IMO it is an open and shut case....
Phil wrote to Opes on behalf of Panopus on 20 March, requesting the release of the Admiralty shares. On 25 March, Opes directed ANZ Bank or ANZ Nominees to transfer the shares back to Panopus. But ANZ Bank or ANZ Nominees stopped the transfer. On 28 March Opes went into administration.
If you work out how many shares anz has left I think you will find it exactly covers the Panopus shares. (Except for the left over bodged up dump job today! I expect they will get snapped up tomorrow.)
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