ACROW LIMITED — Major Shareholding Notification 2020

Oct 13, 2020

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Acrow Formwork and Construction Services Ltd ACN/ARSN: 36 124 893 465 Source: Australian Business Register

1. Details of substantial holder (1)

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Name:	Perennial Value Management Limited (PVM)
ACN/ARSN (if applicable)	22 090 879 904
There was a change in the interest of the substantial holder on	13 October 2020
The previous notice was given to the company on	11 June 2020
The previous notice was dated	9 June 2020

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2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relavant interest (3)

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----- Start of picture text ----- Class of securities (4) Previous notice Present noticePerson's votes Voting Power (%) (5) Person's votes Voting Power (%) (5)Ordinary 24,578,995 11.33 22,060,205 10.07----- End of picture text -----

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the

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Date of change	Person whose relevant	Nature of change (6)	Consideration given in	Class & number of	Person's votes affected
interest changed	relation to change (7)	securities affected
18/06/2020	[BNP Paribas Securities ]	Sell On the Market	$ 491.51	1,642	1,642
Services
18/06/2020	[National Asset Servicing]	Sell On the Market	$ 757.33	2,530	2,530
18/06/2020	[Northern Trust]	Sell On the Market	$ 1,071.33	3,579	3,579
19/06/2020	[BNP Paribas Securities ]	Sell On the Market	$ 7,904.22	26,309	26,309
Services
19/06/2020	[National Asset Servicing]	Sell On the Market	$	12,178.54	40,536	40,536
19/06/2020	[Northern Trust]	Sell On the Market	$	17,233.71	57,362	57,362
25/06/2020	[BNP Paribas Securities ]	Buy On the Market	$ 56,268.52	187,150	187,150
Services
20/07/2020	[BNP Paribas Securities ]	Sell On the Market	$ 23,548.08	80,000	80,000
Services
22/07/2020	[BNP Paribas Securities ]	Sell On the Market	$ 26,049.57	86,851	86,851
Services
22/07/2020	[National Asset Servicing]	Sell On the Market	$	45,580.37	151,968	151,968
22/07/2020	[Northern Trust]	Sell On the Market	$	35,765.63	119,245	119,245
23/07/2020	[BNP Paribas Securities ]	Sell On the Market	$ 22,552.94	75,193	75,193
Services
23/07/2020	[National Asset Servicing]	Sell On the Market	$	39,462.02	131,569	131,569
23/07/2020	[Northern Trust]	Sell On the Market	$	30,964.59	103,238	103,238
24/07/2020	[BNP Paribas Securities ]	Sell On the Market	$ 47,043.38	157,157	157,157
Services
24/07/2020	[National Asset Servicing]	Sell On the Market	$	73,386.49	245,161	245,161
24/07/2020	[Northern Trust]	Sell On the Market	$ 104,075.13	347,682	347,682
28/07/2020	[BNP Paribas Securities ]	Sell On the Market	$ 4,239.56	14,135	14,135
Services
28/07/2020	[National Asset Servicing]	Sell On the Market	$ 6,613.55	22,050	22,050
28/07/2020	[Northern Trust]	Sell On the Market	$ 9,379.23	31,271	31,271
29/07/2020	[BNP Paribas Securities ]	Sell On the Market	$ 2,215.92	7,388	7,388
Services
29/07/2020	[National Asset Servicing]	Sell On the Market	$ 3,456.44	11,524	11,524
29/07/2020	[Northern Trust]	Sell On the Market	$ 4,902.12	16,344	16,344
27/08/2020	[BNP Paribas Securities ]	Sell On the Market	$ 35,046.10	105,666	105,666
Services
28/08/2020	[BNP Paribas Securities ]	Sell On the Market	$ 5,438.29	16,516	16,516
Services
31/08/2020	[BNP Paribas Securities ]	Sell On the Market	$ 2,798.83	8,500	8,500
Services
1/09/2020	[BNP Paribas Securities ]	Sell On the Market	$ 4,115.92	12,500	12,500
Services
11/09/2020	[National Asset Servicing]	Buy On the Market	$ 736,637.88	2,232,236	2,232,236
11/09/2020	[Northern Trust]	Sell On the Market	$ 736,637.88	2,232,236	2,232,236
16/09/2020	[BNP Paribas Securities ]	Buy On the Market	$ 767,665.96	2,232,236	2,232,236
Services
16/09/2020	[National Asset Servicing]	Sell On the Market	$ 767,665.96	2,232,236	2,232,236
28/09/2020	[BNP Paribas Securities ]	Sell On the Market	$ 50,513.62	135,000	135,000
Services
29/09/2020	[BNP Paribas Securities ]	Sell On the Market	$ 596.07	1,593	1,593
Services
5/10/2020	[BNP Paribas Securities ]	Sell On the Market	$ 15,778.82	42,100	42,100
Services

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6/10/2020	BNP Paribas Securities	Sell On the Market	$	23,362.74	62,438	62,438
	Services
7/10/2020	BNP Paribas Securities	Sell On the Market	$	19,574.60	52,651	52,651
	Services
8/10/2020	BNP Paribas Securities	Sell On the Market	$	198,080.06	536,242	536,242
	Services

4. Present Relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of	Person entitled to be	Nature of relevant	Nature of relevant	Class & number	Class & number	of	Person's votes	Person's votes
	securities	registered as holder (8)	interest (6)		securities (Ord)
Perennial Value ManagementLimited	National Asset Servicing	National Asset Servicing		5,722,546			5,722,546			5,722,546
Perennial Value Management	Northern Trust	Northern Trust		5,962,127			5,962,127			5,962,127
Limited
Perennial Value ManagementLimited	BNP Paribas Securities Services	BNP Paribas SecuritiesServices		10,375,532		10,375,532			10,375,532

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting

Name & ACN Nature of association Not applicable

6. Addresses

The addresses of persons named in this form as as follows:

Name	Address
Perennial Value Management Ltd	Level 27, 88 Phillip StSydney NSW 2000
Acrow Formwork and ConstructionServices Ltd	Acrow Formwork And Construction Services Ltd2A MavisStreet, Revesby, Nsw 2212
SignaturePrint Name	Bill AnastasopoulosCapacity	Company Secretary
Sign Here	Date	14/10/2020

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