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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 : 3885J  Citadel Group  20 May 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:                                       19 May 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:                     1,190,086  1.00   19,246    0.01
 (2) Cash-settled derivatives:                                        802,019    0.67   0         0.00

 (3) Stock-settled derivatives (including options) and agreements to  1,970,800  1.66   947,300   0.79
 purchase/sell:
                                                                      3,962,905  3.33   966,546   0.81

      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   870                   4.3340 USD
 Common                      Buy Transaction   6,000                 4.3387 USD
 Common                      Buy Transaction   200                   4.3450 USD
 Common                      Buy Transaction   620                   4.3500 USD
 Common                      Buy Transaction   200                   4.3550 USD
 Common                      Buy Transaction   300                   4.3567 USD
 Common                      Buy Transaction   307                   4.3600 USD
 Common                      Buy Transaction   4,900                 4.3632 USD
 Common                      Buy Transaction   1,014                 4.3695 USD
 Common                      Buy Transaction   1,822                 4.3700 USD
 Common                      Buy Transaction   400                   4.3712 USD
 Common                      Buy Transaction   700                   4.3721 USD
 Common                      Buy Transaction   39,884                4.3745 USD
 Common                      Buy Transaction   100                   4.3750 USD
 Common                      Buy Transaction   1,244                 4.3756 USD
 Common                      Buy Transaction   1,100                 4.3786 USD
 Common                      Buy Transaction   1,300                 4.3790 USD
 Common                      Buy Transaction   3,200                 4.3800 USD
 Common                      Buy Transaction   559                   4.4050 USD
 Common                      Buy Transaction   1,858                 4.4093 USD
 Common                      Buy Transaction   299                   4.4100 USD
 Common                      Buy Transaction   300                   4.4233 USD
 Common                      Buy Transaction   142                   4.4300 USD
 Common                      Buy Transaction   8,091                 4.4338 USD
 Common                      Buy Transaction   1,100                 4.4373 USD
 Common                      Buy Transaction   157                   4.4400 USD
 Common                      Buy Transaction   150                   4.4500 USD
 Common                      Buy Transaction   1                     4.4508 USD
 Common                      Buy Transaction   500                   4.4660 USD
 Common                      Buy Transaction   70                    4.4671 USD
 Common                      Buy Transaction   1,514                 4.4684 USD
 Common                      Buy Transaction   341                   4.4688 USD
 Common                      Buy Transaction   550                   4.4782 USD
 Common                      Buy Transaction   1,529                 4.4795 USD
 Common                      Buy Transaction   2,676                 4.4800 USD
 Common                      Buy Transaction   1,156                 4.4807 USD
 Common                      Buy Transaction   5,899                 4.4913 USD
 Common                      Buy Transaction   636                   4.4923 USD
 Common                      Buy Transaction   500                   4.4940 USD
 Common                      Buy Transaction   1                     4.4992 USD
 Common                      Buy Transaction   2,875                 4.5000 USD
 Common                      Buy Transaction   42,484                4.5012 USD
 Common                      Buy Transaction   1,890                 4.5018 USD
 Common                      Buy Transaction   310                   4.5034 USD
 Common                      Buy Transaction   491                   4.5064 USD
 Common                      Buy Transaction   342                   4.5065 USD
 Common                      Buy Transaction   300                   4.5100 USD
 Common                      Buy Transaction   570                   4.5150 USD
 Common                      Buy Transaction   20,242                4.5154 USD
 Common                      Buy Transaction   1,000                 4.5160 USD
 Common                      Buy Transaction   16                    4.5169 USD
 Common                      Buy Transaction   100                   4.5200 USD
 Common                      Buy Transaction   279                   4.5221 USD
 Common                      Buy Transaction   507                   4.5221 USD
 Common                      Buy Transaction   360                   4.5232 USD
 Common                      Buy Transaction   134                   4.5246 USD
 Common                      Buy Transaction   3,200                 4.5275 USD
 Common                      Buy Transaction   135,556               4.5300 USD
 Common                      Buy Transaction   4,659                 4.5301 USD
 Common                      Buy Transaction   606                   4.5302 USD
 Common                      Buy Transaction   230                   4.5309 USD
 Common                      Buy Transaction   710                   4.5315 USD
 Common                      Buy Transaction   2,400                 4.5325 USD
 Common                      Buy Transaction   70                    4.5330 USD
 Common                      Buy Transaction   1,800                 4.5333 USD
 Common                      Buy Transaction   142                   4.5346 USD
 Common                      Buy Transaction   1,000                 4.5370 USD
 Common                      Buy Transaction   90                    4.5371 USD
 Common                      Buy Transaction   400                   4.5375 USD
 Common                      Buy Transaction   514                   4.5379 USD
 Common                      Buy Transaction   1,623                 4.5400 USD
 Common                      Buy Transaction   933                   4.5411 USD
 Common                      Buy Transaction   6,078                 4.5438 USD
 Common                      Buy Transaction   200                   4.5450 USD
 Common                      Buy Transaction   13,405                4.5454 USD
 Common                      Buy Transaction   76                    4.5461 USD
 Common                      Buy Transaction   30                    4.5463 USD
 Common                      Buy Transaction   1,470                 4.5483 USD
 Common                      Buy Transaction   21,416                4.5487 USD
 Common                      Buy Transaction   1,375                 4.5500 USD
 Common                      Buy Transaction   2,020                 4.5523 USD
 Common                      Buy Transaction   600                   4.5567 USD
 Common                      DVP Transaction   732                   4.3800 USD
 Common                      DVP Transaction   103                   4.4480 USD
 Common                      DVP Transaction   72                    4.4850 USD
 Common                      DVP Transaction   96                    4.5000 USD
 Common                      DVP Transaction   1                     4.5100 USD
 Common                      DVP Transaction   1,222                 4.5150 USD
 Common                      DVP Transaction   778                   4.5150 USD
 Common                      DVP Transaction   189                   4.5150 USD
 Common                      DVP Transaction   15                    4.5153 USD
 Common                      DVP Transaction   190                   4.5203 USD
 Common                      DVP Transaction   471                   4.5243 USD
 Common                      DVP Transaction   199                   4.5250 USD
 Common                      DVP Transaction   207                   4.5257 USD
 Common                      DVP Transaction   161,334               4.5285 USD
 Common                      DVP Transaction   122,971               4.5300 USD
 Common                      DVP Transaction   253                   4.5320 USD
 Common                      DVP Transaction   456                   4.5334 USD
 Common                      DVP Transaction   101                   4.5350 USD
 Common                      DVP Transaction   42                    4.5352 USD
 Common                      DVP Transaction   15                    4.5353 USD
 Common                      DVP Transaction   295                   4.5385 USD
 Common                      DVP Transaction   1,852                 4.5450 USD
 Common                      DVP Transaction   401                   4.5450 USD
 Common                      DVP Transaction   100                   4.5550 USD
 Common                      DVP Transaction   96                    4.5600 USD
 Common                      RVP Transaction   735                   4.3800 USD
 Common                      RVP Transaction   108                   4.3900 USD
 Common                      RVP Transaction   100                   4.4500 USD
 Common                      RVP Transaction   600                   4.4700 USD
 Common                      RVP Transaction   700                   4.4979 USD
 Common                      RVP Transaction   16,902                4.5040 USD
 Common                      RVP Transaction   7,327                 4.5096 USD
 Common                      RVP Transaction   962                   4.5131 USD
 Common                      RVP Transaction   500                   4.5150 USD
 Common                      RVP Transaction   889                   4.5150 USD
 Common                      RVP Transaction   389                   4.5150 USD
 Common                      RVP Transaction   222                   4.5150 USD
 Common                      RVP Transaction   17,887                4.5168 USD
 Common                      RVP Transaction   600                   4.5208 USD
 Common                      RVP Transaction   6,971                 4.5279 USD
 Common                      RVP Transaction   16,337                4.5281 USD
 Common                      RVP Transaction   2,102                 4.5281 USD
 Common                      RVP Transaction   5,464                 4.5300 USD
 Common                      RVP Transaction   125,602               4.5300 USD
 Common                      RVP Transaction   3,298                 4.5308 USD
 Common                      RVP Transaction   2,777                 4.5314 USD
 Common                      RVP Transaction   14,120                4.5322 USD
 Common                      RVP Transaction   3,021                 4.5335 USD
 Common                      RVP Transaction   2,602                 4.5346 USD
 Common                      RVP Transaction   101                   4.5350 USD
 Common                      RVP Transaction   4,913                 4.5353 USD
 Common                      RVP Transaction   3,320                 4.5354 USD
 Common                      RVP Transaction   5,188                 4.5371 USD
 Common                      RVP Transaction   500                   4.5390 USD
 Common                      RVP Transaction   5,815                 4.5394 USD
 Common                      RVP Transaction   1,894                 4.5396 USD
 Common                      RVP Transaction   631                   4.5400 USD
 Common                      RVP Transaction   1,953                 4.5402 USD
 Common                      RVP Transaction   3,300                 4.5411 USD
 Common                      RVP Transaction   2,509                 4.5432 USD
 Common                      RVP Transaction   25,212                4.5433 USD
 Common                      RVP Transaction   4,426                 4.5446 USD
 Common                      RVP Transaction   1,752                 4.5450 USD
 Common                      RVP Transaction   11                    4.5491 USD
 Common                      RVP Transaction   125                   4.5494 USD
 Common                      RVP Transaction   24                    4.5500 USD
 Common                      RVP Transaction   302                   4.5549 USD
 Common                      Sell Transaction  2,100                 4.3357 USD
 Common                      Sell Transaction  1,811                 4.3366 USD
 Common                      Sell Transaction  10                    4.3400 USD
 Common                      Sell Transaction  1,000                 4.3420 USD
 Common                      Sell Transaction  500                   4.3450 USD
 Common                      Sell Transaction  589                   4.3450 USD
 Common                      Sell Transaction  182                   4.3500 USD
 Common                      Sell Transaction  2,000                 4.3550 USD
 Common                      Sell Transaction  4,526                 4.3600 USD
 Common                      Sell Transaction  3,600                 4.3699 USD
 Common                      Sell Transaction  494                   4.3700 USD
 Common                      Sell Transaction  1,010                 4.3714 USD
 Common                      Sell Transaction  848                   4.3740 USD
 Common                      Sell Transaction  39,884                4.3745 USD
 Common                      Sell Transaction  7,280                 4.3785 USD
 Common                      Sell Transaction  220                   4.3800 USD
 Common                      Sell Transaction  809                   4.3900 USD
 Common                      Sell Transaction  127                   4.3928 USD
 Common                      Sell Transaction  300                   4.3933 USD
 Common                      Sell Transaction  200                   4.3950 USD
 Common                      Sell Transaction  131                   4.4163 USD
 Common                      Sell Transaction  611                   4.4165 USD
 Common                      Sell Transaction  900                   4.4189 USD
 Common                      Sell Transaction  281                   4.4211 USD
 Common                      Sell Transaction  742                   4.4237 USD
 Common                      Sell Transaction  20                    4.4300 USD
 Common                      Sell Transaction  1,916                 4.4335 USD
 Common                      Sell Transaction  1,420                 4.4357 USD
 Common                      Sell Transaction  986                   4.4377 USD
 Common                      Sell Transaction  200                   4.4400 USD
 Common                      Sell Transaction  1,166                 4.4423 USD
 Common                      Sell Transaction  745                   4.4423 USD
 Common                      Sell Transaction  600                   4.4550 USD
 Common                      Sell Transaction  1,832                 4.4607 USD
 Common                      Sell Transaction  400                   4.4650 USD
 Common                      Sell Transaction  900                   4.4711 USD
 Common                      Sell Transaction  2,096                 4.4714 USD
 Common                      Sell Transaction  661                   4.4792 USD
 Common                      Sell Transaction  700                   4.4800 USD
 Common                      Sell Transaction  4,013                 4.4856 USD
 Common                      Sell Transaction  1,165                 4.4865 USD
 Common                      Sell Transaction  1,000                 4.4870 USD
 Common                      Sell Transaction  812                   4.4884 USD
 Common                      Sell Transaction  6,954                 4.4900 USD
 Common                      Sell Transaction  216                   4.4900 USD
 Common                      Sell Transaction  2                     4.4921 USD
 Common                      Sell Transaction  800                   4.4925 USD
 Common                      Sell Transaction  1,152                 4.4935 USD
 Common                      Sell Transaction  152                   4.4950 USD
 Common                      Sell Transaction  1,131                 4.4979 USD
 Common                      Sell Transaction  5,552                 4.4982 USD
 Common                      Sell Transaction  1,700                 4.4982 USD
 Common                      Sell Transaction  600                   4.4983 USD
 Common                      Sell Transaction  1,185                 4.5000 USD
 Common                      Sell Transaction  1,400                 4.5014 USD
 Common                      Sell Transaction  182                   4.5015 USD
 Common                      Sell Transaction  300                   4.5033 USD
 Common                      Sell Transaction  47,067                4.5046 USD
 Common                      Sell Transaction  1,489                 4.5060 USD
 Common                      Sell Transaction  1,907                 4.5093 USD
 Common                      Sell Transaction  289                   4.5100 USD
 Common                      Sell Transaction  3,492                 4.5179 USD
 Common                      Sell Transaction  1,651                 4.5188 USD
 Common                      Sell Transaction  462                   4.5191 USD
 Common                      Sell Transaction  2,500                 4.5200 USD
 Common                      Sell Transaction  1,313                 4.5227 USD
 Common                      Sell Transaction  33,647                4.5274 USD
 Common                      Sell Transaction  55                    4.5291 USD
 Common                      Sell Transaction  164                   4.5292 USD
 Common                      Sell Transaction  28,017                4.5293 USD
 Common                      Sell Transaction  136,081               4.5300 USD
 Common                      Sell Transaction  355                   4.5315 USD
 Common                      Sell Transaction  10,761                4.5323 USD
 Common                      Sell Transaction  1,898                 4.5327 USD
 Common                      Sell Transaction  1,148                 4.5327 USD
 Common                      Sell Transaction  2,795                 4.5336 USD
 Common                      Sell Transaction  755                   4.5340 USD
 Common                      Sell Transaction  1,115                 4.5350 USD
 Common                      Sell Transaction  26                    4.5358 USD
 Common                      Sell Transaction  330                   4.5360 USD
 Common                      Sell Transaction  11,369                4.5375 USD
 Common                      Sell Transaction  1,280                 4.5376 USD
 Common                      Sell Transaction  512                   4.5376 USD
 Common                      Sell Transaction  34,542                4.5378 USD
 Common                      Sell Transaction  800                   4.5381 USD
 Common                      Sell Transaction  39,001                4.5383 USD
 Common                      Sell Transaction  311                   4.5395 USD
 Common                      Sell Transaction  90                    4.5398 USD
 Common                      Sell Transaction  9,786                 4.5400 USD
 Common                      Sell Transaction  11,847                4.5412 USD
 Common                      Sell Transaction  527                   4.5415 USD
 Common                      Sell Transaction  546                   4.5418 USD
 Common                      Sell Transaction  112                   4.5423 USD
 Common                      Sell Transaction  3,186                 4.5432 USD
 Common                      Sell Transaction  1,429                 4.5436 USD
 Common                      Sell Transaction  10,600                4.5438 USD
 Common                      Sell Transaction  525                   4.5441 USD
 Common                      Sell Transaction  2,782                 4.5443 USD
 Common                      Sell Transaction  900                   4.5450 USD
 Common                      Sell Transaction  65                    4.5451 USD
 Common                      Sell Transaction  49                    4.5451 USD
 Common                      Sell Transaction  211                   4.5453 USD
 Common                      Sell Transaction  15                    4.5453 USD
 Common                      Sell Transaction  8,196                 4.5455 USD
 Common                      Sell Transaction  546                   4.5456 USD
 Common                      Sell Transaction  957                   4.5464 USD
 Common                      Sell Transaction  400                   4.5475 USD
 Common                      Sell Transaction  900                   4.5478 USD
 Common                      Sell Transaction  543                   4.5500 USD
 Common                      Sell Transaction  140                   4.5502 USD
 Common                      Sell Transaction  3,225                 4.5504 USD
 Common                      Sell Transaction  3,407                 4.5544 USD
 Common                      Sell Transaction  225                   4.5550 USD
 Common                      Sell Transaction  111                   4.5559 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
 Common                      CFD                  Increasing long position                                                       700                             4.3886 USD
 Common                      CFD                  Increasing long position                                                       3,300                           4.4436 USD
 Common                      CFD                  Increasing long position                                                       500                             4.4550 USD
 Common                      CFD                  Increasing long position                                                       24,657                          4.5309 USD

 

(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                           DVP Transaction                             25                                            5.0000 USD               American                       2025-Jun-20  0.1460 USD
 Common                      Call Option                           DVP Transaction                             20                                            5.0000 USD               American                       2026-Jan-16  0.8000 USD
 Common                      Call Option                           RVP Transaction                             5                                             5.0000 USD               American                       2025-Jun-20  0.1300 USD
 Common                      Call Option                           RVP Transaction                             20                                            5.0000 USD               American                       2025-Jun-20  0.1500 USD
 Common                      Call Option                           RVP Transaction                             20                                            5.0000 USD               American                       2026-Jan-16  0.8000 USD

 

(ii)        Exercise

 

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

                             e.g. call option
 Common                      Put Option           Exercised against              10                    8.0000 USD

 

(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:  20 May 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                      Put Option                            Purchased             -8,500                                                      5.0 USD                  American                       16/01/2026

 Common                      Put Option                            Purchased             -8,000                                                      4.0 USD                  American                       20/06/2025

 Common                      Put Option                            Purchased             -900                                                        5.0 USD                  American                       17/07/2026

 Common                      Call Option                           Purchased             1,000                                                       3.0 USD                  American                       18/07/2025

 Common                      Call Option                           Purchased             1,000,000                                                   5.0 USD                  American                       20/06/2025

 Common                      Put Option                            Purchased             -300                                                        5.0 USD                  American                       17/10/2025

 Common                      Call Option                           Purchased             800                                                         6.0 USD                  American                       17/10/2025

 Common                      Call Option                           Purchased             1,000                                                       6.0 USD                  American                       20/06/2025

 Common                      Call Option                           Purchased             700                                                         10.0 USD                 American                       18/07/2025

 Common                      Call Option                           Purchased             300                                                         2.0 USD                  American                       17/10/2025

 Common                      Put Option                            Purchased             -13,000                                                     3.0 USD                  American                       16/01/2026

 Common                      Call Option                           Purchased             2,000                                                       7.0 USD                  American                       20/06/2025

 Common                      Put Option                            Purchased             -400                                                        5.0 USD                  American                       20/06/2025

 Common                      Put Option                            Purchased             -700                                                        7.0 USD                  American                       18/07/2025

 Common                      Call Option                           Purchased             245,600                                                     6.0 USD                  American                       18/07/2025

 Common                      Call Option                           Purchased             2,600                                                       10.0 USD                 American                       16/01/2026

 Common                      Call Option                           Purchased             9,200                                                       5.0 USD                  American                       16/01/2026

 Common                      Put Option                            Purchased             -6,000                                                      4.0 USD                  American                       18/07/2025

 Common                      Call Option                           Purchased             300                                                         15.0 USD                 American                       16/01/2026

 Common                      Call Option                           Purchased             7,900                                                       4.0 USD                  American                       17/10/2025

 Common                      Call Option                           Purchased             300                                                         8.0 USD                  American                       20/06/2025

 Common                      Put Option                            Purchased             -1,400                                                      4.0 USD                  American                       16/01/2026

 Common                      Call Option                           Purchased             600,000                                                     6.0 USD                  American                       18/07/2025

 Common                      Put Option                            Sold                  100                                                         3.0 USD                  American                       20/06/2025

 Common                      Call Option                           Sold                  -2,300                                                      4.0 USD                  American                       20/06/2025

 Common                      Call Option                           Sold                  -118,100                                                    7.0 USD                  American                       16/01/2026

 Common                      Call Option                           Sold                  -605,100                                                    5.0 USD                  American                       18/07/2025

 Common                      Call Option                           Sold                  -29,400                                                     8.0 USD                  American                       18/07/2025

 Common                      Call Option                           Sold                  -1,300                                                      5.0 USD                  American                       20/06/2025

 Common                      Call Option                           Sold                  -500                                                        4.0 USD                  American                       16/01/2026

 Common                      Call Option                           Sold                  -100                                                        2.0 USD                  American                       17/07/2026

 Common                      Call Option                           Sold                  -8,300                                                      4.0 USD                  American                       18/07/2025

 Common                      Call Option                           Sold                  -95,200                                                     5.0 USD                  American                       17/10/2025

 Common                      Call Option                           Sold                  -3,400                                                      10.0 USD                 American                       17/07/2026

 Common                      Call Option                           Sold                  -200                                                        3.0 USD                  American                       20/06/2025

 Common                      Put Option                            Sold                  100                                                         5.0 USD                  American                       18/07/2025

 Common                      Call Option                           Sold                  -36,100                                                     5.0 USD                  American                       17/07/2026

 Common                      Call Option                           Sold                  -2,000                                                      3.0 USD                  American                       17/10/2025

 Common                      Call Option                           Sold                  -200                                                        7.0 USD                  American                       18/07/2025

 Common                      Call Option                           Sold                  -800                                                        6.0 USD                  American                       16/01/2026

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

 Common                      Call Option                           Sold                  -800                                                        12.0 USD                 American                       16/01/2026

 Common                      Put Option                            Sold                  98,900                                                      8.0 USD                  American                       20/06/2025

 Common                      Call Option                           Sold                  -400                                                        3.0 USD                  American                       17/07/2026

 Common                      Call Option                           Sold                  -2,500                                                      4.0 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
(http://www.thetakeoverpanel.org.uk) .

 

 

 

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