Warning: Your Mileage Will Likely Vary
On my system(excel 2010 - 32bit) and test xlsx this command pops two different dialogs:
+ if a picture(shape) is selected the dialog is almost the same as what you have take a screenshot of, except that the last option instead reads "Use document resolution"
+ if a picture is not selected it shows a completely different dialog
The SendKeys statement sends key strokes to the active application which in this case is Excel.
"%e" is alt+e, and "~" is enter, I'm assuming these are hotkeys for an earlier version of Excel; likewise "%w" alt+w should probably be "%(jpm)" which would be the hotkey
to launch the same dialog as what the highlighted line does.
The problem on my test run was that once the dialog pops, it freezes the VBA run until it gets resolved(OK/Cancel) so there was no way to control the options...
My terrible solution was to use the false option right before popping the dialog in the hopes that the keys sent to the application would arrive after the dialog is shown and thus be consumed by the dialog itself
this seemed to work at least in my test case, but having one bit of code out race another is not exactly good practice
Bookmarks