The overall daily average volume of shares being traded in CVT...

The overall daily average volume of shares being traded in CVT is so relatively small it is almost illiquid hence it does reflect the underlying potential value CVT have in their software. Sure there is a bunch of nervous Nellies out there right now who bought on spec of some serious short term revenue they now need to freshen-up their underwear and have chosen to sell at any price.
Selling software even on a SAAS model is hard work, especially coming from such a small customer base, selling software to a government is even harder and selling software to a British government department post Brexit vote just makes it tougher still.
I think if CVT can sign a meaningful deal before the end of the year they will be doing really well and they will need to leverage off their partners heavily to even get close.

CVT will get there but not in the time-frame the market and management had hoped for. I suspect overly optimistic forecast deal close dates will continue to be missed and those in the know will sell off at each month end.

So, strap-on the steely jocks and be patient, they may yet need another capital raising or absolute worse case CISCO will take them out at a fair price - All IMHO