How to properly apply shape keyed mesh to bezier circle

Hi again,

Been busy with the GX Audio Visualizer. Now i would like to apply the shape keyed mesh to bezier circle. But after applying the animation it isn’t how its supposed to be anymore. Can anyone tell me how to properly apply the two modifiers, or what i am doing wrong? Please have a look at the file i added to this post.

Thx!

c1.blend (469 KB)

What kind of animation are you trying to create? Why bezier circle?

It should look like how it is before the modifiers are applied.