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 | 11 August 2025 |
| (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" | YES DOWLAIS GROUP PLC |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
| Class of relevant security: Common Stock | ISIN US0240611030 USD 0.01 common | |||
|
| Interests | Short positions | ||
|
| Number | % | Number | % |
| (1) Relevant securities owned and/or controlled: | 1,500,797 | 1.26 | 404,186 | 0.34 |
| (2) Cash-settled derivatives:
| 0 | 0.00 | 0 | 0.00 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 231,000 | 0.19 | 689,400 | 0.58 |
|
TOTAL: | 1,731,797 | 1.45 | 1,093,586 | 0.92 |
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 | 450 | 5.1100 USD |
| Common | Buy Transaction | 1,190 | 5.1900 USD |
| Common | Buy Transaction | 89 | 5.2000 USD |
| Common | Buy Transaction | 1,100 | 5.2200 USD |
| Common | Buy Transaction | 1,500 | 5.2247 USD |
| Common | Buy Transaction | 250 | 5.2307 USD |
| Common | Buy Transaction | 2 | 5.2400 USD |
| Common | Buy Transaction | 757 | 5.2472 USD |
| Common | Buy Transaction | 20 | 5.2500 USD |
| Common | Buy Transaction | 3,171 | 5.2517 USD |
| Common | Buy Transaction | 505 | 5.2600 USD |
| Common | Buy Transaction | 51 | 5.2604 USD |
| Common | Buy Transaction | 10,588 | 5.2650 USD |
| Common | Buy Transaction | 525 | 5.2690 USD |
| Common | Buy Transaction | 688 | 5.2700 USD |
| Common | Buy Transaction | 587 | 5.2702 USD |
| Common | Buy Transaction | 7,100 | 5.2706 USD |
| Common | Buy Transaction | 14 | 5.2707 USD |
| Common | Buy Transaction | 3,029 | 5.2800 USD |
| Common | Buy Transaction | 1,900 | 5.2832 USD |
| Common | Buy Transaction | 1,248 | 5.2840 USD |
| Common | Buy Transaction | 1,604 | 5.2872 USD |
| Common | Buy Transaction | 376 | 5.2873 USD |
| Common | Buy Transaction | 288 | 5.2900 USD |
| Common | Buy Transaction | 100 | 5.2909 USD |
| Common | Buy Transaction | 875 | 5.2956 USD |
| Common | Buy Transaction | 7,124 | 5.3000 USD |
| Common | Buy Transaction | 582 | 5.3041 USD |
| Common | Buy Transaction | 278 | 5.3069 USD |
| Common | Buy Transaction | 430 | 5.3091 USD |
| Common | Buy Transaction | 511 | 5.3094 USD |
| Common | Buy Transaction | 10,099 | 5.3100 USD |
| Common | Buy Transaction | 238 | 5.3119 USD |
| Common | Buy Transaction | 1 | 5.3200 USD |
| Common | Buy Transaction | 3,530 | 5.3224 USD |
| Common | Buy Transaction | 53 | 5.3240 USD |
| Common | Buy Transaction | 1,000 | 5.3260 USD |
| Common | Buy Transaction | 1,100 | 5.3273 USD |
| Common | Buy Transaction | 11,817 | 5.3298 USD |
| Common | Buy Transaction | 200 | 5.3300 USD |
| Common | Buy Transaction | 1,556 | 5.3303 USD |
| Common | Buy Transaction | 2,015 | 5.3350 USD |
| Common | Buy Transaction | 2,405 | 5.3356 USD |
| Common | Buy Transaction | 641 | 5.3362 USD |
| Common | Buy Transaction | 800 | 5.3412 USD |
| Common | Buy Transaction | 1,167 | 5.3440 USD |
| Common | Buy Transaction | 13,265 | 5.3442 USD |
| Common | Buy Transaction | 2,535 | 5.3471 USD |
| Common | Buy Transaction | 3,270 | 5.3484 USD |
| Common | Buy Transaction | 401 | 5.3516 USD |
| Common | Buy Transaction | 12,201 | 5.3541 USD |
| Common | Buy Transaction | 1,541 | 5.3543 USD |
| Common | Buy Transaction | 590 | 5.3608 USD |
| Common | Buy Transaction | 700 | 5.3614 USD |
| Common | Buy Transaction | 300 | 5.3633 USD |
| Common | Buy Transaction | 1,000 | 5.3700 USD |
| Common | Buy Transaction | 12 | 5.3742 USD |
| Common | Buy Transaction | 2,198 | 5.3754 USD |
| Common | Buy Transaction | 3 | 5.3762 USD |
| Common | Buy Transaction | 367 | 5.3780 USD |
| Common | Buy Transaction | 18 | 5.3800 USD |
| Common | Buy Transaction | 3,251 | 5.3852 USD |
| Common | Buy Transaction | 3,999 | 5.3858 USD |
| Common | Buy Transaction | 1,200 | 5.3950 USD |
| Common | Buy Transaction | 3,857 | 5.3957 USD |
| Common | Buy Transaction | 1 | 5.3983 USD |
| Common | Buy Transaction | 13,500 | 5.4000 USD |
| Common | Buy Transaction | 2,620 | 5.4009 USD |
| Common | Buy Transaction | 1 | 5.4089 USD |
| Common | Buy Transaction | 100 | 5.4100 USD |
| Common | Buy Transaction | 336 | 5.4115 USD |
| Common | Buy Transaction | 11,087 | 5.4125 USD |
| Common | Buy Transaction | 23 | 5.4139 USD |
| Common | Buy Transaction | 7,768 | 5.4154 USD |
| Common | Buy Transaction | 6,162 | 5.4191 USD |
| Common | Buy Transaction | 3,201 | 5.4191 USD |
| Common | Buy Transaction | 3,013 | 5.4260 USD |
| Common | Buy Transaction | 11,661 | 5.4298 USD |
| Common | Buy Transaction | 2,120 | 5.4311 USD |
| Common | Buy Transaction | 1,919 | 5.4318 USD |
| Common | Buy Transaction | 200 | 5.4351 USD |
| Common | Buy Transaction | 16,619 | 5.4355 USD |
| Common | Buy Transaction | 1,689 | 5.4364 USD |
| Common | Buy Transaction | 1,196 | 5.4369 USD |
| Common | Buy Transaction | 245 | 5.4400 USD |
| Common | Buy Transaction | 2,600 | 5.4412 USD |
| Common | Buy Transaction | 381 | 5.4426 USD |
| Common | Buy Transaction | 5,725 | 5.4436 USD |
| Common | Buy Transaction | 374 | 5.4445 USD |
| Common | Buy Transaction | 3 | 5.4467 USD |
| Common | Buy Transaction | 811 | 5.4485 USD |
| Common | Buy Transaction | 201 | 5.4498 USD |
| Common | Buy Transaction | 1,115 | 5.4500 USD |
| Common | Buy Transaction | 4,468 | 5.4511 USD |
| Common | Buy Transaction | 6,671 | 5.4526 USD |
| Common | Buy Transaction | 1,900 | 5.4542 USD |
| Common | Buy Transaction | 1,746 | 5.4550 USD |
| Common | Buy Transaction | 602 | 5.4569 USD |
| Common | Buy Transaction | 3,400 | 5.4576 USD |
| Common | Buy Transaction | 1,500 | 5.4587 USD |
| Common | Buy Transaction | 1,005 | 5.4594 USD |
| Common | Buy Transaction | 2,347 | 5.4600 USD |
| Common | Buy Transaction | 5,985 | 5.4600 USD |
| Common | Buy Transaction | 15 | 5.4607 USD |
| Common | Buy Transaction | 1,553 | 5.4608 USD |
| Common | Buy Transaction | 435 | 5.4609 USD |
| Common | Buy Transaction | 8,433 | 5.4609 USD |
| Common | Buy Transaction | 2,997 | 5.4610 USD |
| Common | Buy Transaction | 3,300 | 5.4623 USD |
| Common | Buy Transaction | 320 | 5.4635 USD |
| Common | Buy Transaction | 1,960 | 5.4650 USD |
| Common | Buy Transaction | 11 | 5.4655 USD |
| Common | Buy Transaction | 3,385 | 5.4660 USD |
| Common | Buy Transaction | 1,210 | 5.4700 USD |
| Common | Buy Transaction | 7,164 | 5.4740 USD |
| Common | Buy Transaction | 1,600 | 5.4800 USD |
| Common | Buy Transaction | 3,575 | 5.4850 USD |
| Common | Buy Transaction | 701 | 5.4900 USD |
| Common | Buy Transaction | 4,885 | 5.4900 USD |
| Common | Buy Transaction | 84 | 5.4919 USD |
| Common | Buy Transaction | 306 | 5.4933 USD |
| Common | Buy Transaction | 10,950 | 5.5000 USD |
| Common | Buy Transaction | 85 | 5.5009 USD |
| Common | Buy Transaction | 984 | 5.5027 USD |
| Common | Buy Transaction | 8,666 | 5.5056 USD |
| Common | Buy Transaction | 900 | 5.5100 USD |
| Common | Buy Transaction | 86 | 5.5117 USD |
| Common | Buy Transaction | 1,931 | 5.5209 USD |
| Common | Buy Transaction | 2,792 | 5.5210 USD |
| Common | Buy Transaction | 18,247 | 5.5300 USD |
| Common | Buy Transaction | 5,502 | 5.5387 USD |
| Common | Buy Transaction | 65,977 | 5.5400 USD |
| Common | Buy Transaction | 1,804 | 5.5411 USD |
| Common | Buy Transaction | 196 | 5.5411 USD |
| Common | Buy Transaction | 250 | 5.5412 USD |
| Common | Buy Transaction | 263 | 5.5500 USD |
| Common | Buy Transaction | 200 | 5.5550 USD |
| Common | Buy Transaction | 5,000 | 5.5650 USD |
| Common | Buy Transaction | 438 | 5.5855 USD |
| Common | Buy Transaction | 512 | 5.5855 USD |
| Common | Buy Transaction | 100 | 5.6000 USD |
| Common | Sell Transaction | 100 | 5.1900 USD |
| Common | Sell Transaction | 89 | 5.2000 USD |
| Common | Sell Transaction | 300 | 5.2100 USD |
| Common | Sell Transaction | 800 | 5.2200 USD |
| Common | Sell Transaction | 1,150 | 5.2270 USD |
| Common | Sell Transaction | 118 | 5.2297 USD |
| Common | Sell Transaction | 460 | 5.2500 USD |
| Common | Sell Transaction | 40,693 | 5.2509 USD |
| Common | Sell Transaction | 342 | 5.2600 USD |
| Common | Sell Transaction | 242 | 5.2621 USD |
| Common | Sell Transaction | 140 | 5.2621 USD |
| Common | Sell Transaction | 532 | 5.2643 USD |
| Common | Sell Transaction | 188 | 5.2650 USD |
| Common | Sell Transaction | 2 | 5.2700 USD |
| Common | Sell Transaction | 1,000 | 5.2750 USD |
| Common | Sell Transaction | 2,756 | 5.2800 USD |
| Common | Sell Transaction | 113 | 5.2830 USD |
| Common | Sell Transaction | 3,900 | 5.2879 USD |
| Common | Sell Transaction | 600 | 5.2900 USD |
| Common | Sell Transaction | 222 | 5.2901 USD |
| Common | Sell Transaction | 136 | 5.2947 USD |
| Common | Sell Transaction | 1,282 | 5.2957 USD |
| Common | Sell Transaction | 500 | 5.2980 USD |
| Common | Sell Transaction | 6,088 | 5.3007 USD |
| Common | Sell Transaction | 650 | 5.3091 USD |
| Common | Sell Transaction | 3,925 | 5.3103 USD |
| Common | Sell Transaction | 492 | 5.3123 USD |
| Common | Sell Transaction | 105 | 5.3148 USD |
| Common | Sell Transaction | 152 | 5.3150 USD |
| Common | Sell Transaction | 1,026 | 5.3200 USD |
| Common | Sell Transaction | 180 | 5.3256 USD |
| Common | Sell Transaction | 600 | 5.3267 USD |
| Common | Sell Transaction | 810 | 5.3268 USD |
| Common | Sell Transaction | 1,100 | 5.3327 USD |
| Common | Sell Transaction | 2,346 | 5.3329 USD |
| Common | Sell Transaction | 598 | 5.3351 USD |
| Common | Sell Transaction | 1,717 | 5.3368 USD |
| Common | Sell Transaction | 9 | 5.3400 USD |
| Common | Sell Transaction | 2,000 | 5.3405 USD |
| Common | Sell Transaction | 5,575 | 5.3457 USD |
| Common | Sell Transaction | 1,009 | 5.3467 USD |
| Common | Sell Transaction | 1,101 | 5.3497 USD |
| Common | Sell Transaction | 180 | 5.3548 USD |
| Common | Sell Transaction | 2,850 | 5.3571 USD |
| Common | Sell Transaction | 6,264 | 5.3577 USD |
| Common | Sell Transaction | 1,742 | 5.3612 USD |
| Common | Sell Transaction | 3,628 | 5.3684 USD |
| Common | Sell Transaction | 4,298 | 5.3718 USD |
| Common | Sell Transaction | 400 | 5.3725 USD |
| Common | Sell Transaction | 7,537 | 5.3739 USD |
| Common | Sell Transaction | 997 | 5.3757 USD |
| Common | Sell Transaction | 5,231 | 5.3785 USD |
| Common | Sell Transaction | 3,500 | 5.3786 USD |
| Common | Sell Transaction | 2,743 | 5.3800 USD |
| Common | Sell Transaction | 3,166 | 5.3804 USD |
| Common | Sell Transaction | 515 | 5.3828 USD |
| Common | Sell Transaction | 85 | 5.3895 USD |
| Common | Sell Transaction | 4,951 | 5.3896 USD |
| Common | Sell Transaction | 13,600 | 5.3909 USD |
| Common | Sell Transaction | 734 | 5.3944 USD |
| Common | Sell Transaction | 375 | 5.3949 USD |
| Common | Sell Transaction | 2,374 | 5.3983 USD |
| Common | Sell Transaction | 20 | 5.3995 USD |
| Common | Sell Transaction | 2 | 5.4002 USD |
| Common | Sell Transaction | 2,306 | 5.4015 USD |
| Common | Sell Transaction | 2,700 | 5.4030 USD |
| Common | Sell Transaction | 17,019 | 5.4070 USD |
| Common | Sell Transaction | 7,299 | 5.4073 USD |
| Common | Sell Transaction | 1,600 | 5.4119 USD |
| Common | Sell Transaction | 213 | 5.4162 USD |
| Common | Sell Transaction | 2,296 | 5.4167 USD |
| Common | Sell Transaction | 2,889 | 5.4172 USD |
| Common | Sell Transaction | 100 | 5.4200 USD |
| Common | Sell Transaction | 1,597 | 5.4205 USD |
| Common | Sell Transaction | 10,716 | 5.4209 USD |
| Common | Sell Transaction | 4,100 | 5.4228 USD |
| Common | Sell Transaction | 3,228 | 5.4237 USD |
| Common | Sell Transaction | 2,000 | 5.4250 USD |
| Common | Sell Transaction | 916 | 5.4277 USD |
| Common | Sell Transaction | 186 | 5.4298 USD |
| Common | Sell Transaction | 1,899 | 5.4306 USD |
| Common | Sell Transaction | 60 | 5.4317 USD |
| Common | Sell Transaction | 1,919 | 5.4318 USD |
| Common | Sell Transaction | 16,619 | 5.4355 USD |
| Common | Sell Transaction | 2,328 | 5.4378 USD |
| Common | Sell Transaction | 22 | 5.4386 USD |
| Common | Sell Transaction | 99 | 5.4400 USD |
| Common | Sell Transaction | 341 | 5.4412 USD |
| Common | Sell Transaction | 565 | 5.4500 USD |
| Common | Sell Transaction | 466 | 5.4507 USD |
| Common | Sell Transaction | 1,564 | 5.4514 USD |
| Common | Sell Transaction | 100 | 5.4530 USD |
| Common | Sell Transaction | 14 | 5.4543 USD |
| Common | Sell Transaction | 998 | 5.4549 USD |
| Common | Sell Transaction | 12,112 | 5.4556 USD |
| Common | Sell Transaction | 39 | 5.4556 USD |
| Common | Sell Transaction | 522 | 5.4561 USD |
| Common | Sell Transaction | 8,628 | 5.4565 USD |
| Common | Sell Transaction | 2,500 | 5.4570 USD |
| Common | Sell Transaction | 400 | 5.4575 USD |
| Common | Sell Transaction | 2,871 | 5.4595 USD |
| Common | Sell Transaction | 295 | 5.4600 USD |
| Common | Sell Transaction | 100 | 5.4650 USD |
| Common | Sell Transaction | 5,893 | 5.4667 USD |
| Common | Sell Transaction | 4,881 | 5.4693 USD |
| Common | Sell Transaction | 1,219 | 5.4694 USD |
| Common | Sell Transaction | 6,207 | 5.4712 USD |
| Common | Sell Transaction | 917 | 5.4716 USD |
| Common | Sell Transaction | 123 | 5.4719 USD |
| Common | Sell Transaction | 3 | 5.4733 USD |
| Common | Sell Transaction | 600 | 5.4750 USD |
| Common | Sell Transaction | 400 | 5.4775 USD |
| Common | Sell Transaction | 15 | 5.4793 USD |
| Common | Sell Transaction | 15,686 | 5.4851 USD |
| Common | Sell Transaction | 2,089 | 5.4859 USD |
| Common | Sell Transaction | 7 | 5.4900 USD |
| Common | Sell Transaction | 248 | 5.4912 USD |
| Common | Sell Transaction | 1,175 | 5.4948 USD |
| Common | Sell Transaction | 9,599 | 5.4959 USD |
| Common | Sell Transaction | 65 | 5.4992 USD |
| Common | Sell Transaction | 300 | 5.5000 USD |
| Common | Sell Transaction | 800 | 5.5006 USD |
| Common | Sell Transaction | 1,000 | 5.5009 USD |
| Common | Sell Transaction | 67 | 5.5040 USD |
| Common | Sell Transaction | 900 | 5.5050 USD |
| Common | Sell Transaction | 3,000 | 5.5091 USD |
| Common | Sell Transaction | 5,548 | 5.5103 USD |
| Common | Sell Transaction | 1,329 | 5.5111 USD |
| Common | Sell Transaction | 21,327 | 5.5119 USD |
| Common | Sell Transaction | 1 | 5.5150 USD |
| Common | Sell Transaction | 300 | 5.5167 USD |
| Common | Sell Transaction | 50 | 5.5192 USD |
| Common | Sell Transaction | 1,535 | 5.5194 USD |
| Common | Sell Transaction | 800 | 5.5250 USD |
| Common | Sell Transaction | 3,461 | 5.5263 USD |
| Common | Sell Transaction | 400 | 5.5300 USD |
| Common | Sell Transaction | 1,094 | 5.5321 USD |
| Common | Sell Transaction | 1,000 | 5.5340 USD |
| Common | Sell Transaction | 40 | 5.5350 USD |
| Common | Sell Transaction | 65,517 | 5.5400 USD |
| Common | Sell Transaction | 18,901 | 5.5401 USD |
| Common | Sell Transaction | 43,805 | 5.5443 USD |
| Common | Sell Transaction | 223 | 5.5468 USD |
| Common | Sell Transaction | 1,817 | 5.5487 USD |
| Common | Sell Transaction | 20 | 5.5489 USD |
| Common | Sell Transaction | 55 | 5.5491 USD |
| Common | Sell Transaction | 2,666 | 5.5500 USD |
| Common | Sell Transaction | 1,500 | 5.5580 USD |
| Common | Sell Transaction | 25 | 5.5600 USD |
| Common | Sell Transaction | 1,824 | 5.5601 USD |
| Common | Sell Transaction | 4,810 | 5.5613 USD |
| Common | Sell Transaction | 4,596 | 5.5629 USD |
| Common | Sell Transaction | 600 | 5.5650 USD |
| Common | Sell Transaction | 584 | 5.5700 USD |
| Common | Sell Transaction | 247 | 5.5702 USD |
| Common | Sell Transaction | 3,869 | 5.5800 USD |
| Common | Sell Transaction | 107 | 5.5835 USD |
| Common | Sell Transaction | 5 | 5.5880 USD |
| Common | Sell Transaction | 1,498 | 5.5990 USD |
| Common | Sell Transaction | 101 | 5.6000 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 | Closing long position | 500 | 5.2280 USD |
| Common | CFD | Closing long position | 29,229 | 5.4659 USD |
| Common | CFD | Closing long position | 7,774 | 5.4869 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 | Put Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-08-15 | 0.1100 USD |
| Common | Call Option | Buy Transaction | 21,400 | 7.0000 USD | American | 2025-10-17 | 0.1500 USD |
| Common | Put Option | Buy Transaction | 100 | 4.0000 USD | American | 2026-01-16 | 0.2000 USD |
| Common | Call Option | Buy Transaction | 100 | 7.0000 USD | American | 2025-10-17 | 0.2000 USD |
| Common | Put Option | Buy Transaction | 1,000 | 5.0000 USD | American | 2025-09-19 | 0.2000 USD |
| Common | Put Option | Buy Transaction | 13,500 | 4.0000 USD | American | 2026-01-16 | 0.2500 USD |
| Common | Call Option | Buy Transaction | 1,000 | 6.0000 USD | American | 2025-09-19 | 0.2500 USD |
| Common | Put Option | Buy Transaction | 100 | 4.0000 USD | American | 2026-01-16 | 0.3200 USD |
| Common | Call Option | Buy Transaction | 200 | 5.0000 USD | American | 2025-08-15 | 0.3500 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-08-15 | 0.3700 USD |
| Common | Call Option | Buy Transaction | 200 | 7.0000 USD | American | 2026-01-16 | 0.4000 USD |
| Common | Call Option | Buy Transaction | 2,800 | 5.0000 USD | American | 2025-08-15 | 0.4000 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-08-15 | 0.4100 USD |
| Common | Call Option | Buy Transaction | 2,000 | 5.0000 USD | American | 2025-08-15 | 0.4700 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-08-15 | 0.4800 USD |
| Common | Call Option | Buy Transaction | 1,000 | 5.0000 USD | American | 2025-08-15 | 0.5000 USD |
| Common | Call Option | Buy Transaction | 300 | 5.0000 USD | American | 2025-08-15 | 0.5100 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-08-15 | 0.5300 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-09-19 | 0.6000 USD |
| Common | Call Option | Buy Transaction | 200 | 5.0000 USD | American | 2025-10-17 | 0.6500 USD |
| Common | Call Option | Buy Transaction | 200 | 6.0000 USD | American | 2026-01-16 | 0.6500 USD |
| Common | Call Option | Buy Transaction | 100 | 6.0000 USD | American | 2026-01-16 | 0.7000 USD |
| Common | Call Option | Buy Transaction | 1,000 | 6.0000 USD | American | 2026-01-16 | 0.7500 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2025-10-17 | 0.7600 USD |
| Common | Call Option | Buy Transaction | 1,000 | 4.0000 USD | American | 2025-10-17 | 1.5700 USD |
| Common | Call Option | Buy Transaction | 100 | 5.0000 USD | American | 2026-07-17 | 1.6200 USD |
| Common | Call Option | Buy Transaction | 100 | 4.0000 USD | American | 2025-10-17 | 1.6200 USD |
| Common | Call Option | Buy Transaction | 300 | 4.0000 USD | American | 2025-10-17 | 1.6500 USD |
| Common | Call Option | Sell Transaction | 100 | 6.0000 USD | American | 2025-08-15 | 0.0800 USD |
| Common | Call Option | Sell Transaction | 300 | 5.0000 USD | American | 2025-08-15 | 0.4000 USD |
| Common | Call Option | Sell Transaction | 100 | 5.0000 USD | American | 2025-08-15 | 0.4400 USD |
| Common | Call Option | Sell Transaction | 14,500 | 5.0000 USD | American | 2025-08-15 | 0.5500 USD |
| Common | Call Option | Sell Transaction | 300 | 5.0000 USD | American | 2025-08-15 | 0.6500 USD |
| Common | Call Option | Sell Transaction | 6,200 | 5.0000 USD | American | 2026-01-16 | 1.0500 USD |
| Common | Call Option | Sell Transaction | 100 | 4.0000 USD | American | 2025-10-17 | 1.5500 USD |
| Common | Call Option | Sell Transaction | 100 | 4.0000 USD | American | 2025-10-17 | 1.6100 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: | 12 August 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 | Call Option | Purchased | 100 | 4.0 USD
| American
| 19/09/2025
|
| Common | Call Option | Purchased | 1,000 | 3.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Purchased | 39,800 | 6.0 USD
| American
| 16/01/2026
|
| Common | Put Option | Purchased | -1,600 | 5.0 USD
| American
| 19/09/2025
|
| Common | Put Option | Purchased | -200 | 7.0 USD
| American
| 15/08/2025
|
| Common | Put Option | Purchased | -8,200 | 6.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Purchased | 3,000 | 10.0 USD
| American
| 16/01/2026
|
| Common | Put Option | Purchased | -1,800 | 4.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Purchased | 21,800 | 7.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Purchased | -1,200 | 5.0 USD
| American
| 17/07/2026
|
| Common | Put Option | Purchased | -100 | 7.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Purchased | 44,200 | 6.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Purchased | -12,100 | 3.0 USD
| American
| 15/08/2025
|
| Common | Put Option | Purchased | -13,200 | 3.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Purchased | 300 | 2.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Purchased | -215,000 | 4.0 USD
| American
| 16/01/2026
|
| Common | Put Option | Purchased | -900 | 5.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Purchased | 19,800 | 4.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Purchased | 100 | 8.0 USD
| American
| 16/01/2026
|
| Common | Put Option | Purchased | -1,000 | 6.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Purchased | 5,600 | 6.0 USD
| American
| 19/09/2025
|
| Common | Call Option | Sold | -2,000 | 10.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -2,200 | 3.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Sold | -1,400 | 4.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -100 | 1.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -100 | 2.0 USD
| American
| 17/07/2026
|
| Common | Put Option | Sold | 1,900 | 5.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Sold | -900 | 6.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Sold | -2,500 | 4.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -116,600 | 7.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -60,400 | 5.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Sold | -700 | 12.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -12,500 | 15.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -1,100 | 7.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -2,600 | 4.0 USD
| American
| 15/08/2025
|
| Common | Call Option | Sold | -41,600 | 5.0 USD
| American
| 17/07/2026
|
| Common | Put Option | Sold | 92,800 | 5.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -300 | 3.0 USD
| American
| 17/07/2026
|
| Common | Call Option | Sold | -1,400 | 3.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -133,000 | 5.0 USD
| American
| 17/10/2025
|
| Common | Put Option | Sold | 600 | 3.0 USD
| American
| 17/10/2025
|
| Common | Call Option | Sold | -54,100 | 5.0 USD
| American
| 16/01/2026
|
| Common | Call Option | Sold | -600 | 5.0 USD
| American
| 19/09/2025
|
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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