some holders might have bought in on the announcement of the buy...

some holders might have bought in on the announcement of the buy back hoping to sell into the buy back at a higher price.

With this buy back going very slowly, those same people exit.

Also SSG is probably balancing its free cash flow between opportunities within the business and the buyback.
In addition SSG does not want to finance the buy back from debt but rather from ongoing free cash flow whilst still leaving sufficient cash flow to paid the two dividends.

Remember this stock is not BHP, its a microcap.

I am still happy to hold at this price level.
The dividend is around 9%ff, easily supported by earnings. The interim dividends were increased.
The buyback will result in less shares making it even easier to pay dividends.

Insider management previously bought a fair chunk of shares at around current prices. This is always a good signal that they have long term faith in the underlying company.