Anzon’s hostile bid for Nexus failed early last month, but the former walked away with a strategic stake, which it said it wanted to use to “work constructively with the Nexus board”.

But Nexus argued in its application to the panel that Anzon’s announcement of bonus options created a false market in Anzon shares during the offer period.

As a result, Nexus wants the panel to order withdrawal rights for shareholders who accepted Anzon’s offer and to also freeze the voting rights of the relevant holders.

The panel has not decided whether to start proceedings but has assembled a sitting panel to consider the application.

In a letter to the Australian Stock Exchange today, Anzon rejected Nexus’ claims and described as “unusual” the issue raised about the bonus options.

“At all times the pricing of the bonus options had been clearly stated in all ASX announcements made by Anzon,” managing director Steven Koroknay said.

“If Anzon Australia...were considering its position with respect to the Nexus takeover, the bonus options issue would have been offered at a discount to the Anzon share price to entire Nexus shareholders to accept the offer, not at a premium as was the case.”

Koroknay said he questioned Nexus’ motives in its application to the panel and was “unsure as to who benefits from the action taken; it certainly does not benefit the existing Nexus shareholders”.