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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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