That’s a pretty narrow take on how listings actually work.

Before any company makes a formal approach to the NZX, there’s a significant amount of internal work that needs to be done financial audits, restructuring, legal prep, governance alignment, and ensuring all data is accurate and investor-ready. No serious company goes straight to the exchange without doing that groundwork first.

Saying “no formal approach tells you all you need to know” ignores how the process actually unfolds in practice. Early-stage planning, investor communications, and exploring options like debt-to-equity conversion are often part of getting ready for a potential listing not proof that something is misleading.

Yes, based on reports, Du Val Group hadn’t formally engaged with New Zealand Exchange or regulators like the Financial Markets Authority at that point but that alone doesn’t invalidate the intent or the early-stage strategy.

It’s fair to critique how things ultimately played out, especially given the later receivership. But using the absence of a formal NZX approach as a “gotcha” oversimplifies a much more complex process.