Because the market have lost faith in KWR along with a lot of...

Because the market have lost faith in KWR along with a lot of their investment? Because they see no short or medium term recovery of their losses?

I'd say that's the sentiment that has caused this drop. Once that trust in managements judgement has been lost it takes a long long time to get back, and only through continuous positive progress and return to shareholders.

This is a positive step but in the grand scheme of what KWR were selling the market (the next Kanowna Belle for example), it is a tiny step and barely enough to keep the company ticking over let alone turn the tide of investor sentiment.