FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1. KEY INFORMATION
| (a) Full name of discloser: | Citadel Group |
| (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. | N/A |
| (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | AMERICAN AXLE MANUFACTURING HOLDINGS INC |
| (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: | N/A |
| (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure | 14 July 2025 |
| (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" | YES DOWLAIS GROUP PLC |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
| Class of relevant security: Common Stock | ISIN US0240611030 USD 0.01 common | |||
|
| Interests | Short positions | ||
|
| Number | % | Number | % |
| (1) Relevant securities owned and/or controlled: | 2,090,952 | 1.76 | 0 | 0.00 |
| (2) Cash-settled derivatives:
| 527,005 | 0.44 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 1,003,700 | 0.84 | 1,359,900 | 1.14 |
|
TOTAL: | 3,621,657 | 3.05 | 1,359,900 | 1.14 |
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 | 100 | 4.6100 USD |
| Common | Buy Transaction | 14 | 4.6229 USD |
| Common | Buy Transaction | 40 | 4.6413 USD |
| Common | Buy Transaction | 124 | 4.6500 USD |
| Common | Buy Transaction | 300 | 4.6590 USD |
| Common | Buy Transaction | 6,998 | 4.6600 USD |
| Common | Buy Transaction | 290 | 4.6655 USD |
| Common | Buy Transaction | 3,577 | 4.6700 USD |
| Common | Buy Transaction | 278 | 4.6742 USD |
| Common | Buy Transaction | 891 | 4.6797 USD |
| Common | Buy Transaction | 21,423 | 4.6798 USD |
| Common | Buy Transaction | 1,497 | 4.6800 USD |
| Common | Buy Transaction | 1,050 | 4.6812 USD |
| Common | Buy Transaction | 600 | 4.6833 USD |
| Common | Buy Transaction | 21,290 | 4.6916 USD |
| Common | Buy Transaction | 4,400 | 4.6927 USD |
| Common | Buy Transaction | 2,825 | 4.6946 USD |
| Common | Buy Transaction | 20,104 | 4.6960 USD |
| Common | Buy Transaction | 106 | 4.7000 USD |
| Common | Buy Transaction | 16,831 | 4.7010 USD |
| Common | Buy Transaction | 3,332 | 4.7015 USD |
| Common | Buy Transaction | 2,872 | 4.7027 USD |
| Common | Buy Transaction | 569 | 4.7041 USD |
| Common | Buy Transaction | 4,284 | 4.7050 USD |
| Common | Buy Transaction | 334 | 4.7060 USD |
| Common | Buy Transaction | 2,080 | 4.7064 USD |
| Common | Buy Transaction | 105 | 4.7067 USD |
| Common | Buy Transaction | 1,365 | 4.7078 USD |
| Common | Buy Transaction | 200 | 4.7100 USD |
| Common | Buy Transaction | 96 | 4.7112 USD |
| Common | Buy Transaction | 2,502 | 4.7121 USD |
| Common | Buy Transaction | 574 | 4.7123 USD |
| Common | Buy Transaction | 6,100 | 4.7131 USD |
| Common | Buy Transaction | 200 | 4.7150 USD |
| Common | Buy Transaction | 191 | 4.7155 USD |
| Common | Buy Transaction | 900 | 4.7167 USD |
| Common | Buy Transaction | 253 | 4.7187 USD |
| Common | Buy Transaction | 371 | 4.7192 USD |
| Common | Buy Transaction | 2,187 | 4.7196 USD |
| Common | Buy Transaction | 1,000 | 4.7200 USD |
| Common | Buy Transaction | 506 | 4.7207 USD |
| Common | Buy Transaction | 1,700 | 4.7229 USD |
| Common | Buy Transaction | 700 | 4.7243 USD |
| Common | Buy Transaction | 1,249 | 4.7298 USD |
| Common | Buy Transaction | 1,077 | 4.7300 USD |
| Common | Buy Transaction | 273 | 4.7338 USD |
| Common | Buy Transaction | 2,606 | 4.7345 USD |
| Common | Buy Transaction | 204 | 4.7350 USD |
| Common | Buy Transaction | 1,100 | 4.7364 USD |
| Common | Buy Transaction | 1,500 | 4.7380 USD |
| Common | Buy Transaction | 7,800 | 4.7386 USD |
| Common | Buy Transaction | 1,000 | 4.7390 USD |
| Common | Buy Transaction | 925 | 4.7400 USD |
| Common | Buy Transaction | 500 | 4.7410 USD |
| Common | Buy Transaction | 786 | 4.7413 USD |
| Common | Buy Transaction | 1,743 | 4.7416 USD |
| Common | Buy Transaction | 293 | 4.7427 USD |
| Common | Buy Transaction | 3,000 | 4.7437 USD |
| Common | Buy Transaction | 71 | 4.7446 USD |
| Common | Buy Transaction | 28 | 4.7450 USD |
| Common | Buy Transaction | 4,700 | 4.7494 USD |
| Common | Buy Transaction | 4,305 | 4.7500 USD |
| Common | Buy Transaction | 3,927 | 4.7506 USD |
| Common | Buy Transaction | 36,383 | 4.7510 USD |
| Common | Buy Transaction | 17,688 | 4.7510 USD |
| Common | Buy Transaction | 2,083 | 4.7525 USD |
| Common | Buy Transaction | 24,869 | 4.7529 USD |
| Common | Buy Transaction | 1,490 | 4.7534 USD |
| Common | Buy Transaction | 3,200 | 4.7547 USD |
| Common | Buy Transaction | 326 | 4.7561 USD |
| Common | Buy Transaction | 1,400 | 4.7564 USD |
| Common | Buy Transaction | 9,382 | 4.7569 USD |
| Common | Buy Transaction | 12,040 | 4.7572 USD |
| Common | Buy Transaction | 1,179 | 4.7573 USD |
| Common | Buy Transaction | 112 | 4.7576 USD |
| Common | Buy Transaction | 5,445 | 4.7585 USD |
| Common | Buy Transaction | 700 | 4.7586 USD |
| Common | Buy Transaction | 1,336 | 4.7589 USD |
| Common | Buy Transaction | 1,181 | 4.7594 USD |
| Common | Buy Transaction | 5,200 | 4.7600 USD |
| Common | Buy Transaction | 20,331 | 4.7612 USD |
| Common | Buy Transaction | 4,130 | 4.7620 USD |
| Common | Buy Transaction | 9,300 | 4.7630 USD |
| Common | Buy Transaction | 645 | 4.7642 USD |
| Common | Buy Transaction | 95,251 | 4.7654 USD |
| Common | Buy Transaction | 2,600 | 4.7658 USD |
| Common | Buy Transaction | 1,985 | 4.7671 USD |
| Common | Buy Transaction | 2,400 | 4.7671 USD |
| Common | Buy Transaction | 2,781 | 4.7700 USD |
| Common | Buy Transaction | 20 | 4.7705 USD |
| Common | Buy Transaction | 1,448 | 4.7714 USD |
| Common | Buy Transaction | 1,200 | 4.7725 USD |
| Common | Buy Transaction | 600 | 4.7733 USD |
| Common | Buy Transaction | 3,434 | 4.7736 USD |
| Common | Buy Transaction | 293 | 4.7737 USD |
| Common | Buy Transaction | 3,200 | 4.7755 USD |
| Common | Buy Transaction | 859 | 4.7772 USD |
| Common | Buy Transaction | 2,265 | 4.7773 USD |
| Common | Buy Transaction | 3,674 | 4.7796 USD |
| Common | Buy Transaction | 300 | 4.7800 USD |
| Common | Buy Transaction | 800 | 4.7813 USD |
| Common | Buy Transaction | 80 | 4.7819 USD |
| Common | Buy Transaction | 1,047 | 4.7823 USD |
| Common | Buy Transaction | 2,362 | 4.7845 USD |
| Common | Buy Transaction | 1,399 | 4.7854 USD |
| Common | Buy Transaction | 601 | 4.7858 USD |
| Common | Buy Transaction | 7,000 | 4.7860 USD |
| Common | Buy Transaction | 1,300 | 4.7869 USD |
| Common | Buy Transaction | 4,822 | 4.7900 USD |
| Common | Buy Transaction | 384 | 4.7922 USD |
| Common | Buy Transaction | 12,181 | 4.7943 USD |
| Common | Buy Transaction | 2 | 4.7950 USD |
| Common | Buy Transaction | 37 | 4.7970 USD |
| Common | Buy Transaction | 16,824 | 4.7975 USD |
| Common | Buy Transaction | 3,178 | 4.7987 USD |
| Common | Buy Transaction | 5,009 | 4.7988 USD |
| Common | Buy Transaction | 1,365 | 4.7999 USD |
| Common | Buy Transaction | 1,569 | 4.8000 USD |
| Common | Buy Transaction | 1,261 | 4.8007 USD |
| Common | Buy Transaction | 415 | 4.8015 USD |
| Common | Buy Transaction | 1 | 4.8047 USD |
| Common | Buy Transaction | 1 | 4.8049 USD |
| Common | Buy Transaction | 170 | 4.8051 USD |
| Common | Buy Transaction | 639 | 4.8063 USD |
| Common | Buy Transaction | 2,100 | 4.8074 USD |
| Common | Buy Transaction | 190 | 4.8088 USD |
| Common | Buy Transaction | 4,000 | 4.8096 USD |
| Common | Buy Transaction | 25 | 4.8100 USD |
| Common | Buy Transaction | 3,700 | 4.8101 USD |
| Common | Buy Transaction | 56 | 4.8109 USD |
| Common | Buy Transaction | 4,170 | 4.8136 USD |
| Common | Buy Transaction | 5,199 | 4.8143 USD |
| Common | Buy Transaction | 1,406 | 4.8197 USD |
| Common | Buy Transaction | 71,107 | 4.8200 USD |
| Common | Buy Transaction | 1,258 | 4.8218 USD |
| Common | Buy Transaction | 1,513 | 4.8222 USD |
| Common | Buy Transaction | 370 | 4.8231 USD |
| Common | Buy Transaction | 1,857 | 4.8257 USD |
| Common | Buy Transaction | 5 | 4.8300 USD |
| Common | Buy Transaction | 3,266 | 4.8367 USD |
| Common | Buy Transaction | 1,579 | 4.8400 USD |
| Common | Buy Transaction | 1,104 | 4.8413 USD |
| Common | Buy Transaction | 299 | 4.8800 USD |
| Common | DVP Transaction | 300 | 4.6600 USD |
| Common | DVP Transaction | 16 | 4.7000 USD |
| Common | DVP Transaction | 200 | 4.7050 USD |
| Common | DVP Transaction | 1,602 | 4.7176 USD |
| Common | DVP Transaction | 104 | 4.7185 USD |
| Common | DVP Transaction | 200 | 4.7250 USD |
| Common | DVP Transaction | 300 | 4.7283 USD |
| Common | DVP Transaction | 1,082 | 4.7432 USD |
| Common | DVP Transaction | 200 | 4.7550 USD |
| Common | DVP Transaction | 448 | 4.7582 USD |
| Common | DVP Transaction | 18 | 4.7600 USD |
| Common | DVP Transaction | 158 | 4.7606 USD |
| Common | DVP Transaction | 209 | 4.7636 USD |
| Common | DVP Transaction | 120 | 4.7683 USD |
| Common | DVP Transaction | 10 | 4.7700 USD |
| Common | DVP Transaction | 363 | 4.7795 USD |
| Common | DVP Transaction | 1 | 4.7800 USD |
| Common | DVP Transaction | 58 | 4.7848 USD |
| Common | DVP Transaction | 28 | 4.7950 USD |
| Common | DVP Transaction | 10 | 4.8000 USD |
| Common | DVP Transaction | 2 | 4.8050 USD |
| Common | DVP Transaction | 35 | 4.8051 USD |
| Common | DVP Transaction | 200 | 4.8100 USD |
| Common | DVP Transaction | 76,012 | 4.8200 USD |
| Common | DVP Transaction | 156 | 4.8994 USD |
| Common | RVP Transaction | 300 | 4.6600 USD |
| Common | RVP Transaction | 2,963 | 4.7438 USD |
| Common | RVP Transaction | 2 | 4.7650 USD |
| Common | RVP Transaction | 10 | 4.7700 USD |
| Common | RVP Transaction | 3,388 | 4.7716 USD |
| Common | RVP Transaction | 543 | 4.7721 USD |
| Common | RVP Transaction | 1 | 4.7800 USD |
| Common | RVP Transaction | 10 | 4.8000 USD |
| Common | RVP Transaction | 35 | 4.8051 USD |
| Common | RVP Transaction | 1,612 | 4.8188 USD |
| Common | RVP Transaction | 72,813 | 4.8200 USD |
| Common | RVP Transaction | 155 | 4.9000 USD |
| Common | Sell Transaction | 1 | 4.5700 USD |
| Common | Sell Transaction | 119 | 4.6044 USD |
| Common | Sell Transaction | 2 | 4.6100 USD |
| Common | Sell Transaction | 6 | 4.6200 USD |
| Common | Sell Transaction | 500 | 4.6440 USD |
| Common | Sell Transaction | 1,846 | 4.6492 USD |
| Common | Sell Transaction | 300 | 4.6500 USD |
| Common | Sell Transaction | 300 | 4.6590 USD |
| Common | Sell Transaction | 7,834 | 4.6599 USD |
| Common | Sell Transaction | 11 | 4.6600 USD |
| Common | Sell Transaction | 8,066 | 4.6656 USD |
| Common | Sell Transaction | 1,000 | 4.6689 USD |
| Common | Sell Transaction | 4 | 4.6700 USD |
| Common | Sell Transaction | 1,650 | 4.6747 USD |
| Common | Sell Transaction | 321 | 4.6780 USD |
| Common | Sell Transaction | 100 | 4.6800 USD |
| Common | Sell Transaction | 14,433 | 4.6867 USD |
| Common | Sell Transaction | 2 | 4.6900 USD |
| Common | Sell Transaction | 7 | 4.6957 USD |
| Common | Sell Transaction | 21 | 4.6990 USD |
| Common | Sell Transaction | 53 | 4.7000 USD |
| Common | Sell Transaction | 500 | 4.7030 USD |
| Common | Sell Transaction | 1,387 | 4.7041 USD |
| Common | Sell Transaction | 1,028 | 4.7048 USD |
| Common | Sell Transaction | 19 | 4.7100 USD |
| Common | Sell Transaction | 102 | 4.7150 USD |
| Common | Sell Transaction | 101 | 4.7200 USD |
| Common | Sell Transaction | 3,600 | 4.7217 USD |
| Common | Sell Transaction | 5,051 | 4.7261 USD |
| Common | Sell Transaction | 131 | 4.7264 USD |
| Common | Sell Transaction | 30 | 4.7287 USD |
| Common | Sell Transaction | 3,726 | 4.7298 USD |
| Common | Sell Transaction | 1 | 4.7300 USD |
| Common | Sell Transaction | 4,703 | 4.7312 USD |
| Common | Sell Transaction | 16,121 | 4.7315 USD |
| Common | Sell Transaction | 1,061 | 4.7377 USD |
| Common | Sell Transaction | 5,912 | 4.7383 USD |
| Common | Sell Transaction | 2,000 | 4.7392 USD |
| Common | Sell Transaction | 100 | 4.7400 USD |
| Common | Sell Transaction | 786 | 4.7410 USD |
| Common | Sell Transaction | 151 | 4.7411 USD |
| Common | Sell Transaction | 6,863 | 4.7417 USD |
| Common | Sell Transaction | 2,512 | 4.7436 USD |
| Common | Sell Transaction | 109 | 4.7443 USD |
| Common | Sell Transaction | 2,724 | 4.7445 USD |
| Common | Sell Transaction | 927 | 4.7445 USD |
| Common | Sell Transaction | 91,845 | 4.7468 USD |
| Common | Sell Transaction | 1,345 | 4.7479 USD |
| Common | Sell Transaction | 1,833 | 4.7492 USD |
| Common | Sell Transaction | 219 | 4.7500 USD |
| Common | Sell Transaction | 1,203 | 4.7501 USD |
| Common | Sell Transaction | 18,902 | 4.7505 USD |
| Common | Sell Transaction | 800 | 4.7512 USD |
| Common | Sell Transaction | 1,007 | 4.7525 USD |
| Common | Sell Transaction | 2 | 4.7544 USD |
| Common | Sell Transaction | 71 | 4.7546 USD |
| Common | Sell Transaction | 2,564 | 4.7548 USD |
| Common | Sell Transaction | 681 | 4.7555 USD |
| Common | Sell Transaction | 2,487 | 4.7556 USD |
| Common | Sell Transaction | 4,700 | 4.7589 USD |
| Common | Sell Transaction | 500 | 4.7594 USD |
| Common | Sell Transaction | 494 | 4.7599 USD |
| Common | Sell Transaction | 5,000 | 4.7599 USD |
| Common | Sell Transaction | 382 | 4.7600 USD |
| Common | Sell Transaction | 6,308 | 4.7629 USD |
| Common | Sell Transaction | 5,113 | 4.7634 USD |
| Common | Sell Transaction | 1,176 | 4.7640 USD |
| Common | Sell Transaction | 5,862 | 4.7645 USD |
| Common | Sell Transaction | 95,251 | 4.7654 USD |
| Common | Sell Transaction | 4,575 | 4.7655 USD |
| Common | Sell Transaction | 3,137 | 4.7657 USD |
| Common | Sell Transaction | 709 | 4.7658 USD |
| Common | Sell Transaction | 101 | 4.7663 USD |
| Common | Sell Transaction | 3,474 | 4.7667 USD |
| Common | Sell Transaction | 1,407 | 4.7675 USD |
| Common | Sell Transaction | 26 | 4.7685 USD |
| Common | Sell Transaction | 11 | 4.7691 USD |
| Common | Sell Transaction | 4,687 | 4.7700 USD |
| Common | Sell Transaction | 188 | 4.7715 USD |
| Common | Sell Transaction | 1,103 | 4.7718 USD |
| Common | Sell Transaction | 1,316 | 4.7734 USD |
| Common | Sell Transaction | 4,807 | 4.7746 USD |
| Common | Sell Transaction | 414 | 4.7748 USD |
| Common | Sell Transaction | 1,077 | 4.7752 USD |
| Common | Sell Transaction | 10 | 4.7790 USD |
| Common | Sell Transaction | 259 | 4.7792 USD |
| Common | Sell Transaction | 2,589 | 4.7799 USD |
| Common | Sell Transaction | 22,108 | 4.7841 USD |
| Common | Sell Transaction | 426 | 4.7842 USD |
| Common | Sell Transaction | 506 | 4.7850 USD |
| Common | Sell Transaction | 125 | 4.7860 USD |
| Common | Sell Transaction | 1,700 | 4.7871 USD |
| Common | Sell Transaction | 3,900 | 4.7872 USD |
| Common | Sell Transaction | 123 | 4.7881 USD |
| Common | Sell Transaction | 2,270 | 4.7900 USD |
| Common | Sell Transaction | 500 | 4.7910 USD |
| Common | Sell Transaction | 549 | 4.7930 USD |
| Common | Sell Transaction | 900 | 4.7933 USD |
| Common | Sell Transaction | 493 | 4.7981 USD |
| Common | Sell Transaction | 3,890 | 4.7985 USD |
| Common | Sell Transaction | 31 | 4.7997 USD |
| Common | Sell Transaction | 1,846 | 4.7998 USD |
| Common | Sell Transaction | 8,143 | 4.7999 USD |
| Common | Sell Transaction | 1,527 | 4.8000 USD |
| Common | Sell Transaction | 554 | 4.8003 USD |
| Common | Sell Transaction | 4,000 | 4.8010 USD |
| Common | Sell Transaction | 5,826 | 4.8010 USD |
| Common | Sell Transaction | 4,696 | 4.8026 USD |
| Common | Sell Transaction | 12,308 | 4.8030 USD |
| Common | Sell Transaction | 1,653 | 4.8031 USD |
| Common | Sell Transaction | 2,116 | 4.8038 USD |
| Common | Sell Transaction | 16,005 | 4.8048 USD |
| Common | Sell Transaction | 4,800 | 4.8048 USD |
| Common | Sell Transaction | 760 | 4.8050 USD |
| Common | Sell Transaction | 200 | 4.8050 USD |
| Common | Sell Transaction | 2 | 4.8052 USD |
| Common | Sell Transaction | 3,770 | 4.8055 USD |
| Common | Sell Transaction | 6,998 | 4.8055 USD |
| Common | Sell Transaction | 360 | 4.8056 USD |
| Common | Sell Transaction | 1,100 | 4.8064 USD |
| Common | Sell Transaction | 1,715 | 4.8074 USD |
| Common | Sell Transaction | 8,210 | 4.8083 USD |
| Common | Sell Transaction | 1,344 | 4.8090 USD |
| Common | Sell Transaction | 10,669 | 4.8100 USD |
| Common | Sell Transaction | 145 | 4.8139 USD |
| Common | Sell Transaction | 116 | 4.8150 USD |
| Common | Sell Transaction | 153 | 4.8150 USD |
| Common | Sell Transaction | 225 | 4.8155 USD |
| Common | Sell Transaction | 83,807 | 4.8200 USD |
| Common | Sell Transaction | 435 | 4.8345 USD |
| Common | Sell Transaction | 2,047 | 4.8435 USD |
| Common | Sell Transaction | 478 | 4.8481 USD |
| Common | Sell Transaction | 1,100 | 4.8482 USD |
| Common | Sell Transaction | 275 | 4.8500 USD |
| Common | Sell Transaction | 250 | 4.8596 USD |
| Common | Sell Transaction | 300 | 4.8700 USD |
| Common | Sell Transaction | 1 | 4.9000 USD |
(b) Cash-settled derivative transactions
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
| Common | CFD | Reducing long position | 4,099 | 4.7258 USD |
| Common | CFD | Reducing long position | 1,930 | 4.7259 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 e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
| Common | Call Option | Buy Transaction | 59 | 5.0000 USD | American | 2025-Jul-18 | 0.0500 USD |
| Common | Call Option | Buy Transaction | 20 | 5.0000 USD | American | 2025-Jul-18 | 0.1000 USD |
| Common | Put Option | Buy Transaction | 1 | 4.0000 USD | American | 2025-Aug-15 | 0.1300 USD |
| Common | Call Option | Buy Transaction | 2 | 5.0000 USD | American | 2025-Aug-15 | 0.3000 USD |
| Common | Call Option | Buy Transaction | 1 | 5.0000 USD | American | 2025-Aug-15 | 0.3200 USD |
| Common | Call Option | Buy Transaction | 2 | 6.0000 USD | American | 2026-Jan-16 | 0.4400 USD |
| Common | Call Option | Buy Transaction | 4 | 6.0000 USD | American | 2026-Jan-16 | 0.4500 USD |
| Common | Call Option | Buy Transaction | 55 | 6.0000 USD | American | 2026-Jan-16 | 0.4700 USD |
| Common | Call Option | Buy Transaction | 8 | 5.0000 USD | American | 2025-Oct-17 | 0.5000 USD |
| Common | Call Option | Buy Transaction | 12 | 6.0000 USD | American | 2026-Jan-16 | 0.5000 USD |
| Common | Call Option | Buy Transaction | 2 | 5.0000 USD | American | 2025-Oct-17 | 0.5700 USD |
| Common | Call Option | Buy Transaction | 1 | 4.0000 USD | American | 2025-Jul-18 | 0.6500 USD |
| Common | Put Option | Buy Transaction | 6 | 5.0000 USD | American | 2025-Oct-17 | 0.7500 USD |
| Common | Call Option | Buy Transaction | 8 | 4.0000 USD | American | 2025-Oct-17 | 1.1000 USD |
| Common | Call Option | Buy Transaction | 1 | 5.0000 USD | American | 2026-Jul-17 | 1.2000 USD |
| Common | Put Option | DVP Transaction | 1 | 4.0000 USD | American | 2025-Aug-15 | 0.1300 USD |
| Common | Call Option | DVP Transaction | 3 | 5.0000 USD | American | 2025-Aug-15 | 0.2500 USD |
| Common | Call Option | DVP Transaction | 1 | 5.0000 USD | American | 2025-Aug-15 | 0.2800 USD |
| Common | Call Option | DVP Transaction | 20 | 5.0000 USD | American | 2025-Aug-15 | 0.3000 USD |
| Common | Call Option | DVP Transaction | 2 | 5.0000 USD | American | 2025-Aug-15 | 0.3200 USD |
| Common | Call Option | DVP Transaction | 3 | 6.0000 USD | American | 2026-Jan-16 | 0.4467 USD |
| Common | Call Option | DVP Transaction | 3 | 6.0000 USD | American | 2026-Jan-16 | 0.4500 USD |
| Common | Call Option | DVP Transaction | 63 | 6.0000 USD | American | 2026-Jan-16 | 0.4711 USD |
| Common | Put Option | DVP Transaction | 1 | 4.0000 USD | American | 2026-Jan-16 | 0.5000 USD |
| Common | Call Option | DVP Transaction | 3 | 5.0000 USD | American | 2025-Oct-17 | 0.5000 USD |
| Common | Call Option | DVP Transaction | 12 | 6.0000 USD | American | 2026-Jan-16 | 0.5000 USD |
| Common | Call Option | DVP Transaction | 1 | 5.0000 USD | American | 2025-Oct-17 | 0.5500 USD |
| Common | Call Option | DVP Transaction | 1 | 4.0000 USD | American | 2025-Jul-18 | 0.6500 USD |
| Common | Put Option | DVP Transaction | 10 | 5.0000 USD | American | 2025-Oct-17 | 0.7500 USD |
| Common | Call Option | DVP Transaction | 8 | 4.0000 USD | American | 2025-Oct-17 | 1.1000 USD |
| Common | Call Option | DVP Transaction | 1 | 5.0000 USD | American | 2026-Jul-17 | 1.2000 USD |
| Common | Call Option | DVP Transaction | 1 | 3.0000 USD | American | 2025-Oct-17 | 1.9000 USD |
| Common | Put Option | RVP Transaction | 1 | 4.0000 USD | American | 2025-Aug-15 | 0.1300 USD |
| Common | Call Option | RVP Transaction | 1 | 5.0000 USD | American | 2025-Aug-15 | 0.2800 USD |
| Common | Call Option | RVP Transaction | 25 | 5.0000 USD | American | 2025-Aug-15 | 0.2956 USD |
| Common | Call Option | RVP Transaction | 1 | 6.0000 USD | American | 2026-Jan-16 | 0.4400 USD |
| Common | Call Option | RVP Transaction | 3 | 6.0000 USD | American | 2026-Jan-16 | 0.4500 USD |
| Common | Call Option | RVP Transaction | 55 | 6.0000 USD | American | 2026-Jan-16 | 0.4700 USD |
| Common | Call Option | RVP Transaction | 16 | 6.0000 USD | American | 2026-Jan-16 | 0.4863 USD |
| Common | Call Option | RVP Transaction | 6 | 6.0000 USD | American | 2026-Jan-16 | 0.4917 USD |
| Common | Put Option | RVP Transaction | 1 | 4.0000 USD | American | 2026-Jan-16 | 0.5000 USD |
| Common | Call Option | RVP Transaction | 3 | 5.0000 USD | American | 2025-Oct-17 | 0.5000 USD |
| Common | Call Option | RVP Transaction | 1 | 5.0000 USD | American | 2025-Oct-17 | 0.5500 USD |
| Common | Call Option | RVP Transaction | 1 | 4.0000 USD | American | 2025-Jul-18 | 0.6500 USD |
| Common | Put Option | RVP Transaction | 10 | 5.0000 USD | American | 2025-Oct-17 | 0.7500 USD |
| Common | Call Option | RVP Transaction | 8 | 4.0000 USD | American | 2025-Oct-17 | 1.1000 USD |
| Common | Call Option | RVP Transaction | 1 | 5.0000 USD | American | 2026-Jul-17 | 1.2000 USD |
| Common | Call Option | RVP Transaction | 1 | 3.0000 USD | American | 2025-Oct-17 | 1.9000 USD |
| Common | Call Option | Sell Transaction | 1 | 5.0000 USD | American | 2025-Aug-15 | 0.2800 USD |
(ii) Exercise
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
(d) Other dealings (including subscribing for new securities)
| Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
|
|
|
|
|
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" |
|
None
|
(b) Agreements, arrangements or understandings relating to options or derivatives
| Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
|
None
|
(c) Attachments
| Is a Supplemental Form 8 (Open Positions) attached? | YES |
| Date of disclosure: | 15 July 2025 |
| Contact name: | Paula Santos |
| Telephone number*: | 020 7645 9700 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
SUPPLEMENTAL FORM 8 (OPEN POSITIONS)
DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.
Note 5(i) on Rule 8 of the Takeover Code (the "Code")
1. KEY INFORMATION
| Full name of person making disclosure: | Citadel Group |
| Name of offeror/offeree in relation to whose relevant securities the disclosure relates: | AMERICAN AXLE MANUFACTURING HOLDINGS INC |
2. STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)
| Class of relevant security | Product description e.g. call option | Written or purchased | Number of securities to which option or derivative relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date |
| Common | Put Option | Purchased | -7,200 | 3.0 USD
| American
| 18/07/2025
|
| Common | Call Option | Purchased | 18,100 | 4.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Purchased | -200 | 6.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Purchased | 300 | 15.0 USD
| American
| 16/01/2026
|
| Common | Put Option | Purchased | -13,100 | 3.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Purchased | 2,000 | 3.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Purchased | -201,600 | 4.0 USD
| American
| 16/01/2026
|
| Common | Put Option | Purchased | -12,000 | 3.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Purchased | 2,900 | 10.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Purchased | 300 | 2.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Purchased | 2,700 | 5.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Purchased | 1,000 | 3.0 USD
| American
| 15/08/2025
|
| Common | Put Option | Purchased | -900 | 5.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Purchased | 10,400 | 5.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Purchased | 270,900 | 6.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Purchased | -100 | 7.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Purchased | -2,400 | 4.0 USD
| American
| 15/08/2025
|
| Common | Put Option | Purchased | -11,900 | 4.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Purchased | -200 | 7.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Purchased | 600,000 | 6.0 USD
| American
| 18/07/2025
|
| Common | Call Option | Purchased | 700 | 10.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Purchased | -700 | 7.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Purchased | -700 | 6.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Purchased | -900 | 5.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -1,600 | 6.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Sold | 2,600 | 3.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Sold | -118,200 | 7.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -100 | 2.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -200 | 7.0 USD
| American
| 18/07/2025
|
| Common | Call Option | Sold | -36,900 | 5.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -2,500 | 4.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -1,100 | 7.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -2,000 | 3.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Sold | -700 | 12.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -8,300 | 4.0 USD
| American
| 18/07/2025
|
| Common | Put Option | Sold | 300 | 5.0 USD
| American
| 18/07/2025
|
| Common | Call Option | Sold | -152,600 | 6.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -1,400 | 4.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -105,500 | 5.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Sold | -300 | 3.0 USD
| American
| 17/07/2026
|
| Common | Put Option | Sold | 91,500 | 5.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -1,400 | 3.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -2,400 | 10.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -29,400 | 8.0 USD
| American
| 18/07/2025
|
| Common | Call Option | Sold | -643,400 | 5.0 USD
| American
| 18/07/2025
|
3. AGREEMENTS TO PURCHASE OR SELL ETC.
| Full details should be given so that the nature of the interest or position can be fully understood: |
|
|
It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.
The currency of all prices and other monetary amounts should be stated.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
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