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

DOWLAIS GROUP PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

DOWLAIS GROUP PLC

principal trader is connected

(d)

Date position held/dealing undertaken:

30 Jan 2025

(e)

In addition to the company in 1(b) above, is the exempt principal

YES:

trader making disclosures in respect of any other party to the offer?

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:

18,792,566

1.40%

2,172,132

0.16%

(2)

Cash-settled derivatives:

and/or controlled:

1,608,580

0.12%

17,185,727

1.28%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

20,401,146

1.52%

19,357,859

1.44%

(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)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

1p ordinary

Purchase

4,547,386

0.7322 GBP

0.7165 GBP

1p ordinary

Sale

1,451,167

0.7355 GBP

0.7165 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

1p ordinary

SWAP

Decreasing Short

934

0.7189 GBP

1p ordinary

SWAP

Decreasing Short

9,079

0.7190 GBP

1p ordinary

SWAP

Decreasing Short

78,832

0.7191 GBP

1p ordinary

SWAP

Decreasing Short

63,130

0.7199 GBP

1p ordinary

SWAP

Decreasing Short

10,697

0.7200 GBP

1p ordinary

SWAP

Decreasing Short

134,342

0.7210 GBP

1p ordinary

SWAP

Decreasing Short

64,747

0.7218 GBP

1p ordinary

SWAP

Decreasing Short

11,113

0.7226 GBP

1p ordinary

SWAP

Decreasing Short

5,084

0.7245 GBP

1p ordinary

SWAP

Decreasing Short

28,051

0.7269 GBP

1p ordinary

SWAP

Decreasing Short

24,401

0.7275 GBP

1p ordinary

SWAP

Decreasing Short

1,243

0.7285 GBP

1p ordinary

SWAP

Decreasing Short

22,692

0.7286 GBP

1p ordinary

SWAP

Decreasing Short

1,750

0.7331 GBP

1p ordinary

SWAP

Decreasing Short

952

0.7355 GBP

1p ordinary

SWAP

Increasing Short

11,881

0.7172 GBP

1p ordinary

SWAP

Increasing Short

7,222

0.7185 GBP

1p ordinary

SWAP

Increasing Short

540,871

0.7200 GBP

1p ordinary

SWAP

Increasing Short

84,010

0.7202 GBP

1p ordinary

SWAP

Increasing Short

995

0.7213 GBP

1p ordinary

SWAP

Increasing Short

43,864

0.7214 GBP

1p ordinary

SWAP

Increasing Short

4,930

0.7219 GBP

1p ordinary

SWAP

Increasing Short

216

0.7221 GBP

1p ordinary

SWAP

Increasing Short

124

0.7222 GBP

1p ordinary

SWAP

Increasing Short

1,750

0.7227 GBP

1p ordinary

SWAP

Increasing Short

6,000

0.7228 GBP

1p ordinary

SWAP

Increasing Short

13,867

0.7230 GBP

1p ordinary

SWAP

Increasing Short

218,964

0.7231 GBP

1p ordinary

SWAP

Increasing Short

6,000

0.7232 GBP

1p ordinary

SWAP

Increasing Short

9,147

0.7233 GBP

1p ordinary

SWAP

Increasing Short

56,846

0.7234 GBP

1p ordinary

SWAP

Increasing Short

12,741

0.7236 GBP

1p ordinary

SWAP

Increasing Short

454,240

0.7240 GBP

1p ordinary

SWAP

Increasing Short

4,253

0.7241 GBP

1p ordinary

SWAP

Increasing Short

83,163

0.7244 GBP

1p ordinary

SWAP

Increasing Short

28,838

0.7245 GBP

1p ordinary

SWAP

Increasing Short

136,739

0.7248 GBP

1p ordinary

SWAP

Increasing Short

4,607

0.7254 GBP

1p ordinary

SWAP

Increasing Short

52

0.7256 GBP

1p ordinary

SWAP

Increasing Short

177,903

0.7266 GBP

1p ordinary

SWAP

Increasing Short

30,519

0.7274 GBP

1p ordinary

SWAP

Increasing Short

573,621

0.7286 GBP

1p ordinary

SWAP

Increasing Short

466,886

0.7318 GBP

1p ordinary

SWAP

Increasing Short

84,350

0.7321 GBP

1p ordinary

CFD

Decreasing Long

99,939

0.7200 GBP

1p ordinary

CFD

Decreasing Long

123,538

0.7210 GBP

1p ordinary

CFD

Decreasing Long

19,647

0.7254 GBP

1p ordinary

CFD

Decreasing Long

2,088

0.7315 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

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:

31 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213