The team behind Nadia Lim say "one has to wonder why he even bothered" after receiving a two line apology from rich lister Simon Henry.
Henry, chief executive of chemical company DGL, made derogatory comments about Lim, her appearance, and her role in the promotion of the food company's sharefloat last year.
The two companies floated and listed on the NZX about the same time, and Henry made the comments to National Business Review when comparing their relative performances since then.
The comments have been broadly criticised and investment managers Kiwi Wealth and Simplicity have blacklisted DGL from their funds.
However, on Tuesday evening, Henry apologised.
Deborah Pead, owner of PR firm Pead, confirmed Lim had received the email note of apology.
"In my opinion his acknowledgement adds further insult to injury and one has to wonder why he even bothered," she said.
The two line letter stated Henry had unsuccessfully called Lim several times to apologise. He therefore hoped Lim would accept the letter as his "sincere and formal apology" for his "inappropriate language".
"It was accompanied by an offer for Nadia to call him which will not be acted on," Pead said.
"He claims to have called Nadia several times, however, Nadia's phone records will confirm she neither received nor missed a call from him."
The letter, dated May 6, was received via email from Henry's Auckland office manager on Tuesday evening.