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Barclays Capital Securities Ltd, an exempt principal trader connected to Dowlais Group PLC and also making disclosures for American Axle & Manufacturing Holdings, Inc., filed a Form 8.5 on 14 January 2026. This disclosure details its opening positions and dealings in Dowlais Group PLC's 1p ordinary shares as of 13 January 2026. On that date, Barclays Capital Securities Ltd held total interests of 34,253,323 shares (2.60%) and total short positions of 35,033,344 shares (2.66%), with dealings including purchases of 374,603 shares and sales of 965,203 shares, alongside various cash-settled derivative transactions.
| Date | 14 Jan 2026 |
| Time | 09:35:10 |
| Category | Holding(s) in company |
| ID | 8760O |
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FORM 8.5 (EPT/NON-RI) |
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PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN |
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EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS |
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(OR WHERE RI STATUS IS NOT APPLICABLE) |
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Rule 8.5 of the Takeover Code (the "Code") |
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1. |
KEY INFORMATION |
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(a) |
Name of exempt principal trader: |
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BARCLAYS CAPITAL SECURITIES LTD |
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(b) |
Name of offeror/offeree in relation to whose |
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DOWLAIS GROUP PLC |
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relevant securities this form relates: |
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(c) |
Name of the party to the offer with which exempt |
DOWLAIS GROUP PLC |
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principal trader is connected |
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(d) |
Date position held/dealing undertaken: |
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13 Jan 2026 |
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(e) |
In addition to the company in 1(b) above, is the exempt principal |
YES: |
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trader making disclosures in respect of any other party to the offer? |
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. |
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2. |
POSITIONS OF THE EXEMPT PRINCIPAL TRADER |
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(a) |
Interests and short positions in the relevant securities of the offeror or offeree |
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to which the disclosure relates following the dealing (if any) |
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Class of relevant security: |
1p ordinary |
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Interests |
Short Positions |
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Number |
(%) |
Number |
(%) |
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(1) |
Relevant securities owned |
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and/or controlled: |
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33,844,572 |
2.57% |
1,314,079 |
0.10% |
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(2) |
Cash-settled derivatives: |
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and/or controlled: |
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408,751 |
0.03% |
33,719,265 |
2.56% |
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(3) |
Stock-settled derivatives (including options) |
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and agreements to purchase/sell: |
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0 |
0.00% |
0 |
0.00% |
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TOTAL: |
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34,253,323 |
2.60% |
35,033,344 |
2.66% |
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(b) |
Rights to subscribe for new securities (including directors and other executive |
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options) |
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Class of relevant security in relation to |
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which subscription right exists |
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Details, including nature of the rights |
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concerned and relevant percentages: |
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3. |
DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER |
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(a) |
Purchases and sales |
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Class of relevant |
Purchase/sale |
Total number of |
Highest price per unit |
Lowest price per unit |
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security |
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securities |
paid/received |
paid/received |
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1p ordinary |
Purchase |
374,603 |
0.9395 GBP |
0.9110 GBP |
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1p ordinary |
Sale |
965,203 |
0.9395 GBP |
0.9140 GBP |
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(b) |
Cash-settled derivative transactions |
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Class of |
Product |
Nature of dealing |
Number of |
Price per |
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relevant |
description |
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reference |
unit |
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security |
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securities |
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1p ordinary |
SWAP |
Decreasing Short |
1,379 |
0.9204 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
13,979 |
0.9210 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
47,453 |
0.9231 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
30,395 |
0.9245 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
60,000 |
0.9259 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
267,400 |
0.9260 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
103,246 |
0.9276 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
83,636 |
0.9278 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
15 |
0.9279 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
7,960 |
0.9290 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
10,793 |
0.9322 GBP |
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1p ordinary |
SWAP |
Decreasing Short |
22,875 |
0.9395 GBP |
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1p ordinary |
SWAP |
Increasing Short |
35,167 |
0.9246 GBP |
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1p ordinary |
SWAP |
Increasing Short |
39,700 |
0.9395 GBP |
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1p ordinary |
CFD |
Decreasing Short |
3 |
0.9300 GBP |
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1p ordinary |
CFD |
Decreasing Short |
21,898 |
0.9381 GBP |
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1p ordinary |
CFD |
Decreasing Short |
104,565 |
0.9394 GBP |
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1p ordinary |
CFD |
Decreasing Short |
27,001 |
0.9395 GBP |
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1p ordinary |
CFD |
Increasing Short |
48,902 |
0.9202 GBP |
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1p ordinary |
CFD |
Increasing Short |
12,516 |
0.9298 GBP |
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1p ordinary |
CFD |
Increasing Short |
59,633 |
0.9394 GBP |
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(c) |
Stock-settled derivative transactions (including options) |
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(i) |
Writing, selling, purchasing or varying |
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Class |
Product |
Writing, |
Number |
Exercise |
Type |
Expiry |
Option |
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of |
description |
purchasing, |
of |
price |
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date |
money |
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relevant |
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selling, |
securities |
per unit |
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paid/ |
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security |
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varying etc |
to which |
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received |
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option |
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per unit |
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relates |
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(ii) |
Exercising |
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Class of relevant |
Product description |
Exercising/ exercised against |
Number of |
Exercise price per |
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security |
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securities |
unit |
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(d) |
Other dealings (including subscribing for new securities) |
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Class of relevant |
Nature of Dealings |
Details |
Price per unit (if |
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security |
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applicable) |
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4. |
OTHER INFORMATION |
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(a) |
Indemnity and other dealings arrangements |
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Details of any indemnity or option arrangement, or any agreement or understanding, |
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formal or informal, relating to relevant securities which may be an inducement to deal |
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or refrain from dealing entered into by the exempt principal trader making the disclosure and any party |
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to the offer or any person acting in concert with a party to the offer: |
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NONE |
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(b) |
Agreements, arrangements or understandings relating to options or derivatives |
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Details of any agreement, arrangement or understanding, formal or informal, between |
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the exempt principal trader making the disclosure and any other person relating to: |
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(i) the voting rights of any relevant securities under any option; or |
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(ii) the voting rights of future acquisition or disposal of any relevant securities to which |
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any derivative is referenced: |
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NONE |
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(c) |
Attachments |
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Is a Supplemental Form 8 (Open Positions) attached? |
NO |
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Date of disclosure: |
14 Jan 2026 |
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Contact name: |
Large Holdings Regulatory Operations |
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Telephone number: |
020 3134 7213 |
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