Small caps like this tend to drift lower in the absence of news....

Small caps like this tend to drift lower in the absence of news. IMO there are three possible explanations for the share price at this moment:

1) Shareholders believe management have lied about the FY guidance.
2) Shareholders are frustrated at the time it has taken to improve the share price and are simply giving up, looking for greener pastures.
3) An institutional investor is selling down.

It's a pretty cut-and-dry play for me. I tend to believe they will hit guidance, and if this happens this will bounce back quickly. On the other hand, if they do miss guidance I'll be the first to sell. The price might be heading lower, but I can't see any fundamental change to the business that warrants selling.. yet.