For some reason the * did not work for in the user profile area in applocker. I had to use %OSDRIVE%\Users\%USERPROFILE%\Appdata\Local\Apps\CompanyAPP. Just in case someone has the same issue.
McKnife
You have had success with variables (in this case: %USERPROFILE%) that applocker does not even know?!
I don't think so, it will have another reason (like another rule is in effect).