great buy! what am i missing here?

Hi guys, a few things about FNP and I ask, why aren't investors flocking to this?

Market Cap: $24 mill

Net tangible assets: $17m

Profit for 09/10: $3.3 mil
(profit has gone from about $1m in 08, $1.3m in 09 then $3.3m in 10, and looks to be huge in 2011, see below)

P/E ratio : 6
(this years earnings are nearly double which would mean a P/E of about 3, very very low)

Then they have announced their half yearly profit (until dec 2010) and it is already $3.4 mil (so this year should be significantly greater than last)

So imagine the company has a profit this year of $6m (and significantly growing for the past 4 years), plus net tangible assets of $17m and you could buy the entire company for $24m. That is a big BUY and the current price is a bit silly. This is probably why 3 directors bought chunks of shares fairly cheap recently.

Is it so cheap because of the illiquid nature of the shares (sellers are fairly rare) or is the market just crazy?

I have recently bought these shares and just curious as to why I seem to have got it so cheap? Is there such an illiquidity premium for this stock that you can basically get your money back in 1 year (if you take into account NTA)?

Thoughts? I know the FNP forum isn't thriving but i welcome debate on this.

Boz