SSM has a large amount of excess cash on the balance sheet and management can't find projects that will provide an adequate return where they could invest this cash. A buy back may have made more sense as the payment of 5cents per share is unfranked (I think - though will check).
I have to say though as a shareholder over the last few years I can't complain about management. So we can probably assume this is the best option. Unfortunately I bought here before the "near death" experience and the SP fell to 10cents, so just think we are getting half that price back by just getting a bit of spare cash off the balance sheet!
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