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

Companies

Barclays (BARC)
Dowlais Group (DWL)

UK 100

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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:				29 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:			27,612,996	2.05%	14,088,781	1.05%
(2)	Cash-settled derivatives:
	and/or controlled:			13,518,963	1.01%	26,243,346	1.95%
(3)	Stock-settled derivatives (including options)
	and agreements to purchase/sell:			0	0.00%	0	0.00%

	TOTAL:			41,131,959	3.06%	40,332,127	3.00%
(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		7,999,446		0.7611 GBP	0.7180 GBP
1p ordinary		Sale		2,351,129		0.7613 GBP	0.7194 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		Opening Long		45	0.7209 GBP
1p ordinary		SWAP		Increasing Long		1,857	0.7287 GBP
1p ordinary		SWAP		Increasing Long		38,340	0.7288 GBP
1p ordinary		SWAP		Increasing Long		345,064	0.7341 GBP
1p ordinary		SWAP		Increasing Long		2,013	0.7368 GBP
1p ordinary		SWAP		Increasing Long		18,870	0.7379 GBP
1p ordinary		SWAP		Increasing Long		284,497	0.7395 GBP
1p ordinary		SWAP		Increasing Long		355,747	0.7421 GBP
1p ordinary		SWAP		Increasing Long		3,555	0.7425 GBP
1p ordinary		SWAP		Increasing Long		7,720	0.7431 GBP
1p ordinary		SWAP		Increasing Long		729	0.7440 GBP
1p ordinary		SWAP		Increasing Long		240,209	0.7455 GBP
1p ordinary		SWAP		Increasing Long		911	0.7494 GBP
1p ordinary		SWAP		Increasing Long		7,601	0.7515 GBP
1p ordinary		SWAP		Increasing Long		137,000	0.7528 GBP
1p ordinary		SWAP		Increasing Long		2,842	0.7583 GBP
1p ordinary		SWAP		Decreasing Long		470,000	0.7201 USD
1p ordinary		SWAP		Decreasing Long		850,000	0.7220 GBP
1p ordinary		SWAP		Opening Short		200,000	0.7225 GBP
1p ordinary		SWAP		Increasing Short		200,000	0.7240 GBP
1p ordinary		SWAP		Increasing Short		7,220	0.7262 GBP
1p ordinary		SWAP		Increasing Short		263,700	0.7274 GBP
1p ordinary		SWAP		Increasing Short		433	0.7290 GBP
1p ordinary		SWAP		Increasing Short		166,326	0.7314 GBP
1p ordinary		SWAP		Increasing Short		123,700	0.7323 GBP
1p ordinary		SWAP		Increasing Short		15,842	0.7349 GBP
1p ordinary		SWAP		Increasing Short		1,045,812	0.7350 GBP
1p ordinary		SWAP		Increasing Short		5,530	0.7351 GBP
1p ordinary		SWAP		Increasing Short		8,103	0.7353 GBP
1p ordinary		SWAP		Increasing Short		880,457	0.7367 GBP
1p ordinary		SWAP		Increasing Short		96	0.7390 GBP
1p ordinary		SWAP		Increasing Short		336,476	0.7398 GBP
1p ordinary		SWAP		Increasing Short		204,128	0.7399 GBP
1p ordinary		SWAP		Increasing Short		1,835	0.7408 GBP
1p ordinary		SWAP		Increasing Short		21,148	0.7461 GBP
1p ordinary		SWAP		Increasing Short		26,039	0.7470 GBP
1p ordinary		SWAP		Increasing Short		656,757	0.7477 GBP
1p ordinary		SWAP		Increasing Short		258,540	0.7499 GBP
1p ordinary		SWAP		Increasing Short		68,780	0.7502 GBP
1p ordinary		SWAP		Increasing Short		5,666	0.7507 GBP
1p ordinary		SWAP		Increasing Short		140,750	0.7509 GBP
1p ordinary		SWAP		Increasing Short		1,068	0.7515 GBP
1p ordinary		CFD		Opening Long		74,384	0.7475 GBP
1p ordinary		CFD		Decreasing Long		44,702	0.7350 GBP
1p ordinary		CFD		Decreasing Long		16,922	0.7407 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:				30 Jan 2025
Contact name:				Large Holdings Regulatory Operations
Telephone number:				020 3134 7213