transaction |
1,936 |
6.1300 USD |
Common |
Sell Transaction |
6,600 |
6.1350 USD |
Common |
Sell Transaction |
608 |
6.1400 USD |
Common |
Sell Transaction |
677 |
6.1500 USD |
Common |
Sell Transaction |
3,515 |
6.1504 USD |
Common |
Sell Transaction |
899 |
6.1600 USD |
Common |
Sell Transaction |
637 |
6.1601 USD |
Common |
Sell Transaction |
800 |
6.1610 USD |
Common |
Sell Transaction |
437 |
6.1623 USD |
Common |
Sell Transaction |
4,500 |
6.1650 USD |
Common |
Sell Transaction |
100 |
6.1700 USD |
Common |
Sell Transaction |
1,571 |
6.1726 USD |
Common |
Sell Transaction |
584 |
6.1758 USD |
Common |
Sell Transaction |
1,400 |
6.1771 USD |
Common |
Sell Transaction |
5 |
6.1780 USD |
Common |
Sell Transaction |
52 |
6.1792 USD |
Common |
Sell Transaction |
700 |
6.1800 USD |
Common |
Sell Transaction |
145 |
6.1808 USD |
Common |
Sell Transaction |
28 |
6.1816 USD |
Common |
Sell Transaction |
2,000 |
6.1831 USD |
Common |
Sell Transaction |
4,700 |
6.1850 USD |
Common |
Sell Transaction |
298 |
6.1877 USD |
Common |
Sell Transaction |
348 |
6.1885 USD |
Common |
Sell Transaction |
109 |
6.1888 USD |
Common |
Sell Transaction |
275 |
6.1895 USD |
Common |
Sell Transaction |
1 |
6.1900 USD |
Common |
Sell Transaction |
685 |
6.1913 USD |
Common |
Sell Transaction |
109 |
6.1917 USD |
Common |
Sell Transaction |
708 |
6.1918 USD |
Common |
Sell Transaction |
500 |
6.1950 USD |
Common |
Sell Transaction |
2,300 |
6.1957 USD |
Common |
Sell Transaction |
4,464 |
6.2000 USD |
Common |
Sell Transaction |
9,213 |
6.2005 USD |
Common |
Sell Transaction |
300 |
6.2010 USD |
Common |
Sell Transaction |
1,873 |
6.2019 USD |
Common |
Sell Transaction |
132 |
6.2024 USD |
Common |
Sell Transaction |
123 |
6.2026 USD |
Common |
Sell Transaction |
1,179 |
6.2030 USD |
Common |
Sell Transaction |
2,346 |
6.2047 USD |
Common |
Sell Transaction |
942 |
6.2054 USD |
Common |
Sell Transaction |
588 |
6.2066 USD |
Common |
Sell Transaction |
357 |
6.2072 USD |
Common |
Sell Transaction |
510 |
6.2073 USD |
Common |
Sell Transaction |
1,245 |
6.2079 USD |
Common |
Sell Transaction |
373 |
6.2080 USD |
Common |
Sell Transaction |
2,704 |
6.2081 USD |
Common |
Sell Transaction |
2,500 |
6.2108 USD |
Common |
Sell Transaction |
8,430 |
6.2111 USD |
Common |
Sell Transaction |
259 |
6.2146 USD |
Common |
Sell Transaction |
429 |
6.2150 USD |
Common |
Sell Transaction |
214 |
6.2151 USD |
Common |
Sell Transaction |
1,722 |
6.2155 USD |
Common |
Sell Transaction |
448 |
6.2165 USD |
Common |
Sell Transaction |
57,251 |
6.2200 USD |
Common |
Sell Transaction |
55,481 |
6.2206 USD |
Common |
Sell Transaction |
218 |
6.2208 USD |
Common |
Sell Transaction |
232 |
6.2216 USD |
Common |
Sell Transaction |
271 |
6.2226 USD |
Common |
Sell Transaction |
12,921 |
6.2233 USD |
Common |
Sell Transaction |
20,650 |
6.2252 USD |
Common |
Sell Transaction |
192 |
6.2287 USD |
Common |
Sell Transaction |
596 |
6.2300 USD |
Common |
Sell Transaction |
61 |
6.2305 USD |
Common |
Sell Transaction |
110 |
6.2309 USD |
Common |
Sell Transaction |
1,367 |
6.2311 USD |
Common |
Sell Transaction |
463 |
6.2314 USD |
Common |
Sell Transaction |
173 |
6.2321 USD |
Common |
Sell Transaction |
300 |
6.2333 USD |
Common |
Sell Transaction |
65 |
6.2345 USD |
Common |
Sell Transaction |
1,282 |
6.2350 USD |
Common |
Sell Transaction |
17,645 |
6.2357 USD |
Common |
Sell Transaction |
4,700 |
6.2389 USD |
Common |
Sell Transaction |
487 |
6.2391 USD |
Common |
Sell Transaction |
1,795 |
6.2400 USD |
Common |
Sell Transaction |
1,500 |
6.2417 USD |
Common |
Sell Transaction |
200 |
6.2421 USD |
Common |
Sell Transaction |
4,269 |
6.2466 USD |
Common |
Sell Transaction |
588 |
6.2481 USD |
Common |
Sell Transaction |
1,495 |
6.2500 USD |
Common |
Sell Transaction |
180 |
6.2501 USD |
Common |
Sell Transaction |
400 |
6.2525 USD |
Common |
Sell Transaction |
1,850 |
6.2600 USD |
Common |
Sell Transaction |
2,350 |
6.2627 USD |
Common |
Sell Transaction |
418 |
6.2650 USD |
Common |
Sell Transaction |
1,161 |
6.2650 USD |
Common |
Sell Transaction |
281 |
6.2650 USD |
Common |
Sell Transaction |
64 |
6.2661 USD |
Common |
Sell Transaction |
181 |
6.2672 USD |
Common |
Sell Transaction |
592 |
6.2694 USD |
Common |
Sell Transaction |
25 |
6.2700 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 |
Put Option |
Buy Transaction |
100 |
5.0000 USD |
American |
2026-04-17 |
0.4200 USD |
Common |
Put Option |
Buy Transaction |
100 |
5.0000 USD |
American |
2026-07-17 |
0.4500 USD |
Common |
Put Option |
Buy Transaction |
100 |
7.0000 USD |
American |
2025-10-17 |
0.9000 USD |
Common |
Call Option |
Sell Transaction |
100 |
9.0000 USD |
American |
2026-04-17 |
0.2500 USD |
Common |
Call Option |
Sell Transaction |
100 |
10.0000 USD |
American |
2026-07-17 |
0.2700 USD |
Common |
Put Option |
Sell Transaction |
100 |
5.0000 USD |
American |
2026-04-17 |
0.3100 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: |
6 October 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 |
-2,800 |
5.0 USD
|
American
|
17/07/2026
|
Common |
Call Option |
Purchased |
3,100 |
10.0 USD
|
American
|
16/01/2026
|
Common |
Put Option |
Purchased |
-500 |
3.0 USD
|
American
|
18/12/2026
|
Common |
Put Option |
Purchased |
-17,200 |
3.0 USD
|
American
|
16/01/2026
|
Common |
Put Option |
Purchased |
-10,300 |
5.0 USD
|
American
|
17/04/2026
|
Common |
Call Option |
Purchased |
49,800 |
6.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
2,600 |
5.0 USD
|
American
|
17/04/2026
|
Common |
Call Option |
Purchased |
200 |
8.0 USD
|
American
|
21/11/2025
|
Common |
Call Option |
Purchased |
200 |
11.0 USD
|
American
|
17/04/2026
|
Common |
Call Option |
Purchased |
14,900 |
6.0 USD
|
American
|
17/04/2026
|
Common |
Put Option |
Purchased |
-900 |
3.0 USD
|
American
|
17/04/2026
|
Common |
Put Option |
Purchased |
-2,200 |
7.0 USD
|
American
|
17/07/2026
|
Common |
Put Option |
Purchased |
-800 |
7.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
10,800 |
6.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Purchased |
38,100 |
10.0 USD
|
American
|
17/07/2026
|
Common |
Call Option |
Purchased |
1,000 |
8.0 USD
|
American
|
17/10/2025
|
Common |
Put Option |
Purchased |
-8,200 |
6.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Purchased |
15,700 |
4.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
176,700 |
5.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
300 |
3.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
2,700 |
7.0 USD
|
American
|
17/07/2026
|
Common |
Call Option |
Purchased |
800 |
3.0 USD
|
American
|
17/07/2026
|
Common |
Call Option |
Purchased |
300 |
2.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
9,500 |
7.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Purchased |
6,000 |
7.0 USD
|
American
|
18/12/2026
|
Common |
Put Option |
Purchased |
-217,400 |
4.0 USD
|
American
|
16/01/2026
|
Common |
Put Option |
Purchased |
-200 |
7.0 USD
|
American
|
16/01/2026
|
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 |
Put Option |
Sold |
200 |
6.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Sold |
-200 |
10.0 USD
|
American
|
17/04/2026
|
Common |
Call Option |
Sold |
-400 |
5.0 USD
|
American
|
18/12/2026
|
Common |
Call Option |
Sold |
-300 |
8.0 USD
|
American
|
17/04/2026
|
Common |
Put Option |
Sold |
91,600 |
5.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-200 |
8.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-1,400 |
4.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-1,400 |
3.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-6,200 |
12.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-508,400 |
7.0 USD
|
American
|
17/04/2026
|
Common |
Call Option |
Sold |
-52,500 |
5.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-39,400 |
5.0 USD
|
American
|
17/07/2026
|
Common |
Call Option |
Sold |
-100 |
1.0 USD
|
American
|
17/07/2026
|
Common |
Put Option |
Sold |
700 |
4.0 USD
|
American
|
17/04/2026
|
Common |
Put Option |
Sold |
1,700 |
5.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Sold |
-300 |
9.0 USD
|
American
|
17/04/2026
|
Common |
Put Option |
Sold |
100 |
5.0 USD
|
American
|
18/12/2026
|
Common |
Put Option |
Sold |
600 |
6.0 USD
|
American
|
21/11/2025
|
Common |
Put Option |
Sold |
100 |
4.0 USD
|
American
|
17/07/2026
|
Common |
Call Option |
Sold |
-1,600 |
7.0 USD
|
American
|
21/11/2025
|
Common |
Put Option |
Sold |
600 |
3.0 USD
|
American
|
17/10/2025
|
Common |
Call Option |
Sold |
-154,000 |
7.0 USD
|
American
|
16/01/2026
|
Common |
Call Option |
Sold |
-800 |
6.0 USD
|
American
|
21/11/2025
|
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 .