Form 8.5 (EPT/NON-RI) DOWLAIS GROUP PLC

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose relevant securities this form relates:

DOWLAIS GROUP PLC

(c)

Name of the party to the offer with which exempt principal trader is connected

DOWLAIS GROUP PLC

(d)

Date position held/dealing undertaken:

02 May 2025

(e)

In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to the offer?

YES: AMERICAN AXLE & MANUFACTURING HOLDINGS INC

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(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:

1p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1) Relevant securities owned and/or controlled:

47,384,289

3.52%

3,327,417

0.24%

(2) Cash-settled derivatives:

1,922,018

0.14%

46,496,101

3.46%

(3) Stock-settled derivatives (including options) and agreements to purchase/sell: 

0

0.00%

0

0.00%

TOTAL: 

49,267,699

3.66%

49,823,518

3.70%

(b)

Rights to subscribe for new securities (including directors and other executive options)

Class of relevant security in relation to which subscription right exists

Details, including nature of the rights concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchase and sales

Class of relevant security

Purchase/sale

Total number of securities

Highest price per unit paid/received

Lowest price per unit paid/received

1p ordinary

Purchase

3630088

0.6240 GBP

0.5775 GBP

1p ordinary

Sale

2099149

0.6272 GBP

0.5793 GBP

(b)

Cash-settled derivative transactions

Class of relevant security

Product description

Nature of dealing

Number of reference securities

Price per unit

1p ordinary

SWAP

Decreasing Short

9,115

0.5793 GBP

1p ordinary

SWAP

Decreasing Short

375

0.5874 GBP

1p ordinary

SWAP

Decreasing Short

8,482

0.5917 GBP

1p ordinary

SWAP

Decreasing Short

242,125

0.5943 GBP

1p ordinary

SWAP

Decreasing Short

13,410

0.5989 GBP

1p ordinary

SWAP

Decreasing Short

71,506

0.6014 GBP

1p ordinary

SWAP

Decreasing Short

2,019

0.6021 GBP

1p ordinary

SWAP

Decreasing Short

1,115

0.6042 GBP

1p ordinary

SWAP

Decreasing Short

212,074

0.6064 GBP

1p ordinary

SWAP

Decreasing Short

39,021

0.6069 GBP

1p ordinary

SWAP

Decreasing Short

970

0.6145 GBP

1p ordinary

SWAP

Decreasing Short

3,323

0.6164 GBP

1p ordinary

SWAP

Decreasing Short

155,398

0.6169 GBP

1p ordinary

SWAP

Decreasing Short

36,350

0.6170 GBP

1p ordinary

SWAP

Decreasing Short

8,222

0.6173 GBP

1p ordinary

SWAP

Decreasing Short

11,200

0.6183 GBP

1p ordinary

SWAP

Decreasing Short

157,382

0.6184 GBP

1p ordinary

SWAP

Decreasing Short

51,732

0.6188 GBP

1p ordinary

SWAP

Decreasing Short

23,324

0.6217 GBP

1p ordinary

SWAP

Decreasing Short

166,182

0.6263 GBP

1p ordinary

SWAP

Decreasing Short

10,757

0.6264 GBP

1p ordinary

SWAP

Decreasing Short

268

0.6272 GBP

1p ordinary

SWAP

Increasing Short

70,499

0.5774 GBP

1p ordinary

SWAP

Increasing Short

772

0.5798 GBP

1p ordinary

SWAP

Increasing Short

12,038

0.5836 GBP

1p ordinary

SWAP

Increasing Short

4,268

0.5895 GBP

1p ordinary

SWAP

Increasing Short

3,565

0.5900 GBP

1p ordinary

SWAP

Increasing Short

73,099

0.5918 GBP

1p ordinary

SWAP

Increasing Short

45,169

0.5935 GBP

1p ordinary

SWAP

Increasing Short

3,209

0.5948 GBP

1p ordinary

SWAP

Increasing Short

10,578

0.5977 GBP

1p ordinary

SWAP

Increasing Short

372,407

0.5994 GBP

1p ordinary

SWAP

Increasing Short

128,755

0.6002 GBP

1p ordinary

SWAP

Increasing Short

117,542

0.6006 GBP

1p ordinary

SWAP

Increasing Short

2,000,000

0.6116 GBP

1p ordinary

SWAP

Increasing Short

23,795

0.6170 GBP

1p ordinary

CFD

Increasing Long

29,274

0.6015 GBP

1p ordinary

CFD

Increasing Long

514,602

0.6170 GBP

1p ordinary

CFD

Decreasing Long

7,514

0.5900 GBP

1p ordinary

CFD

Decreasing Long

379,835

0.6170 GBP

1p ordinary

CFD

Decreasing Long

7,512

0.6240 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class of relevant security

Product description

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

(ii)

Exercising

Class of relevant security

Product description

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant security

Nature of Dealings

Details

Price per unit (if applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings 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 exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader 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 of future acquisition or disposal of any relevant securities to which any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

06-May-25

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213