ACROW LIMITED — Major Shareholding Notification 2020

Mar 16, 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) 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 March 2020 The previous notice was given to the company on 18 December 2019 The previous notice was dated 16 December 2019

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

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting Power(%) (5)	Person's votes	Voting Power(%) (5)
Ordinary	24,243,681	11.77	26,343,577	12.79

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

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class & number of securities affected	Person's votes affected
14/01/2020	BNP Paribas Securities Services	Sell On the Market	21,331.66 $	61,082	61,082
14/01/2020	National Asset Servicing	Sell On the Market	52,556.32 $	150,492	150,492
14/01/2020	Northern Trust	Sell On the Market	46,616.62 $	133,484	133,484
17/01/2020	Northern Trust	Sell On the Market	55,511.48 $	154,584	154,584
13/02/2020	Northern Trust	Sell On the Market	10,861.98 $	31,526	31,526
14/02/2020	Northern Trust	Sell On the Market	17,212.05 $	50,000	50,000
21/02/2020	Northern Trust	Sell On the Market	50,831.66 $	147,663	147,663
26/02/2020	National Asset Servicing	BuyOn the Market	47,181.93 $	152,747	152,747
26/02/2020	Northern Trust	BuyOn the Market	31,660.14 $	102,567	102,567
27/02/2020	BNP Paribas Securities Services	Buy On the Market	95,492.31 $	342,251	342,251
27/02/2020	National Asset Servicing	BuyOn the Market	144,058.05 $	516,314	516,314
27/02/2020	Northern Trust	BuyOn the Market	182,411.94 $	653,777	653,777
9/03/2020	BNP Paribas Securities Services	Buy On the Market	11,865.95 $	44,311	44,311
9/03/2020	National Asset Servicing	BuyOn the Market	21,266.37 $	79,415	79,415
10/03/2020	BNP Paribas Securities Services	Buy On the Market	2,794.97 $	10,329	10,329
10/03/2020	National Asset Servicing	BuyOn the Market	4,124.12 $	15,241	15,241
10/03/2020	Northern Trust	BuyOn the Market	5,576.40 $	20,608	20,608
11/03/2020	BNP Paribas Securities Services	Buy On the Market	35,733.99 $	123,120	123,120
11/03/2020	National Asset Servicing	BuyOn the Market	52,727.37 $	181,670	181,670
11/03/2020	Northern Trust	BuyOn the Market	71,293.84 $	245,640	245,640
12/03/2020	BNP Paribas Securities Services	Buy On the Market	10,083.51 $	39,361	39,361
12/03/2020	National Asset Servicing	BuyOn the Market	14,803.54 $	57,785	57,785
12/03/2020	Northern Trust	BuyOn the Market	20,085.11 $	78,402	78,402
13/03/2020	BNP Paribas Securities Services	Buy On the Market	9,184.18 $	37,712	37,712
13/03/2020	National Asset Servicing	BuyOn the Market	12,970.65 $	53,260	53,260
13/03/2020	Northern Trust	BuyOn the Market	18,074.41 $	74,217	74,217

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 securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class & number of securities (Ord)	Person's votes
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing	12,974,593	12,974,593	12,974,593
Perennial Value Management Limited	Northern Trust	Northern Trust	9,021,418	9,021,418	9,021,418

Perennial Value Management BNP Paribas Securities Services[BNP Paribas Securities ] 4,347,566 4,347,566 4,347,566 Limited Services

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 St
	SydneyNSW 2000
Acrow Formwork and	Acrow Formwork And Construction Services Ltd2A Mavis
Construction Services Ltd	Street,Revesby,Nsw 2212
Signature
Print Name	Bill Anastasopoulos	Capacity	Company Secretary
Sign Here		Date	17/03/2020

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