Signal lost when Galaxy Nexus is in Standby/idle - Android 4.0.4 Only

Phone: Samsung Galaxy Nexus
Version: GSM
OS: Android 4.0.4
Build: IMM76D
Baseband: I9250XXLA2

When the phone enters standby, and nothing is using much CPU in the background, cellular signal is lost until phone is brought out of standby.

Steps to reproduce the problem.
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* Place phone into standby by pressing power button.
* Wait around 2 minutes.
* Bring phone out of standby. You will notice that the signal display shows no signal. Within a few seconds signal is restored and the phone is able to place and receive calls again.

Further information.
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Experimentation suggests that raising the minimum CPU speed from 350mhz to 700mhz resolves the behaviour, however this requires root access to the phone. Without root access, I have been unable to resolve the issue.

If a process is using CPU time in the background, such as Google Plus instant upload, then the loss of signal is deferred until the background processing has ceased.

Cell strength is excellent in the areas of testing, and I have tested it in multiple areas to ensure it is unlikely to be a cell problem.

This behaviour was not evident in 4.0.2 pre-upgrade.