Can anyone explain why SP has gone down this far?98% of the QHL...

Can anyone explain why SP has gone down this far?

98% of the QHL revenue is based on three companies and three projects. The flair housing contract was nothing compared to the other three ongoing projects.
Plus in the last three years the company has been doing heaps better than before and it has a great future. So why despite all these SP is not going the right direction ?

any thoughts?
They also have a great cash balance, and they have access to enough cash and loan facilities which makes me believe they won't need to do any Capital raising at all.