ACROW LIMITED — Major Shareholding Notification 2022

Mar 27, 2022

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|24 March 2022|
|The previous notice was given to the company on|15 February 2022|
|The previous notice was dated|14 February 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 22,563,422 8.87 25,172,301 9.90
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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|
|18/02/2022|[BNP Paribas Securities ]|Sell On the market|$ 1,594,175.14|3,190,903|3,190,903|
|Services|
|18/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 2,694,794.44|5,393,904|5,393,904|
|18/02/2022|[National Asset Servicing]|Buy On the Market|$ 4,599,720.28|9,206,806|9,206,806|
|18/02/2022|[National Asset Servicing]|Buy On the Market|$ 558,134.14|1,117,162|1,117,162|
|18/02/2022|[National Asset Servicing]|Buy On the Market|$ 182,998.98|366,291|366,291|
|18/02/2022|[National Asset Servicing]|Sell On the market|$ 3,459,004.58|6,923,548|6,923,548|
|18/02/2022|[Northern Trust]|Sell On the market|$ 2,982,468.12|5,969,712|5,969,712|
|21/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 63,940.80|125,542|125,542|
|22/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 208,236.31|407,570|407,570|
|23/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 147,325.71|288,636|288,636|
|24/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 107,021.96|211,125|211,125|
|25/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 184,004.33|361,347|361,347|
|28/02/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 34,906.29|67,434|67,434|
|2/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 23,988.32|46,477|46,477|
|4/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 58,319.77|108,143|108,143|
|8/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 184,154.25|350,000|350,000|
|9/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 19,843.56|40,000|40,000|
|11/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 61,334.64|120,000|120,000|
|14/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 11,789.03|23,065|23,065|
|21/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 32,212.29|62,998|62,998|
|22/03/2022|[Citicorp Nominees Pty Limited]|Buy On the Market|$ 3,508.70|7,002|7,002|
|23/03/2022|[National Asset Servicing]|Buy On the Market|$|63,635.22|125,139|125,139|
|23/03/2022|[National Asset Servicing]|Buy On the Market|$|68,520.02|134,745|134,745|
|23/03/2022|[National Asset Servicing]|Buy On the Market|$|18,340.66|36,067|36,067|
|24/03/2022|[National Asset Servicing]|Buy On the Market|$|36,994.26|72,650|72,650|
|24/03/2022|[National Asset Servicing]|Buy On the Market|$|10,662.38|20,939|20,939|

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4. Present Relevant Interests

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

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|---|---|---|---|---|---|
|Holder of relevant interest|Registered holder of|Person entitled to be|Nature of relevant|Class & number of|Person's votes|
|securities|registered as holder (8)|interest (6)|securities (Ord)|

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Perennial Limited	Value	Management	National Asset Servicing	National Asset Servicing	17,559,058	17,559,058	17,559,058
Perennial Limited	Value	Management	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	7,613,243	7,613,243	7,613,243

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:

Name & ACN Nature of association Not applicable

6. Addresses

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

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	25/03/2022

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