ACROW LIMITED — Major Shareholding Notification 2023

Jun 15, 2023

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|15 June 2023|
|The previous notice was given to the company on|21 September 2022|
|The previous notice was dated|20 September 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 21,214,257 8.31 25,467,210 9.57
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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|
|23/09/2022|[National Asset Servicing]|Sell on the Market|$|31,764.66|63,039|63,039|
|10/10/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 50,460.00|100,000|100,000|
|10/10/2022|[National Asset Servicing]|Sell on the Market|$|50,460.00|100,000|100,000|
|24/10/2022|[National Asset Servicing]|Sell on the Market|$ 292,241.60|552,615|552,615|
|24/10/2022|[National Asset Servicing]|Sell on the Market|$|77,608.50|146,754|146,754|
|24/10/2022|[National Asset Servicing]|Sell on the Market|$ 158,983.89|300,631|300,631|
|25/10/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 26,558.30|50,000|50,000|
|25/10/2022|[National Asset Servicing]|Buy on the Market|$|1,626.44|3,062|3,062|
|26/10/2022|[National Asset Servicing]|Buy on the Market|$|40,035.85|74,697|74,697|
|27/10/2022|[National Asset Servicing]|Buy on the Market|$|4,907.76|9,697|9,697|
|27/10/2022|[National Asset Servicing]|Buy on the Market|$|3,166.97|6,031|6,031|
|28/10/2022|[National Asset Servicing]|Buy on the Market|$|2,090.54|3,969|3,969|
|10/11/2022|[National Asset Servicing]|Buy on the Market|$|42,155.04|80,510|80,510|
|10/11/2022|[National Asset Servicing]|Buy on the Market|$|1,957.43|3,800|3,800|
|10/11/2022|[National Asset Servicing]|Sell on the Market|$|10,805.01|20,636|20,636|
|10/11/2022|[National Asset Servicing]|Sell on the Market|$|31,350.03|59,874|59,874|
|11/11/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 3,718.16|7,000|7,000|
|11/11/2022|[National Asset Servicing]|Buy on the Market|$|52,769.75|99,347|99,347|
|14/11/2022|[National Asset Servicing]|Sell on the Market|$|34,223.02|63,223|63,223|
|14/11/2022|[National Asset Servicing]|Sell on the Market|$|54,871.69|101,369|101,369|
|14/11/2022|[National Asset Servicing]|Sell on the Market|$|10,073.17|18,609|18,609|
|21/11/2022|[Citicorp Nominees Pty Limited]|Sell on the Market|$ 4,600.79|8,019|8,019|
|22/11/2022|[Citicorp Nominees Pty Limited]|Sell on the Market|$ 129,500.90|228,981|228,981|
|30/11/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 117,052.65|236,470|236,470|
|30/11/2022|[National Asset Servicing]|Buy on the Market|$|68,892.62|139,177|139,177|
|30/11/2022|[National Asset Servicing]|Buy on the Market|$|20,123.73|40,654|40,654|
|30/11/2022|[National Asset Servicing]|Buy on the Market|$|95,060.79|192,042|192,042|
|30/11/2022|[National Asset Servicing]|Buy on the Market|$|3,053.16|6,168|6,168|
|1/12/2022|[National Asset Servicing]|Sell on the Market|$ 190,868.88|335,596|335,596|
|1/12/2022|[National Asset Servicing]|Sell on the Market|$|71,206.43|125,199|125,199|
|1/12/2022|[National Asset Servicing]|Sell on the Market|$ 269,955.86|474,651|474,651|
|15/12/2022|[Citicorp Nominees Pty Limited]|Buy on the Market|$ 17,257.09|28,256|28,256|

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16/12/2022 [Citicorp Nominees Pty Limited] Buy on the Market $ 4,108.00 6,744 6,744
17/01/2023 [Citicorp Nominees Pty Limited] Buy on the Market $ 40,639.41 60,000 60,000
18/01/2023 [National Asset Servicing] Sell on the Market $ 21,264.93 31,514 31,514
19/01/2023 [National Asset Servicing] Sell on the Market $ 66,456.12 98,486 98,486
20/01/2023 [National Asset Servicing] Buy on the Market $ 23,769.50 35,399 35,399
23/01/2023 [National Asset Servicing] Buy on the Market $ 253,148.52 371,509 371,509
23/01/2023 [National Asset Servicing] Buy on the Market $ 43,936.72 64,601 64,601
27/01/2023 [Citicorp Nominees Pty Limited] Buy on the Market $ 2,700.89 4,000 4,000
27/01/2023 [National Asset Servicing] Buy on the Market $ 1,691.75 2,451 2,451
9/02/2023 [National Asset Servicing] Buy on the Market $ 153,751.63 219,257 219,257
9/02/2023 [National Asset Servicing] Buy on the Market $ 37,230.20 53,092 53,092
10/02/2023 [National Asset Servicing] Buy on the Market $ 6,088.54 8,696 8,696
10/02/2023 [National Asset Servicing] Buy on the Market $ 1,473.82 2,105 2,105
14/02/2023 [National Asset Servicing] Buy on the Market $ 846.49 1,209 1,209
14/02/2023 [National Asset Servicing] Buy on the Market $ 3,494.47 4,991 4,991
15/02/2023 [National Asset Servicing] Buy on the Market $ 2,624.17 3,748 3,748
15/02/2023 [National Asset Servicing] Buy on the Market $ 635.74 908 908
16/02/2023 [National Asset Servicing] Buy on the Market $ 8,316.03 12,013 12,013
23/03/2023 [National Asset Servicing] Sell on the Market $ 16,105.81 20,694 20,694
23/03/2023 [National Asset Servicing] Sell on the Market $ 58,585.33 75,275 75,275
23/03/2023 [National Asset Servicing] Sell on the Market $ 80,965.66 104,031 104,031
27/03/2023 [National Asset Servicing] Buy on the Market $ 36,034.10 47,000 47,000
19/04/2023 [National Asset Servicing] Sell on the Market $ 23,812.13 30,000 30,000
26/04/2023 [Citicorp Nominees Pty Limited] Buy on the Market $ 147.55 181 181
2/05/2023 [Citicorp Nominees Pty Limited] Buy on the Market $ 146.81 179 179
2/05/2023 [National Asset Servicing] Sell on the Market $ 3,299.27 4,000 4,000
5/05/2023 [Citicorp Nominees Pty Limited] Buy on the Market $ 50,142.00 60,000 60,000
5/05/2023 [National Asset Servicing] Sell on the Market $ 50,142.00 60,000 60,000
10/05/2023 [National Asset Servicing] Buy on the Market $ 360,792.00 480,000 480,000
10/05/2023 [National Asset Servicing] Buy on the Market $ 15,033.00 20,000 20,000
12/05/2023 [National Asset Servicing] Buy on the Market $ 34,738.57 45,016 45,016
12/05/2023 [National Asset Servicing] Buy on the Market $ 8,801.95 11,406 11,406
15/05/2023 [National Asset Servicing] Buy on the Market $ 94,487.89 122,841 122,841
15/05/2023 [National Asset Servicing] Buy on the Market $ 23,941.00 31,125 31,125
22/05/2023 [National Asset Servicing] Buy on the Market $ 117,731.36 158,876 158,876
22/05/2023 [National Asset Servicing] Buy on the Market $ 30,473.98 41,124 41,124
24/05/2023 [BNP Paribas Securities ] Buy on the Market $ 25,432.35 33,994 33,994
Services
24/05/2023 [National Asset Servicing] Buy on the Market $ 63,417.04 84,766 84,766
24/05/2023 [Northern Trust] Buy on the Market $ 83,839.82 112,064 112,064
25/05/2023 [BNP Paribas Securities ] Buy on the Market $ 26,426.40 35,186 35,186
Services
25/05/2023 [National Asset Servicing] Buy on the Market $ 65,894.76 87,737 87,737
25/05/2023 [Northern Trust] Buy on the Market $ 87,114.90 115,991 115,991
26/05/2023 [BNP Paribas Securities ] Buy on the Market $ 30,725.66 39,508 39,508
Services
26/05/2023 [National Asset Servicing] Buy on the Market $ 76,616.61 98,516 98,516
26/05/2023 [Northern Trust] Buy on the Market $ 101,288.58 130,240 130,240
29/05/2023 [BNP Paribas Securities ] Buy on the Market $ 3,984.82 5,033 5,033
Services
29/05/2023 [National Asset Servicing] Buy on the Market $ 9,936.31 12,550 12,550
29/05/2023 [Northern Trust] Buy on the Market $ 13,136.52 16,592 16,592
31/05/2023 [BNP Paribas Securities ] Buy on the Market $ 37,824.89 48,387 48,387
Services
31/05/2023 [National Asset Servicing] Buy on the Market $ 94,317.94 120,655 120,655
31/05/2023 [Northern Trust] Buy on the Market $ 124,690.73 159,509 159,509
15/06/2023 [BNP Paribas Securities ] Buy on the Market $ 42,556.17 56,666 56,666
Services
15/06/2023 [BNP Paribas Securities ] Buy on the Market $ 322,044.44 428,450 428,450
Services
15/06/2023 [National Asset Servicing] Buy on the Market $ 105,767.84 140,836 140,836
15/06/2023 [National Asset Servicing] Buy on the Market $ 800,261.46 1,064,673 1,064,673
15/06/2023 [National Asset Servicing] Sell on the Market $ 147,177.98 195,976 195,976
15/06/2023 [National Asset Servicing] Sell on the Market $ 173,583.89 231,137 231,137
15/06/2023 [Northern Trust] Buy on the Market $ 1,302,569.62 1,732,947 1,732,947
15/06/2023 [Northern Trust] Buy on the Market $ 172,437.86 229,611 229,611
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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:

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)

Perennial Limited	Value	Management	National Asset Servicing	National Asset Servicing	14,353,662	14,353,662	14,353,662
Perennial	Value	Management	Northern Trust	Northern Trust	2,496,954	2,496,954	2,496,954
Limited
Perennial Limited	Value	Management	BNP Paribas Securities Services	BNP Paribas Securities Services	647,224	647,224	647,224
Perennial Limited	Value	Management	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	7,969,370	7,969,370	7,969,370

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:

Name		Address
Perennial Value Management Ltd	Level 27, 88 Phillip St
	Sydney NSW 2000
Acrow Formwork and	2A Mavis Street, Revesby, Nsw 2212
Construction Services Ltd

Signature

Print	Name Bill Anastasopoulos Capacity Company Secretary
Sign	Date 16/06/2023 Here

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