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Form 8.3

businesswire.com
AXL The disclosure shows Qube Research & Technologies Limited holds a significant short position (4.06%) in American Axle & Manufacturing Holdings, Inc. while also engaging in numerous small purchases of common stock. The net effect on sentiment is neutral as the short position is substantial, but the purchases indicate some level of interest.

LONDON--( BUSINESS WIRE)--

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:

Qube Research & Technologies Limited

(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.

(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:

(e) Date position held/dealing undertaken:

For an opening position disclosure, state the latest practicable date prior to the disclosure

13-01-2026

(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”

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:

USD 0.01 common

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

0

0.00

4,823,296

4.06

(2) Cash-settled derivatives:

0

0.00

0

0.00

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

0

0.00

0

0.00

TOTAL:

0

0.00

4,823,296

4.06

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:

0

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

0

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 (USD)

USD 0.01 common

Purchase

137

7.58

USD 0.01 common

Purchase

32

7.58

USD 0.01 common

Purchase

746

7.59

USD 0.01 common

Purchase

28

7.61

USD 0.01 common

Purchase

189

7.62

USD 0.01 common

Purchase

200

7.62

USD 0.01 common

Purchase

100

7.63

USD 0.01 common

Purchase

100

7.68

USD 0.01 common

Purchase

420

7.69

USD 0.01 common

Purchase

61

7.69

USD 0.01 common

Purchase

105

7.70

USD 0.01 common

Purchase

24

7.70

USD 0.01 common

Purchase

29

7.70

USD 0.01 common

Purchase

299

7.70

USD 0.01 common

Purchase

23

7.70

USD 0.01 common

Purchase

27

7.71

USD 0.01 common

Purchase

3

7.71

USD 0.01 common

Purchase

3

7.71

USD 0.01 common

Purchase

2

7.71

USD 0.01 common

Purchase

3

7.71

USD 0.01 common

Purchase

5

7.71

USD 0.01 common

Purchase

1705

7.71

USD 0.01 common

Purchase

27

7.71

USD 0.01 common

Purchase

28

7.72

USD 0.01 common

Purchase

12

7.72

USD 0.01 common

Purchase

34

7.72

USD 0.01 common

Purchase

500

7.72

USD 0.01 common

Purchase

18

7.73

USD 0.01 common

Purchase

6

7.74

USD 0.01 common

Purchase

3

7.74

USD 0.01 common

Purchase

3

7.74

USD 0.01 common

Purchase

12

7.74

USD 0.01 common

Purchase

2

7.74

USD 0.01 common

Purchase

675

7.74

USD 0.01 common

Purchase

3

7.74

USD 0.01 common

Purchase

3

7.74

USD 0.01 common

Purchase

3

7.74

USD 0.01 common

Purchase

3

7.74

USD 0.01 common

Purchase

4

7.74

USD 0.01 common

Purchase

3300

7.75

USD 0.01 common

Purchase

7

7.75

USD 0.01 common

Purchase

475

7.75

USD 0.01 common

Purchase

6

7.76

USD 0.01 common

Purchase

1600

7.76

USD 0.01 common

Purchase

8

7.76

USD 0.01 common

Purchase

3

7.76

USD 0.01 common

Purchase

4

7.76

USD 0.01 common

Purchase

500

7.77

USD 0.01 common

Purchase

900

7.77

USD 0.01 common

Purchase

3

7.77

USD 0.01 common

Purchase

100

7.78

USD 0.01 common

Purchase

3

7.78

USD 0.01 common

Purchase

700

7.78

USD 0.01 common

Purchase

5

7.78

USD 0.01 common

Purchase

4

7.79

USD 0.01 common

Purchase

4

7.79

USD 0.01 common

Purchase

4

7.79

USD 0.01 common

Purchase

892

7.79

USD 0.01 common

Purchase

3

7.79

USD 0.01 common

Purchase

2

7.79

USD 0.01 common

Purchase

2

7.79

USD 0.01 common

Purchase

2

7.79

USD 0.01 common

Purchase

4

7.79

USD 0.01 common

Purchase

3

7.79

USD 0.01 common

Purchase

4

7.79

USD 0.01 common

Purchase

6

7.80

USD 0.01 common

Purchase

3

7.80

USD 0.01 common

Purchase

3

7.80

USD 0.01 common

Purchase

3

7.80

USD 0.01 common

Purchase

4

7.80

USD 0.01 common

Purchase

488

7.80

USD 0.01 common

Purchase

1

7.81

USD 0.01 common

Purchase

21

7.81

USD 0.01 common

Purchase

727

7.81

USD 0.01 common

Purchase

2

7.81

USD 0.01 common

Purchase

5

7.81

USD 0.01 common

Purchase

4

7.81

USD 0.01 common

Purchase

2

7.81

USD 0.01 common

Purchase

1

7.81

USD 0.01 common

Purchase

4

7.81

USD 0.01 common

Purchase

3

7.81

USD 0.01 common

Purchase

3

7.81

USD 0.01 common

Purchase

3

7.81

USD 0.01 common

Purchase

3

7.81

USD 0.01 common

Purchase

4

7.81

USD 0.01 common

Purchase

6

7.82

USD 0.01 common

Purchase

3

7.82

USD 0.01 common

Purchase

3

7.82

USD 0.01 common

Purchase

3

7.82

USD 0.01 common

Purchase

2

7.82

USD 0.01 common

Purchase

2

7.82

USD 0.01 common

Purchase

3

7.82

USD 0.01 common

Purchase

3

7.82

USD 0.01 common

Purchase

600

7.82

USD 0.01 common

Purchase

2

7.82

USD 0.01 common

Purchase

2

7.82

USD 0.01 common

Purchase

6

7.82

USD 0.01 common

Purchase

1099

7.83

USD 0.01 common

Purchase

1

7.83

USD 0.01 common

Purchase

2

7.83

USD 0.01 common

Purchase

3

7.83

USD 0.01 common

Purchase

2

7.83

USD 0.01 common

Purchase

2

7.83

USD 0.01 common

Purchase

1

7.83

USD 0.01 common

Purchase

3

7.84

USD 0.01 common

Purchase

5

7.84

USD 0.01 common

Purchase

4

7.84

USD 0.01 common

Purchase

4

7.84

USD 0.01 common

Purchase

4

7.84

USD 0.01 common

Purchase

8

7.84

USD 0.01 common

Purchase

226

7.84

USD 0.01 common

Purchase

3

7.84

USD 0.01 common

Purchase

2

7.84

USD 0.01 common

Purchase

3

7.84

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

7

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

10

7.85

USD 0.01 common

Purchase

11

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

1

7.85

USD 0.01 common

Purchase

4

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

5

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

1

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

9

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

1500

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

4

7.85

USD 0.01 common

Purchase

12

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

4

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

4

7.85

USD 0.01 common

Purchase

3

7.85

USD 0.01 common

Purchase

4

7.85

USD 0.01 common

Purchase

4

7.85

USD 0.01 common

Purchase

10

7.85

USD 0.01 common

Purchase

2

7.85

USD 0.01 common

Purchase

3

7.86

USD 0.01 common

Purchase

8

7.86

USD 0.01 common

Purchase

5

7.86

USD 0.01 common

Purchase

11

7.86

USD 0.01 common

Purchase

5

7.86

USD 0.01 common

Purchase

2

7.86

USD 0.01 common

Purchase

5

7.86

USD 0.01 common

Purchase

2

7.86

USD 0.01 common

Purchase

3

7.86

USD 0.01 common

Purchase

5

7.86

USD 0.01 common

Purchase

1

7.86

USD 0.01 common

Purchase

1

7.86

USD 0.01 common

Purchase

1158

7.86

USD 0.01 common

Purchase

4

7.86

USD 0.01 common

Purchase

1

7.86

USD 0.01 common

Purchase

2

7.86

USD 0.01 common

Purchase

3

7.86

USD 0.01 common

Purchase

4

7.86

USD 0.01 common

Purchase

2

7.86

USD 0.01 common

Purchase

5

7.86

USD 0.01 common

Purchase

5

7.86

USD 0.01 common

Purchase

3

7.86

USD 0.01 common

Purchase

2

7.86

USD 0.01 common

Purchase

3

7.86

USD 0.01 common

Purchase

2

7.86

USD 0.01 common

Purchase

9

7.87

USD 0.01 common

Purchase

9

7.87

USD 0.01 common

Purchase

2

7.87

USD 0.01 common

Purchase

2

7.87

USD 0.01 common

Purchase

1

7.87

USD 0.01 common

Purchase

100

7.87

USD 0.01 common

Purchase

2

7.87

USD 0.01 common

Purchase

3

7.87

USD 0.01 common

Purchase

2

7.87

USD 0.01 common

Purchase

2

7.88

USD 0.01 common

Purchase

4

7.88

USD 0.01 common

Purchase

2

7.88

USD 0.01 common

Purchase

2

7.88

USD 0.01 common

Purchase

200

7.88

USD 0.01 common

Purchase

2

7.88

USD 0.01 common

Purchase

1

7.88

USD 0.01 common

Purchase

2

7.88

USD 0.01 common

Purchase

1

7.88

USD 0.01 common

Purchase

3

7.88

USD 0.01 common

Purchase

1

7.89

USD 0.01 common

Purchase

2

7.89

USD 0.01 common

Purchase

300

7.89

USD 0.01 common

Purchase

1

7.89

USD 0.01 common

Purchase

3

7.90

USD 0.01 common

Purchase

300

7.90

USD 0.01 common

Sale

61

7.69

USD 0.01 common

Sale

105

7.70

USD 0.01 common

Sale

24

7.70

USD 0.01 common

Sale

29

7.70

USD 0.01 common

Sale

23

7.70

USD 0.01 common

Sale

27

7.71

USD 0.01 common

Sale

19

7.71

USD 0.01 common

Sale

28

7.72

USD 0.01 common

Sale

12

7.72

USD 0.01 common

Sale

34

7.72

USD 0.01 common

Sale

779

7.75

USD 0.01 common

Sale

500

7.76

USD 0.01 common

Sale

200

7.78

USD 0.01 common

Sale

100

7.79

USD 0.01 common

Sale

500

7.83

USD 0.01 common

Sale

1504

7.85

USD 0.01 common

Sale

1001

7.86

(b) Cash-settled derivative transactions

Class of relevant security

Product description

e.g. call option

Nature of dealing

e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of securities

Exercise price per unit (GBp)

(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 (GBp)

Type

e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(GBp)

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

0

0

0

0

0

(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)

0

0

0

0

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?

NO

Date of disclosure:

14-01-2026

Contact name:

Janice Falcao

Telephone number:

00442033140679

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. The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.