Okay. Malfeasance just means criminal, I'm asking for motive but...

Okay. Malfeasance just means criminal, I'm asking for motive but like I said, I think I'll just step outside and get blood out of a stone, should be easier.
If someone wants to wrought investors, they do what 1pg did, they don't establish a production to sale chain employing hundreds of people and then not float because they want their millions of shares to be worthless.
My opinion on why they haven’t floated yet is because they were not considered a strong enough company to be traded. The requirements for floating are quite high and likely they were not able to meet them.

https://www2.asx.com.au/listings/how-to-list/listing-requirements