Applications which are launched as part of a VBA script from a DFS path (Typically seen with Microsoft Office Excel) are denied when the application executable name within the VBA script is not suffixed with ".exe" , see the example VBA script below which simply opens an additional ".xlsx" file in Microsoft Office Excel.
Dim x As Variant
x = Shell("excel """ + ActiveWorkbook.Path + "\Test.xlsx""", vbNormalFocus)
Due to the lack of ".exe" after the executable name Application Manager is unable to verify the existence of the file. As the file cannot be found Application Manager is unable to determine the file(s) owner and therefore assumes the file is not owned by a Trusted Owner, this results in the execution request being denied. A Rules Analyser log would show no owner for the execution request followed by a deny.
Overall Result: Deny
Reason: Trusted Ownership
Ensure that the executable in the VBA script is suffixed with ".exe".