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REG - Citadel Group Dowlais Group PLC American Axle & Mfg. - Form 8.3 - American Axle & Manufacturing Holdings

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RNS Number : 5536Z  Citadel Group  16 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           N/A
 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.
 (c) Name of offeror/offeree in relation to whose relevant securities this form   AMERICAN AXLE & MANUFACTURING HOLDINGS INC
 relates:

      Use a separate form for each offeror/offeree
 (d) If an exempt fund manager connected with an offeror/offeree, state this      N/A
 and specify identity of offeror/offeree:
 (e) Date position held/dealing undertaken:                                       15 September 2025

      For an opening position disclosure, state the latest practicable date
 prior to the disclosure
 (f)  In addition to the company in 1(c) above, is the discloser making           YES
 disclosures in respect of any other party to the offer?

                                                                                DOWLAIS GROUP PLC
      If it is a cash offer or possible cash offer, state "N/A"

 

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:                                          ISIN US0240611030

 Common Stock                                                         USD 0.01 common
                                                                      Interests         Short positions

                                                                      Number     %      Number    %
 (1) Relevant securities owned and/or controlled:                     1,086,442  0.91   168,852   0.14
 (2) Cash-settled derivatives:                                        0          0.00   0         0.00

 (3) Stock-settled derivatives (including options) and agreements to  246,100    0.20   622,000   0.52
 purchase/sell:
                                                                      1,332,542  1.12   790,852   0.66

      TOTAL:

 

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                     5.6500 USD
 Common                      Buy Transaction   1                     5.6900 USD
 Common                      Buy Transaction   200                   5.8038 USD
 Common                      Buy Transaction   200                   5.8300 USD
 Common                      Buy Transaction   137                   5.8600 USD
 Common                      Buy Transaction   6                     5.8750 USD
 Common                      Buy Transaction   52                    5.8798 USD
 Common                      Buy Transaction   72                    5.8900 USD
 Common                      Buy Transaction   833                   5.9100 USD
 Common                      Buy Transaction   193                   5.9300 USD
 Common                      Buy Transaction   106                   5.9350 USD
 Common                      Buy Transaction   154                   5.9400 USD
 Common                      Buy Transaction   96                    5.9450 USD
 Common                      Buy Transaction   858                   5.9457 USD
 Common                      Buy Transaction   2,020                 5.9461 USD
 Common                      Buy Transaction   258                   5.9462 USD
 Common                      Buy Transaction   1,732                 5.9500 USD
 Common                      Buy Transaction   4,800                 5.9550 USD
 Common                      Buy Transaction   179                   5.9550 USD
 Common                      Buy Transaction   21                    5.9552 USD
 Common                      Buy Transaction   2,809                 5.9560 USD
 Common                      Buy Transaction   489                   5.9593 USD
 Common                      Buy Transaction   695                   5.9651 USD
 Common                      Buy Transaction   100                   5.9691 USD
 Common                      Buy Transaction   344                   5.9696 USD
 Common                      Buy Transaction   154                   5.9700 USD
 Common                      Buy Transaction   6,984                 5.9704 USD
 Common                      Buy Transaction   2,340                 5.9790 USD
 Common                      Buy Transaction   11,701                5.9800 USD
 Common                      Buy Transaction   278                   5.9806 USD
 Common                      Buy Transaction   141                   5.9810 USD
 Common                      Buy Transaction   964                   5.9819 USD
 Common                      Buy Transaction   1,722                 5.9832 USD
 Common                      Buy Transaction   337                   5.9898 USD
 Common                      Buy Transaction   300                   5.9900 USD
 Common                      Buy Transaction   92                    5.9921 USD
 Common                      Buy Transaction   817                   5.9927 USD
 Common                      Buy Transaction   1,110                 5.9946 USD
 Common                      Buy Transaction   2,809                 6.0000 USD
 Common                      Buy Transaction   2,110                 6.0004 USD
 Common                      Buy Transaction   8,131                 6.0018 USD
 Common                      Buy Transaction   594                   6.0040 USD
 Common                      Buy Transaction   712                   6.0040 USD
 Common                      Buy Transaction   4,890                 6.0051 USD
 Common                      Buy Transaction   417                   6.0065 USD
 Common                      Buy Transaction   2                     6.0075 USD
 Common                      Buy Transaction   169                   6.0099 USD
 Common                      Buy Transaction   104                   6.0127 USD
 Common                      Buy Transaction   511                   6.0151 USD
 Common                      Buy Transaction   2,664                 6.0167 USD
 Common                      Buy Transaction   300                   6.0183 USD
 Common                      Buy Transaction   1,077                 6.0189 USD
 Common                      Buy Transaction   539                   6.0190 USD
 Common                      Buy Transaction   1,600                 6.0231 USD
 Common                      Buy Transaction   200                   6.0250 USD
 Common                      Buy Transaction   2,527                 6.0257 USD
 Common                      Buy Transaction   314                   6.0270 USD
 Common                      Buy Transaction   7,503                 6.0274 USD
 Common                      Buy Transaction   51                    6.0276 USD
 Common                      Buy Transaction   17                    6.0329 USD
 Common                      Buy Transaction   164                   6.0345 USD
 Common                      Buy Transaction   2,414                 6.0346 USD
 Common                      Buy Transaction   781                   6.0352 USD
 Common                      Buy Transaction   1                     6.0442 USD
 Common                      Buy Transaction   200                   6.0450 USD
 Common                      Buy Transaction   743                   6.0450 USD
 Common                      Buy Transaction   701                   6.0500 USD
 Common                      Buy Transaction   542                   6.0501 USD
 Common                      Buy Transaction   19,048                6.0524 USD
 Common                      Buy Transaction   502                   6.0550 USD
 Common                      Buy Transaction   33,936                6.0590 USD
 Common                      Buy Transaction   1,253                 6.0621 USD
 Common                      Buy Transaction   298                   6.0634 USD
 Common                      Buy Transaction   800                   6.0650 USD
 Common                      Buy Transaction   6,225                 6.0721 USD
 Common                      Buy Transaction   1,411                 6.0728 USD
 Common                      Buy Transaction   827                   6.0737 USD
 Common                      Buy Transaction   263                   6.0780 USD
 Common                      Buy Transaction   2,127                 6.0798 USD
 Common                      Buy Transaction   15,007                6.0798 USD
 Common                      Buy Transaction   2,112                 6.0800 USD
 Common                      Buy Transaction   15                    6.0813 USD
 Common                      Buy Transaction   3,376                 6.0822 USD
 Common                      Buy Transaction   196                   6.0889 USD
 Common                      Buy Transaction   1,596                 6.0931 USD
 Common                      Buy Transaction   138                   6.0935 USD
 Common                      Buy Transaction   1                     6.0937 USD
 Common                      Buy Transaction   5,766                 6.0948 USD
 Common                      Buy Transaction   800                   6.0990 USD
 Common                      Buy Transaction   623                   6.1026 USD
 Common                      Buy Transaction   5,000                 6.1050 USD
 Common                      Buy Transaction   10,539                6.1081 USD
 Common                      Buy Transaction   352                   6.1100 USD
 Common                      Buy Transaction   3,970                 6.1117 USD
 Common                      Buy Transaction   65                    6.1131 USD
 Common                      Buy Transaction   6                     6.1133 USD
 Common                      Buy Transaction   4,111                 6.1194 USD
 Common                      Buy Transaction   10,307                6.1200 USD
 Common                      Buy Transaction   665                   6.1222 USD
 Common                      Buy Transaction   452                   6.1267 USD
 Common                      Buy Transaction   7,388                 6.1289 USD
 Common                      Buy Transaction   8,345                 6.1291 USD
 Common                      Buy Transaction   15                    6.1307 USD
 Common                      Buy Transaction   1,277                 6.1324 USD
 Common                      Buy Transaction   100                   6.1411 USD
 Common                      Buy Transaction   12,258                6.1441 USD
 Common                      Buy Transaction   42                    6.1500 USD
 Common                      Buy Transaction   13                    6.1508 USD
 Common                      Buy Transaction   775                   6.1576 USD
 Common                      Buy Transaction   1,433                 6.1600 USD
 Common                      Buy Transaction   21                    6.1643 USD
 Common                      Buy Transaction   1,031                 6.1646 USD
 Common                      Buy Transaction   595                   6.1694 USD
 Common                      Buy Transaction   19                    6.1700 USD
 Common                      Buy Transaction   186                   6.1746 USD
 Common                      Buy Transaction   35                    6.1811 USD
 Common                      Buy Transaction   509                   6.1889 USD
 Common                      Buy Transaction   1,200                 6.1900 USD
 Common                      Buy Transaction   2,584                 6.1901 USD
 Common                      Buy Transaction   3,016                 6.1907 USD
 Common                      Buy Transaction   1,502                 6.2000 USD
 Common                      Buy Transaction   1,500                 6.2000 USD
 Common                      Buy Transaction   5,536                 6.2100 USD
 Common                      Buy Transaction   303                   6.2111 USD
 Common                      Buy Transaction   800                   6.2188 USD
 Common                      Buy Transaction   95,723                6.2200 USD
 Common                      Buy Transaction   555                   6.2211 USD
 Common                      Buy Transaction   2,204                 6.2250 USD
 Common                      Sell Transaction  200                   5.8300 USD
 Common                      Sell Transaction  300                   5.8600 USD
 Common                      Sell Transaction  401                   5.8675 USD
 Common                      Sell Transaction  700                   5.8700 USD
 Common                      Sell Transaction  395                   5.8723 USD
 Common                      Sell Transaction  305                   5.8768 USD
 Common                      Sell Transaction  487                   5.8800 USD
 Common                      Sell Transaction  300                   5.8900 USD
 Common                      Sell Transaction  1,823                 5.9000 USD
 Common                      Sell Transaction  1,500                 5.9050 USD
 Common                      Sell Transaction  2,154                 5.9100 USD
 Common                      Sell Transaction  2,100                 5.9114 USD
 Common                      Sell Transaction  200                   5.9200 USD
 Common                      Sell Transaction  9,995                 5.9229 USD
 Common                      Sell Transaction  209                   5.9300 USD
 Common                      Sell Transaction  586                   5.9400 USD
 Common                      Sell Transaction  14                    5.9421 USD
 Common                      Sell Transaction  9                     5.9467 USD
 Common                      Sell Transaction  10                    5.9500 USD
 Common                      Sell Transaction  658                   5.9537 USD
 Common                      Sell Transaction  4                     5.9575 USD
 Common                      Sell Transaction  34,200                5.9578 USD
 Common                      Sell Transaction  10,169                5.9592 USD
 Common                      Sell Transaction  40                    5.9595 USD
 Common                      Sell Transaction  290                   5.9612 USD
 Common                      Sell Transaction  111                   5.9648 USD
 Common                      Sell Transaction  793                   5.9686 USD
 Common                      Sell Transaction  190                   5.9750 USD
 Common                      Sell Transaction  820                   5.9766 USD
 Common                      Sell Transaction  1,720                 5.9833 USD
 Common                      Sell Transaction  827                   5.9862 USD
 Common                      Sell Transaction  577                   5.9877 USD
 Common                      Sell Transaction  600                   5.9900 USD
 Common                      Sell Transaction  10,729                5.9975 USD
 Common                      Sell Transaction  12                    5.9992 USD
 Common                      Sell Transaction  1,315                 6.0000 USD
 Common                      Sell Transaction  762                   6.0010 USD
 Common                      Sell Transaction  100                   6.0010 USD
 Common                      Sell Transaction  352                   6.0044 USD
 Common                      Sell Transaction  138                   6.0050 USD
 Common                      Sell Transaction  1,323                 6.0079 USD
 Common                      Sell Transaction  6,645                 6.0105 USD
 Common                      Sell Transaction  2,206                 6.0121 USD
 Common                      Sell Transaction  1,638                 6.0214 USD
 Common                      Sell Transaction  4                     6.0225 USD
 Common                      Sell Transaction  60                    6.0283 USD
 Common                      Sell Transaction  165                   6.0299 USD
 Common                      Sell Transaction  1,000                 6.0308 USD
 Common                      Sell Transaction  145                   6.0310 USD
 Common                      Sell Transaction  1,981                 6.0324 USD
 Common                      Sell Transaction  2,490                 6.0342 USD
 Common                      Sell Transaction  363                   6.0359 USD
 Common                      Sell Transaction  264                   6.0367 USD
 Common                      Sell Transaction  2,621                 6.0373 USD
 Common                      Sell Transaction  41                    6.0378 USD
 Common                      Sell Transaction  38,667                6.0379 USD
 Common                      Sell Transaction  558                   6.0391 USD
 Common                      Sell Transaction  55                    6.0400 USD
 Common                      Sell Transaction  5,393                 6.0428 USD
 Common                      Sell Transaction  821                   6.0429 USD
 Common                      Sell Transaction  6                     6.0500 USD
 Common                      Sell Transaction  10,547                6.0515 USD
 Common                      Sell Transaction  38,983                6.0555 USD
 Common                      Sell Transaction  180                   6.0567 USD
 Common                      Sell Transaction  2                     6.0599 USD
 Common                      Sell Transaction  300                   6.0600 USD
 Common                      Sell Transaction  4,415                 6.0617 USD
 Common                      Sell Transaction  2,152                 6.0622 USD
 Common                      Sell Transaction  1,538                 6.0626 USD
 Common                      Sell Transaction  480                   6.0646 USD
 Common                      Sell Transaction  4,217                 6.0663 USD
 Common                      Sell Transaction  634                   6.0665 USD
 Common                      Sell Transaction  5,884                 6.0682 USD
 Common                      Sell Transaction  2,300                 6.0683 USD
 Common                      Sell Transaction  2,945                 6.0695 USD
 Common                      Sell Transaction  448                   6.0750 USD
 Common                      Sell Transaction  200                   6.0775 USD
 Common                      Sell Transaction  500                   6.0780 USD
 Common                      Sell Transaction  747                   6.0789 USD
 Common                      Sell Transaction  1,527                 6.0841 USD
 Common                      Sell Transaction  480                   6.0866 USD
 Common                      Sell Transaction  9,703                 6.0874 USD
 Common                      Sell Transaction  837                   6.0882 USD
 Common                      Sell Transaction  100                   6.0900 USD
 Common                      Sell Transaction  4,222                 6.0901 USD
 Common                      Sell Transaction  648                   6.0930 USD
 Common                      Sell Transaction  44                    6.0950 USD
 Common                      Sell Transaction  615                   6.0987 USD
 Common                      Sell Transaction  800                   6.0990 USD
 Common                      Sell Transaction  9,716                 6.0994 USD
 Common                      Sell Transaction  1,590                 6.1000 USD
 Common                      Sell Transaction  24,279                6.1016 USD
 Common                      Sell Transaction  563                   6.1023 USD
 Common                      Sell Transaction  740                   6.1050 USD
 Common                      Sell Transaction  1,000                 6.1060 USD
 Common                      Sell Transaction  14                    6.1064 USD
 Common                      Sell Transaction  2,332                 6.1081 USD
 Common                      Sell Transaction  695                   6.1099 USD
 Common                      Sell Transaction  600                   6.1108 USD
 Common                      Sell Transaction  3,401                 6.1144 USD
 Common                      Sell Transaction  4,679                 6.1165 USD
 Common                      Sell Transaction  4,123                 6.1185 USD
 Common                      Sell Transaction  10                    6.1190 USD
 Common                      Sell Transaction  12,906                6.1199 USD
 Common                      Sell Transaction  19,939                6.1207 USD
 Common                      Sell Transaction  1,393                 6.1233 USD
 Common                      Sell Transaction  706                   6.1234 USD
 Common                      Sell Transaction  1,000                 6.1250 USD
 Common                      Sell Transaction  1,160                 6.1262 USD
 Common                      Sell Transaction  4,065                 6.1275 USD
 Common                      Sell Transaction  54                    6.1300 USD
 Common                      Sell Transaction  258                   6.1333 USD
 Common                      Sell Transaction  973                   6.1337 USD
 Common                      Sell Transaction  129                   6.1345 USD
 Common                      Sell Transaction  894                   6.1363 USD
 Common                      Sell Transaction  1,767                 6.1395 USD
 Common                      Sell Transaction  113                   6.1400 USD
 Common                      Sell Transaction  9,054                 6.1471 USD
 Common                      Sell Transaction  110                   6.1482 USD
 Common                      Sell Transaction  422                   6.1487 USD
 Common                      Sell Transaction  246                   6.1500 USD
 Common                      Sell Transaction  511                   6.1500 USD
 Common                      Sell Transaction  430                   6.1530 USD
 Common                      Sell Transaction  12,062                6.1538 USD
 Common                      Sell Transaction  1,500                 6.1546 USD
 Common                      Sell Transaction  330                   6.1570 USD
 Common                      Sell Transaction  597                   6.1607 USD
 Common                      Sell Transaction  200                   6.1650 USD
 Common                      Sell Transaction  35                    6.1651 USD
 Common                      Sell Transaction  767                   6.1667 USD
 Common                      Sell Transaction  600                   6.1680 USD
 Common                      Sell Transaction  1,200                 6.1700 USD
 Common                      Sell Transaction  501                   6.1724 USD
 Common                      Sell Transaction  500                   6.1724 USD
 Common                      Sell Transaction  166                   6.1800 USD
 Common                      Sell Transaction  412                   6.1891 USD
 Common                      Sell Transaction  566                   6.1900 USD
 Common                      Sell Transaction  40                    6.1920 USD
 Common                      Sell Transaction  13                    6.1954 USD
 Common                      Sell Transaction  364                   6.1966 USD
 Common                      Sell Transaction  29,132                6.1989 USD
 Common                      Sell Transaction  1,928                 6.2000 USD
 Common                      Sell Transaction  3                     6.2033 USD
 Common                      Sell Transaction  4,368                 6.2050 USD
 Common                      Sell Transaction  449                   6.2076 USD
 Common                      Sell Transaction  23                    6.2091 USD
 Common                      Sell Transaction  9,023                 6.2100 USD
 Common                      Sell Transaction  283                   6.2122 USD
 Common                      Sell Transaction  96,762                6.2200 USD
 Common                      Sell Transaction  374                   6.2288 USD
 Common                      Sell Transaction  649                   6.2300 USD

 

(b)        Cash-settled derivative transactions

 

 Class of relevant security  Product description  Nature of dealing                                                              Number of reference securities  Price per unit

                             e.g. CFD             e.g. opening/closing a long/short position, increasing/reducing a long/short
                                                  position

 

(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                           Expiry date  Option money paid/ received per unit

                                                                                                                                                                                      e.g. American, European etc.
 Common                      Call Option                           Buy Transaction                             100                                           6.0000 USD               American                       2025-10-17   0.3300 USD
 Common                      Call Option                           Buy Transaction                             100                                           6.0000 USD               American                       2026-01-16   0.7300 USD
 Common                      Call Option                           Buy Transaction                             100                                           6.0000 USD               American                       2026-04-17   0.9600 USD
 Common                      Call Option                           Buy Transaction                             500                                           6.0000 USD               American                       2026-04-17   1.1000 USD
 Common                      Call Option                           Sell Transaction                            1,000                                         7.0000 USD               American                       2025-09-19   0.0400 USD
 Common                      Call Option                           Sell Transaction                            100                                           7.0000 USD               American                       2025-10-17   0.1000 USD
 Common                      Call Option                           Sell Transaction                            1,100                                         7.0000 USD               American                       2025-10-17   0.1500 USD
 Common                      Call Option                           Sell Transaction                            100                                           7.0000 USD               American                       2025-10-17   0.1700 USD
 Common                      Put Option                            Sell Transaction                            100                                           5.0000 USD               American                       2026-01-16   0.2100 USD
 Common                      Put Option                            Sell Transaction                            100                                           6.0000 USD               American                       2025-10-17   0.2600 USD
 Common                      Call Option                           Sell Transaction                            100                                           6.0000 USD               American                       2025-10-17   0.3100 USD

 

(ii)        Exercise

 

 Class of relevant security  Product description  Exercising/ exercised against  Number of securities  Exercise price per unit

                             e.g. call option

 

(d)        Other dealings (including subscribing for new securities)

 

 Class of relevant security  Nature of dealing               Details  Price per unit (if applicable)

                             e.g. subscription, conversion

 

 

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:  16 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
(http://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  AMERICAN AXLE  MANUFACTURING HOLDINGS INC
 disclosure relates:

 

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                           Expiry date

                                                                                                                                                                              e.g. American, European etc.
 Common                      Call Option                           Purchased             300                                                         2.0 USD                  American                       17/10/2025

 Common                      Call Option                           Purchased             1,500                                                       5.0 USD                  American                       19/09/2025

 Common                      Call Option                           Purchased             16,200                                                      7.0 USD                  American                       17/10/2025

 Common                      Put Option                            Purchased             -500                                                        3.0 USD                  American                       17/04/2026

 Common                      Put Option                            Purchased             -8,200                                                      6.0 USD                  American                       16/01/2026

 Common                      Call Option                           Purchased             43,300                                                      6.0 USD                  American                       17/10/2025

 Common                      Put Option                            Purchased             -400                                                        5.0 USD                  American                       19/09/2025

 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             -10,800                                                     5.0 USD                  American                       17/04/2026

 Common                      Put Option                            Purchased             -1,200                                                      5.0 USD                  American                       17/07/2026

 Common                      Call Option                           Purchased             1,000                                                       8.0 USD                  American                       17/10/2025

 Common                      Call Option                           Purchased             7,900                                                       6.0 USD                  American                       17/04/2026

 Common                      Call Option                           Purchased             500                                                         8.0 USD                  American                       16/01/2026

 Common                      Put Option                            Purchased             -215,700                                                    4.0 USD                  American                       16/01/2026

 Common                      Call Option                           Purchased             200                                                         11.0 USD                 American                       17/04/2026

 Common                      Put Option                            Purchased             -800                                                        7.0 USD                  American                       17/07/2026

 Common                      Call Option                           Purchased             100                                                         4.0 USD                  American                       19/09/2025

 Common                      Call Option                           Purchased             10,100                                                      7.0 USD                  American                       18/12/2026

 Common                      Call Option                           Purchased             44,800                                                      6.0 USD                  American                       16/01/2026

 Common                      Call Option                           Purchased             3,100                                                       10.0 USD                 American                       16/01/2026

 Common                      Call Option                           Purchased             100                                                         9.0 USD                  American                       17/04/2026

 Common                      Call Option                           Purchased             800                                                         3.0 USD                  American                       17/07/2026

 Common                      Call Option                           Purchased             2,600                                                       5.0 USD                  American                       17/04/2026

 Common                      Call Option                           Purchased             5,400                                                       6.0 USD                  American                       19/09/2025

 Common                      Call Option                           Purchased             300                                                         3.0 USD                  American                       17/10/2025

 Common                      Call Option                           Sold                  -39,400                                                     5.0 USD                  American                       17/07/2026

 Common                      Call Option                           Sold                  -400                                                        5.0 USD                  American                       18/12/2026

 Common                      Call Option                           Sold                  -6,200                                                      12.0 USD                 American                       16/01/2026

 Common                      Call Option                           Sold                  -1,000                                                      7.0 USD                  American                       19/09/2025

 Common                      Put Option                            Sold                  300                                                         6.0 USD                  American                       17/10/2025

 Common                      Call Option                           Sold                  -1,400                                                      3.0 USD                  American                       16/01/2026

 Common                      Call Option                           Sold                  -54,300                                                     5.0 USD                  American                       16/01/2026

 Common                      Put Option                            Sold                  800                                                         5.0 USD                  American                       17/10/2025

 Common                      Put Option                            Sold                  700                                                         6.0 USD                  American                       19/09/2025

 Common                      Put Option                            Sold                  100                                                         7.0 USD                  American                       16/01/2026

 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                  -500                                                        10.0 USD                 American                       17/07/2026

 Common                      Call Option                           Sold                  -100                                                        1.0 USD                  American                       17/07/2026

 Common                      Call Option                           Sold                  -128,700                                                    5.0 USD                  American                       17/10/2025

 Common                      Put Option                            Sold                  600                                                         3.0 USD                  American                       17/10/2025

 Common                      Call Option                           Sold                  -900                                                        4.0 USD                  American                       17/07/2026

 Common                      Call Option                           Sold                  -12,500                                                     15.0 USD                 American                       16/01/2026

 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                  -8,400                                                      7.0 USD                  American                       17/04/2026

 

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
(http://www.thetakeoverpanel.org.uk) .

 

 

 

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