The panel’s board said it had not received enough evidence in Nexus’ application to warrant a declaration of unacceptable circumstances.

Anzon walked away with the strategic stake in Nexus following its failed hostile takeover bid in June.

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

Anzon responded by telling the panel that the bonus options were issued as a reward to its shareholders in circumstances where it could not pay dividends.

The panel, however, was not convinced by Anzon’s argument.

“The panel found it difficult to accept that the bonus option issue could be regarded as a reward to Anzon shareholders given the structure of the issue, including the short exercise period and the premium of the initial exercise price over the underlying Anzon share price on the day,” panel director Nigel Morris said.

“On that basis, the panel was concerned that the issue of bonus options appeared to have some other motive.”

As a result, Morris said the panel may have upheld Nexus’ request to freeze Anzon’s voting rights, if the “effect of either of the circumstances complained of … had been different”.