The ATO refused the claim = denied. As part of a sweeping review...

The ATO refused the claim = denied. As part of a sweeping review of the R&D claim system as the ATO implied there has been systemic over claims for a long long time. This extended beyond just the O&G industry. STX claim might ultimately get paid on appeal BUT its what it does to the cashflow of STX right now.
So you have the CBA issue and additionally STX are short about a further $1m they spend on the recent unplanned Jaws clean out. 
People have suggested STX might not have enough cash on hand to complete WE before needing to raise again.
Personally i feel they will have enough, however what i am suggesting is the fear of a CR could be part of the lack of buying and price stagnation.
Also as i mentioned previously, wouldn't it be great to displace this fear, if a top 20 stepped up and lent STX some funds short term, until Jaws success or if not on WE success. This will never happen though IMO.