ACROW LIMITED — Capital/Financing Update 2024

Jun 20, 2024

ASX Announcement

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21 June 2024

ACROW LIMITED SECURES RENEWAL OF $16 MILLION CONTRACT WITH VISY FOR INDUSTRIAL SCAFFOLD SERVICES

Acrow Limited (ASX: ACF) (“Acrow” or “the Company”) is pleased to announce the successful renewal of a key contract with Visy, a leading industrial player. The agreement ensures that Acrow will continue to provide industrial scaffold services to the Visy Tumut facility during its annual shutdown program. This renewal solidifies the Company's position as a key service provider in the industrial services access scaffold sector.

With a contract term of five years and a total value amounting to approximately $16 million, this partnership underscores the strong relationship between Acrow and Visy. The contract not only demonstrates the trust Visy places in Acrow’s capabilities but also highlights the exceptional quality of service provided by the Acrow Industrial division.

Acrow is also pleased to share an update on its Industrial Services division performance. The recent acquisitions of MI Scaffold and Benchmark Scaffolding have been performing exceptionally well, contributing to the overall growth and success of the division.

Looking ahead, the Company is committed to pursuing further growth opportunities in the upcoming financial year. The Company is adopting a proactive approach, leveraging both organic growth strategies and potential merger and acquisition opportunities to expand its market presence and enhance its service offerings.

Commenting on the announcement, CEO, Steven Boland said: “this renewal of contract and the positive performance further reinforce Acrow’s commitment to delivering excellence in the industrial services sector. The Company remains dedicated to providing premium services, fostering strong partnerships, and driving continual growth and innovation within the industry.”

This release was approved by the Acrow Board of Directors.

-ENDS-

About Acrow

Acrow Limited (ASX: ACF) is a leading provider of smart integrated construction systems across formwork, industrial services and commercial scaffolding in Australia. Enhancing our portfolio are falsework and shoring, screen solutions, Jacking Systems (also known as Jumpform), and internal engineering capabilities.

With over 80 years of experience, Acrow has grown from a small local business to a national leader in the construction industry. Our journey is marked by continuous innovation, expansion, and a vision to set the national standard in engineered industrial and construction services. We’re committed to removing barriers to success for construction and industrial professionals through our smart solutions, can do attitude, and strong partnerships.

Operating in 10 locations with over 60,000 tonnes of equipment, Acrow aims to expand its presence in Australia’s civil infrastructure market. Our national network with local expertise ensures efficient project delivery while adhering to best practices. To learn more, please visit: www.acrow.com.au

For further information, please contact:

Steven Boland Andrew Crowther Managing Director Chief Financial Officer

Acrow Formwork and Construction Services Limited. C/- Level 5, 126 Phillip Street, Sydney NSW 2000

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ASX Announcement

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Ph: +61 (02) 9780 6500

Ph: +61 (02) 9780 6500

Appendix

Details of Underwriting Agreement (ASX Listing Rule 3.10.9)

Name of Underwriter	Morgans Corporate Limited(ABN32 010 539 607)
Extent of Underwriting	Fullyunderwritten
Underwritten Amount	$7.6 million
Fee, commissions or otherconsideration payable to theUnderwriter	Cash underwriting fee of 3.0% (exclusive of GST) of theUnderwritten Amount.In accordance with the terms of the DRP, shares will beissued under the DRP at a 2.5% discount to the shareprice based on a 10-day VWAP commencing 2 May 2024,being $1.1445. This discounted share price will apply tothe shares applied for by the Underwriter in accordancewith the terms of the UnderwritingAgreement.
Summary of significant eventsthat could lead to theunderwriting being terminated	Morgans may, without cost or liability to itself by notice inwriting, upon or at any time prior to 5.00 pm on theShortfall Settlement Date terminate its obligations underthis Agreement if:(a) (suspension): Acrow is removed from the officiallist of ASX or the Shares become suspended fromofficial quotation by ASX (even it that suspension islifted following such suspension);(b) (solvent): any of Acrow or its controlled entities(each aGroup Member) is or becomes insolvent,or suspends payment of its debts generally, or anevent described in section 652C(2) of theCorporations Act exists or occurs in relation to aGroup Member; or circumstances arise or mayreasonably be expected to arise, as a result ofwhich, a Group Member may cease to be solvent orable to pay its debts as and when they fall due oran event described in section 652C(2) may occur inrelation to a Group Member;(c) (index fall): the ASX All Ordinaries Index is, at anytime during the period commencing on the close ofbusiness on the date of this Agreement and endingon the close of business on the Shortfall SettlementDate, 10% or more below its level as at the close ofbusiness on the date of this Agreement;(d) (restriction on allotment): Acrow is preventedfrom allotting and issuing the Shortfall Shareswithin the time required by this Agreement, underthe Corporations Act, the Listing and Market Rules,any statute, regulation or order of a court ofcompetentjurisdiction,byASIC,ASX or any

Acrow Formwork and Construction Services Limited. C/- Level 5, 126 Phillip Street, Sydney NSW 2000

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governmental or semi-governmental agency or authority;

• (e) ( ASIC or other prosecution ): ASIC gives notice of any deficiency in the Offer or related documents or ASIC gives notice of an intention to hold a hearing, examination or investigation in connection with the Offer or of Acrow which is not resolved by the Allotment Date;

• (f) ( Timetable ): there is a delay in any specified date in the Timetable which is greater than 5 Business Days without the consent of Morgans;

• (g) ( Fraud ): Acrow or any of their respective directors or officers (as those terms are defined in the Corporations Act) are engaged, or have engaged, in any fraudulent conduct or activity whether or not in connection with the Offer;

• (h) ( Withdrawal ): Acrow withdraws the Offer or indicates that it does not intend to proceed with the Offer or any part of the Offer;

• (i) ( change to Acrow ): Acrow alters the issued capital of Acrow or disposes or attempts to dispose of a substantial part (directly or indirectly) of the business or property of Acrow, without the prior written consent of Morgans;

• (j) ( representations and warranties ): a representation, warranty, undertaking or obligation contained in this Agreement on the part of Acrow is breached, becomes not true or correct or is not performed;

• (k) ( breach ): Acrow defaults on any of its obligations under this Agreement;

• (l) ( constitution ): Acrow varies any term of its Constitution without the prior written consent of Morgans.

Acrow Formwork and Construction Services Limited. C/- Level 5, 126 Phillip Street, Sydney NSW 2000

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