ACROW LIMITED — Major Shareholding Notification 2022

Sep 20, 2022

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

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|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|20 September 2022|
|The previous notice was given to the company on|25 March 2022|
|The previous notice was dated|24 March 2022|

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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) in when last required, and when now required to give a substantial holding notice to the company or scheme, are as follows:

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Class of securities (4) Previous notice Present notice
Person's votes Voting Power (%) (5) Person's votes Voting Power (%) (5)
Ordinary 25,172,301 9.90 21,214,257 8.31
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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 substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

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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|
|25/03/2022|[National Asset Servicing]|Buy on the Market|$ 39,100.91|77,014|77,014|
|25/03/2022|[National Asset Servicing]|Buy on the Market|$ 11,269.68|22,197|22,197|
|28/03/2022|[National Asset Servicing]|Buy on the Market|$ 432.07|847|847|
|28/03/2022|[National Asset Servicing]|Buy on the Market|$ 1,498.71|2,938|2,938|
|21/04/2022|[National Asset Servicing]|Buy on the Market|$ 61,009.81|119,858|119,858|
|26/04/2022|[National Asset Servicing]|Buy on the Market|$ 22,518.78|42,395|42,395|
|11/05/2022|[National Asset Servicing]|Buy on the Market|$ 10,176.22|21,604|21,604|
|13/05/2022|[National Asset Servicing]|Buy on the Market|$ 3,450.22|7,484|7,484|
|13/05/2022|[National Asset Servicing]|Buy on the Market|$ 10,450.69|22,669|22,669|
|13/05/2022|[National Asset Servicing]|Buy on the Market|$ 563.35|1,222|1,222|
|16/05/2022|[National Asset Servicing]|Buy on the Market|$ 8,039.61|17,504|17,504|
|17/05/2022|[National Asset Servicing]|Buy on the Market|$ 83,062.98|172,668|172,668|
|17/05/2022|[National Asset Servicing]|Buy on the Market|$ 340.11|707|707|
|20/05/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 7,140.68|15,000|15,000|
|25/05/2022|[National Asset Servicing]|Sell on the Market|$ 20,574.09|45,821|45,821|
|25/05/2022|[National Asset Servicing]|Sell on the Market|$ 176,027.64|392,035|392,035|
|25/05/2022|[National Asset Servicing]|Sell on the Market|$ 117,278.27|261,193|261,193|
|27/05/2022|[National Asset Servicing]|Sell on the Market|$ 189,100.76|411,995|411,995|
|27/05/2022|[National Asset Servicing]|Sell on the Market|$ 34,286.41|74,700|74,700|
|27/05/2022|[National Asset Servicing]|Sell on the Market|$ 41,224.01|89,815|89,815|
|10/06/2022|[National Asset Servicing]|Buy on the Market|$ 14,658.76|31,455|31,455|
|10/06/2022|[National Asset Servicing]|Buy on the Market|$ 8,658.25|18,579|18,579|
|14/06/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 9,684.17|22,232|22,232|
|14/06/2022|[National Asset Servicing]|Buy on the Market|$ 29,293.58|67,132|67,132|
|14/06/2022|[National Asset Servicing]|Buy on the Market|$ 49,594.69|113,656|113,656|
|15/06/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 1,218.18|2,768|2,768|
|15/06/2022|[National Asset Servicing]|Buy on the Market|$ 15,395.75|34,599|34,599|
|21/06/2022|[National Asset Servicing]|Buy on the Market|$ 14,402.45|32,661|32,661|
|22/06/2022|[National Asset Servicing]|Buy on the Market|$ 73,130.01|163,749|163,749|
|27/06/2022|[National Asset Servicing]|Buy on the Market|$ 5,488.93|11,676|11,676|
|27/06/2022|[National Asset Servicing]|Buy on the Market|$ 2,538.09|5,399|5,399|
|28/06/2022|[National Asset Servicing]|Buy on the Market|$ 1,193.21|2,410|2,410|
|28/06/2022|[National Asset Servicing]|Buy on the Market|$ 2,580.02|5,211|5,211|
|29/06/2022|[National Asset Servicing]|Buy on the Market|$ 55,430.82|113,758|113,758|
|29/06/2022|[National Asset Servicing]|Buy on the Market|$ 853.21|1,751|1,751|
|29/06/2022|[National Asset Servicing]|Buy on the Market|$ 1,845.78|3,788|3,788|
|30/06/2022|[National Asset Servicing]|Buy on the Market|$ 105,332.22|210,202|210,202|
|30/06/2022|[National Asset Servicing]|Buy on the Market|$ 3,507.20|6,999|6,999|
|30/06/2022|[National Asset Servicing]|Buy on the Market|$ 1,621.56|3,236|3,236|
|1/07/2022|[Citicorp Nominees Pty Limited]|Sell on the Market|$ 264,417.00|500,000|500,000|
|6/07/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 102,210.28|200,444|200,444|
|7/07/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 95,065.73|187,021|187,021|

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8/07/2022	Citicorp Nominees Pty Limited	Buy on the Market	$	2,469.74	4,832	4,832
19/07/2022	Citicorp Nominees Pty Limited	Buy on the Market	$	49,016.17	100,000	100,000
21/07/2022	National Asset Servicing	Sell on the Market	$	197,029.21	402,987	402,987
21/07/2022	National Asset Servicing	Sell on the Market	$	277,721.87	568,029	568,029
26/07/2022	National Asset Servicing	Buy on the Market	$	3,169.19	6,337	6,337
26/07/2022	National Asset Servicing	Sell on the Market	$	4,848.93	10,000	10,000
28/07/2022	National Asset Servicing	Buy on the Market	$	22,561.27	46,118	46,118
1/08/2022	National Asset Servicing	Sell on the Market	$	19,250.80	39,296	39,296
9/08/2022	Citicorp Nominees Pty Limited	Buy on the Market	$	3,975.35	7,889	7,889
10/08/2022	Citicorp Nominees Pty Limited	Buy on the Market	$	3.53	7	7
11/08/2022	Citicorp Nominees Pty Limited	Buy on the Market	$	52.53	104	104
12/08/2022	National Asset Servicing	Buy on the Market	$	98,246.55	198,194	198,194
17/08/2022	National Asset Servicing	Buy on the Market	$	76,671.86	153,310	153,310
24/08/2022	National Asset Servicing	Buy on the Market	$	17,970.81	33,274	33,274
24/08/2022	National Asset Servicing	Buy on the Market	$	60,239.52	111,537	111,537
24/08/2022	National Asset Servicing	Buy on the Market	$	71,231.89	131,890	131,890
29/08/2022	National Asset Servicing	Sell on the Market	$	808,218.00	1,500,000	1,500,000
5/09/2022	National Asset Servicing	Sell on the Market	$	1,044.77	2,000	2,000
12/09/2022	National Asset Servicing	Buy on the Market	$	54,824.86	107,369	107,369
13/09/2022	National Asset Servicing	Buy on the Market	$	29,036.62	56,258	56,258
15/09/2022	National Asset Servicing	Sell on the Market	$	50,988.78	100,000	100,000
20/09/2022	National Asset Servicing	Sell on the Market	$	959,936.26	1,905,055	1,905,055
20/09/2022	National Asset Servicing	Sell on the Market	$	188,993.65	375,070	375,070

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	of	Person's votes	Person's votes
	securities	registered as holder (8)	interest (6)		securities (Ord)
Perennial Value Management Limited	National Asset Servicing	National Asset Servicing		13,560,717		13,560,717		13,560,717
Perennial Value Management Limited	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited		7,653,540		7,653,540			7,653,540

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 interests in the company or scheme are as follows:

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Name & ACN Nature of association
Not applicable
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6. Addresses

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

Name	Address
Perennial Value Management Ltd	Level 27, 88 Phillip St Sydney NSW 2000
Acrow Formwork and Construction Services Ltd	Acrow Formwork And Construction Services Ltd2A Mavis Street, Revesby, Nsw 2212
Signature Print Name	Bill Anastasopoulos Capacity	Company Secretary
Sign Here	Date	21/09/2022

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