Hi buddy,
stock redemption is a typical entity tactics to boost its earning per share.
The concept is simple,
with fixed earnings, the less stock, the higher earning per share.

It normally happened at three circumstances:
1. proactive market action
The market price is so low, jeopardize its business image.

2. the price is undervalued
The inside investor may take advantage of the timing and make some money from it.

3. at the critical edge of merge, acquisition
The purpose is simple, try best to make the Financial statement more attractive.

I hope this helps.
Thank you.