INFLEXION a Co. which appear to undervalued, but why?

I came across this share much by chance.

The positives seem to be:

Risk Grade 148 now 73
Current price 11.50p(Dec 15 2002) now 16.25p (Jan 5 2005)
Net Cash PS 14.40p now 6.16p
NTAV 27.50p now 8.54p
NAV 53.65p now 8.54p

Apparent negatives :

illiquide
no dividends

It seems to have been floated off around March 2000 at 100p where it thereafter has gradually fallen to its current levels.

Obviously there must be something i am missing

Any ideas out there.

http://www.inflexion.com/pdfs/financial_reports/inter_6mths_end_20040930.pdf
http://www.inflexion.com/


http://www.uk-wire.com/cgi-bin/articles/200212121554310405F.html