You have to ask how would institutionals get in given the thin volumes. The conversion was major and now the followup will be a financing. SCMP wants share price low given its buyback, institutionals want it low to buy in, and prospective acquirors want it low.
I do think SCMP is undervalued, but it will only get up to the multiple it should be trading at after institutional investors have bought in. They cannot do so on the thin volumes traded on the open market, therefore a financing will need to happen. It will be a big one $60-80M to clear the debt overhang and I'd bet we see it before end of January. A share buyback does not preclude a financing.